Looking for low cost van insurance under 25?
If so, you may have found that the quotes you have received for your van insurance are higher than you expected. Young drivers are increasingly facing high premiums from insurers, mainly due to the increased statistical likelihood of them making a claim on their policy.
So, if you’re looking to cut the cost of van insurance and you are under 25, here are some tips.
Shop around.
Shopping around for van insurance as an under 25 can help you save money on the cost of your cover. And, you don’t have to spend hours trawling around for quotes. The Daily Telegraph reports that ‘the Association of British Insurers (ABI) says you can save 35 per cent by comparing as few as five insurance providers.’
However, research in winter 2010 published in the Daily Telegraph found that almost half (45 per cent) of policyholders did not shop around before buying insurance. Kieran Hartigan from Virgin Money says: “Searching for insurance renewal quotes can be a bit of a chore but a massive £1.5 billion each year could be saved.”
Using our website can help you obtain a range of van insurance quotes from leading insurers in just a few minutes. Why not try it today?
Drive carefully.
One of the most straightforward ways that you can keep your premiums down is to drive as responsibly and as safely as you can. If you make a claim on your policy it is likely to make your van insurance more expensive at renewal.
As Simon Douglas told the Association of British Insurers in a speech: “One out of every five young drivers suffers a crash within their first year of driving, and young drivers are 10 times more likely to be involved in a serious collision than experienced drivers.”
Consider third party insurance.
The cheapest van insurance option for an under 25 is likely to be third party insurance. Bear in mind that the benefits of such a policy are limited – for example they won’t pay for any damage to your own van in an accident that is your fault – although third party van insurance policies are likely to cost you less than comprehensive cover.
Increase your excess.
One of the cost saving suggestions given by the Association of British Insurers is to consider increasing the voluntary excess on your van insurance if you’re under 25.
Your excess is the amount of any van insurance claim that you pay yourself. For example, if your excess is £200 and you make an insurance claim for £500, you’ll pay £200 of the claim yourself with your insurer paying £300.
While this can reduce your premium, bear in mind that you will have to pay a higher amount of money in the event that you do have to make a claim.
