Van insurance 2023: How much does Van insurance in the UK cost?

Van insurance 2023: How much does Van insurance in the UK cost?

As the owner of a van in the UK, there are many factors to consider when it comes to protecting your vehicle. One of the most important considerations is van insurance. With ever-changing regulations and market trends, it can be difficult to determine the cost of van insurance in 2023. Here, we will explore the various factors that may impact the cost of van insurance and provide insights to help you make an informed decision.

Van insurance is something that every van owner or driver must have. But with so many options available in the market, it can be a daunting task to understand what policy, vehicle, or coverage level is best for you, and most importantly, what you can afford. In this article, we will discuss the average cost of van insurance in 2023 and how different factors impact the cost of your insurance premiums.

Coverage Level:

The first factor that will impact the cost of your van insurance is the coverage level you choose. Generally, there are three types of coverage levels – Third-Party Only (3d), Third-Party, Fire, and Theft, and Comprehensive. Third-Party Only is the cheapest option, but it only covers damages or injuries caused to third-party property. Third-Party, Fire, and Theft cover third-party damages, fire, and theft of your van. Comprehensive is the most expensive option, but it covers all damages, including damages to your van. The higher the coverage level you choose, the more expensive your insurance premiums will be.

Vehicle Age:

The age of the vehicle is another factor that will impact your van insurance premiums. Typically, older vans are cheaper to insure than newer ones. This is because older vans are considered less valuable and have lower repair costs.

Make and Model:

The make and model of your van will also impact your insurance premiums. Certain makes and models are more expensive to insure than others. This is because some vans have higher repair costs or are more likely to be stolen.

Age of Driver:

It is also a factor that will impact the cost of van insurance. Younger drivers are considered riskier to insure and are therefore charged higher premiums. Similarly, older drivers may also be charged higher premiums, especially if they have a history of accidents or claims.

So, what can you expect to pay for van insurance in 2023? Well, the cost of van insurance can vary significantly depending on the factors mentioned above. According to recent data, the average cost of van insurance in the UK in 2023 is expected to be around £1,200 per year. However, this is just an estimate, and your actual premiums could be higher or lower depending on your circumstances.

Average Van Insurance Premiums by Coverage Level:

Van insurance is a necessary expense for anyone who uses a van for business or personal purposes. However, the cost of van insurance can vary greatly depending on the level of coverage you choose. In this article, we will explore the average cost of van insurance by coverage level to help you make an informed decision.

The average cost of comprehensive van insurance, according to NimbleFins study, is a little over £1,300 per year (£121 per month at 18% APR), for plans with a roughly £500 excess. The finest van insurance covers damage to your own vehicle as well as damage to other vehicles, even when you are at fault for an accident.

Surprisingly, our study reveals that comprehensive plans typically cost less than the other two types—Third Party, Fire & Theft (TPFT) and Third Party Only (TPO)—with TPFT cover costing just under 60% less. This is partly because insurers view comprehensive coverage as less risky because it provides greater protection and, as a result, lowers the possibility of expensive claims.

Avg Cost of Van Insurance Chart:

Avg Cost of Van Insurance	Annual Premium	Compulsory Excess	Voluntary Excess	Total Excess
Comprehensive	£1,320	£100	£385	£495
Third-Party, Fire, and Theft	£2,299	£45	£550	£595
Third-Party	£2,412	N/A	N/A	£495

FAQs

Van insurance: Does it cost less than auto insurance?

No, insurance for vans is usually more expensive than insurance for cars. For instance, our average driver (a 35-year-old driver of a gently-used, well-liked vehicle) would spend about £1,100 for van insurance but almost half that for car insurance.

How much is insurance for any driver’s van?

Van insurance for many drivers is often more expensive than van insurance for just one driver; to save costs, set minimum age requirements for your drivers, such as 25 years or older.