How much is van insurance?
There are many different factors which have an impact on how much your van insurance is, including:
- The age and van driving experience of the driver
- Number of years’ no claims bonus accrued (NCB) on a commercial vehicle by the driver
- The town/city in which the van driver lives
- The make, model and value of the van
- The level of insurance required i.e. third party, fully comprehensive or third party fire and theft
- The use of the van e.g. delivery courier, carrying own goods
- Additional extras e.g. breakdown cover, legal expenses
How is van insurance cost calculated?
In order to calculate a premium, the van insurance provider will take all of the above factors into consideration and provide a quote based on the levels of ‘risk’ that they attribute to them. For example, younger van drivers are statistically more likely to have an accident and make a claim, so premiums will be higher for young or inexperienced van drivers.
Even if you have many years of NCB as a car driver, many insurance providers will not let you move this to a commercial vehicle if your van is used for work. The good news is that as the van driver’s years of experience grow, the cost of premiums is likely to come down in the future, especially if no claims are made.
Location can play a big role in your premiums, as some areas have a much higher crime rate than others, which will automatically result in higher premiums than the same circumstances for a van driver who lives elsewhere.
The type (make) of van that you’re insuring will have some bearing on how much your insurance will cost. The rough rule of thumb is that vans with a higher value will cost more to insure, but it doesn’t necessarily mean that an older van is always cheaper to insure than a newer one.
If you use the van for social, domestic and pleasure only (no business use whatsoever) then your premiums are likely to be less than if you need to cover your van for ‘haulage’ or ‘carriage of own goods’ e.g. your own tools and equipment.
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