Young drivers usually between 25 years pay more for van insurance because it seems they are most likely to be involved in a car accident.
Insurance companies think that younger drivers have more chances to hit an accident than older motorists.
So, for insurers, this means younger drivers are likely to cost them money by making a claim. Vans are heavier vehicles and are used to carry valuable items.
These all make van insurance more expensive too. So, the younger drivers who are looking for van insurance need to pay higher premiums.
Here, in this guide, we are going to wrap up all the related information as to why is van insurance so expensive for young drivers in the UK.
Stay tuned to get more information.
Why is van insurance for young drivers so difficult to obtain?
Car and van insurance premiums for young drivers are high because they are statically more likely to hit an accident.
Similarly, young drivers especially those between the 17 to 25 age group, are more likely to get involved in an accident on the road. Because they have less experience than the older drivers and they drive vans that are hugely loaded with objects.
With this in mind, many insurers think that it’s not worthwhile to offer van insurance to young drivers who are between the 17 to 25 age group. So, only a small portion of insurance companies provide van insurance to young drivers.
Some insurers have lowered their age restrictions to 21 or 22. They think it will be a lesser risk to offer van insurance to this class of drivers. But they offer typically high insurance premiums. But, still, some insurers offer van insurance to young drivers.
What are the different varieties of van insurance?
There are plenty of types of van insurance. The best one will depend on how you are planning to use the van:
#1. Standard van insurance:
Standard van insurance covers you to drive your van for leisure and social purposes. The contents that you are transporting must be covered for the belonging.
#2. Business van insurance:
If you are planning to use your van for commercial or business purposes then you need business van insurance. That also includes commuting to and from your work.
There are three main types such as carriage of own goods, couriers (local drivers), and haulage (long-distance deliveries).
#3. Courier van insurance:
Courier van insurance covers the vans used to carry other peoples’ goods. The policy reflects the extended period the van is on the road, but usually doesn’t cover the goods themselves.
#4. Goods-in-transit insurance:
Goods-in-transit insurance covers the articles that you are transporting in your van and you can often buy it alongside a business or standard van insurance.
#5. Pick-up insurance:
Pick-up trucks are not covered by car insurance. You can cover the pick-up trucks if you purchase pick-up insurance.
What are the ways to get cheap van insurance for young drivers?
You, as a van driver in the UK, can potentially reduce the cost of van insurance by comparing van insurance quotes, installing extra security features, adjusting their voluntary excess, and reducing the annual mileage.
You can Compare van insurance quotes:
If you search around, you can find various competitive van driver insurers around. You can compare various van insurance policies. Then you can evaluate the one with the lowest premium but provides a wide range of cover.
You can add a low-risk driver as a named driver on your policy:
If you add the name of another driver such as a parent or relative; you can reduce the premium of the policy. But you should remember that the name you are adding must genuinely need to drive your van. Otherwise, you may be accused as guilty.
You can reduce your annual mileage:
Fewer miles on the clock means there is a low chance of accidents. But, you should not underestimate your annual mileage on purpose. Doing more miles than you have stated may invalidate your policy.
By adjusting your voluntary excess:
Voluntary excess is the amount that you contribute towards any claim. If you are intended to increase the voluntary excess in your policy, it may lower your premium. You need to make sure that you can comfortably pay the total excess if you need to claim.
What factors have an impact on the cost of van insurance for young drivers?
The cost of van insurance for young drivers depends upon various factors. They are:
- Your age: Younger drivers have a higher potential to make a hit than older drivers. So, you can expect to pay more if you are a young driver.
- Your address: if you live in an area with higher crime rates then your insurance could cost high.
- Your driving history: If earlier you have already made claims then you will likely pay high. But if there are no claims made by you for several years then it is likely to be cheaper.
- Your job: If you work in a high-risk job, and you use your van for your work then the cost of insurance will be higher.
How much does van insurance cost for young drivers in the UK?
The cost of van insurance for young drivers is £1, 7772 per year approximately.
Depending upon your age and other circumstances, different insurers will offer different quotes, so you need to compare various policies around you.
The average cost of insurance is calculated based on how risky you are to insure. That means how likely you are likely to claim. The higher the risk they will find, the more will be the premium of the policy.
If you are a young van or car driver, you can surely get van insurance but it may cost slightly more expensive. From comprehensive to third-party policies, if you are new on this path, you can expect to pay more.
So, if you are searching for a cheap van or car insurance policy in the UK, this guide will help you for finding the right one.
Along with your age, and the model of the van that you are planning to drive, there are also some ways to potentially reduce the cost of the insurance.
You can opt for the smaller van as they are likely to be inexpensive to be insured than the larger ones.
If you want to drive a van or car, you must get insured.