Last updated: 22/10/2020 | Estimated Reading Time: 5 minutes
Young driver van insurance
Most young drivers will know that car insurance premiums can be eye-wateringly high. And it's no different when it comes to vans. According to statistics, young drivers are much more likely to be involved in accidents than older drivers, and this is reflected in insurance premiums.
But not all is bad. There are a few things you can do to ensure your van insurance quotes are competitive. Have a read through this guide so you can make sure you're doing all you can to get the best and cheapest van insurance possible.
In This Guide:
- Why does young driver van insurance cost so much?
- What level of cover should I get?
- What can I do to keep my premiums down?
Why does young driver van insurance cost so much?
According to insurers, anyone between the ages of 17-24 is classified as a young driver. Statistically, if you're in this age bracket then you're more likely to be involved in a road accident. Therefore, you're seen as a higher risk to the insurance companies, and that's why they set your premiums so high.
According to Brake, a road safety charity, 23% of drivers aged between 18-24 crash in the first two years after passing their tests. Also, teenage drivers are a third more likely to be involved in a fatal crash than those in their 40s.
The van insurance quote you get will depend on a variety of factors. Your insurer will take into account your age, driving experience, convictions and claims history, as well as where you live. It will also depend on what type of van you're driving, from the size of its engine, its age and its cost. The level of cover you're going for will also affect your premium.
What level of cover should I get?
When it comes to getting van insurance, drivers of all ages will have three options: comprehensive cover; third party, fire and theft; and third party only cover.
Usually, the most expensive level of cover is comprehensive, which will cover both your van and any other vehicle involved in a collision. It also covers damage caused by fire or flooding, as well as theft.
The most basic level of cover required by law is third party only. This will only cover damage to other vehicles caused by you but does not cover your own van itself. Third party, fire and theft insurance will not cover any damage caused to your van in the event of a crash, however your van will be insured if it's stolen or damaged by fire.
What can I do to keep my premiums down?
One way to keep your van insurance premiums to a minimum would be to get the lowest level of cover, third party only. However, it's not so simple. Drivers who take out third party only insurance are statistically more likely to be involved in accidents and this is sometimes reflected in higher premiums. You should always compare van insurance policies from different providers to make sure you're getting the best price. But there are also many more ways you could prove to your insurer that you are of lower risk to other drivers your age.
The bigger and more powerful your van, the higher your insurance premiums are likely to be. Therefore, it's wise to get a smaller van to keep costs down, especially if you're young. Save the big vans for later, when you can benefit from no claims bonuses.
You can also get lower premiums by parking your van in a secure location. Vans are seen as a high-risk target for robberies by your insurers. By showing to them that you're parking it in a garage, or even a private driveway, instead of on the street can result in cheaper van insurance. You can also benefit from installing an extra alarm, immobiliser or telematics box.
You should also consider raising your excess. This is the amount you must pay when it comes to making a claim. Usually, the higher your excess then the lower the cost of your van insurance. This can be a great and much needed way to keep your premium down as a young driver. However, you need to be careful as to not set the excess too high. Make sure it's still affordable, otherwise you won't be able to make a claim in the first place.
Another way to keep the cost of your van insurance low is to drive your van less. Your provider will consider the amount of time you're spending on the road, as the more you drive then the more at risk you are of an accident. Try and drive your van for work purposes only if you can and don't go over your mileage limits.
Finally, you should always avoid fronting', however attractive it may seem. Fronting is when you put an older, more experienced driver on your policy as the principal driver even though you are the main driver. Doing this can lower your premiums, but if you're caught, you'll be convicted of insurance fraud and your insurance will become invalid. Any claims you try to make will be rejected, and you will find it more difficult and expensive to take out van insurance in the future.
Compare With Us
While it's true that young drivers face higher insurance costs when it comes to driving their vans, it's still possible to find cheaper, more competitive policies. Use our price comparison tool to compare van insurance providers and their policies and choose one that works for both you and your budget.