Regardless of the vehicle they want to drive; young drivers suffer from high vehicle insurance premiums. Young drivers who are looking for car insurance will find their premiums are much higher than those aged 25 and above. However, for young drivers looking for van insurance, the premiums are usually higher. Furthermore, it can be harder to find an insurance policy as many van insurance policies are only available to drivers over 21 years-old. Some policies are only available for drivers over 25. So, what can you do to obtain cheap van insurance for young drivers?
Why is van insurance for young drivers so difficult to acquire?
Car insurance premiums for young drivers increase because they are statistically more likely to suffer an accident on the roads. Similarly, van drivers aged between 17-24 are more likely to be involved in an accident when driving a van compared to van drivers who are older and that have more experience.
With this in mind, many insurers do not think its profitable or worthwhile to offer insurance to van drivers under 25. This is why only a small proportion of insurers offer van insurance to those under 25. Some insurers have lowered their age restrictions to drivers over 21, which is better, but only because they class van drivers over 21 as a slightly lesser risk and insurance premiums are still typically high to reflect this.
Fortunately, there are some insurers that do offer van insurance for young drivers. Furthermore, MyFirst works with the majority of them, to help young drivers to get van insurance at an affordable price.
Why is my van insurance for young drivers quote so expensive?
The fact that insurance premiums are higher for young drivers is often due to the statistical likelihood that they are more likely to be involved in an accident. For example, one-fifth of drivers have an accident within the first six months of acquiring their licence. Furthermore, an 18-year-old driver is three times more likely to get involved in a crash compared to a 48-year-old.
As well as the risk of accidents for young drivers, there may be other factors to blame for your high quote;
- The type of van you drive
The type of van you drive will be used to calculate the cost of your insurance premiums. Aspects the insurer will take into consideration include;
- Payload capacity
- The engine size
- Age of the vehicle
- The value of the vehicle.
If you haven’t bought your van yet and are just shopping around for quotes, it may be worth considering a smaller, more efficient van. You can check which vans are the cheapest to insure by looking at the Association of British Insurers’ insurance groups for vans. Bear in mind, that while a van may cost a little more to buy or hire purchase, it could save you, in the long run, thanks to cheaper insurance.
The Association of British Insurers’ (ABI) judges which vans to class in each category based on a number of factors. For example;
- If parts are expensive or rare, then it will cost more to repair and, therefore, more to insure.
- If the overall cost to repair a van is high, then premiums will reflect this.
- The bigger the engine, then it will be classed in a higher category by ABI.
- The heavier the weight of the van, the more difficult it is to drive, so will be classed higher.
- The performance of the make and model will determine how likely a claim will be made.
- The greater number of security features the lower the category and premium will be.
- Your personal situation
Your personal details will be taken into consideration when determining your premiums. Aspects that insurers will consider include your age and driving experience. Premiums will also take into account the number of convictions you have as well as your claiming history and no claims bonus.
Other personal information that could increase your premiums is where you live and where the van will be stored. On street parking will usually raise premiums, while keeping your vehicle on a private driveway will usually lower the premiums. The area in which you live can also play a large part in your premium costs. Unfortunately, this is usually unavoidable.
How to find cheap van insurance for young drivers
While van insurance for young drivers is usually expensive, there are ways that you can reduce your van insurance premiums and find more affordable van insurance that suits your needs.
- Choose the right van
As mentioned above, a bigger, more powerful van will be more expensive to insure than one with a smaller engine. It may be best to start with a smaller van and upgrade as you build up your no claims bonus. Check ABI’s groups for van insurance to find the vans which are cheapest to insure.
- Shop around
Get in touch with MyFirst who will scour the market searching for the best van insurance deals for young drivers. Our team are on web chat, email and phone so you can get in touch easily, and we’ll do the hard work of comparing insurance quotes.
- Increase your voluntary excess
If you have the funds available, then increase your voluntary excess. This will be the amount you will have to contribute for a repair. However, if you don’t have the money in the event of the claim, then the insurer will not have to pay out.
- Add security measures
The safer your van is, the less likely it will be stolen or damaged which means you are less likely to claim on your insurance. From locking in a garage overnight to choosing Dashcam insurance from MyFirst, there is a range of security measures you can put in place.
- Pay upfront
If possible, pay the annual premium for your car insurance compared to monthly instalments. Paying for a whole year upfront is usually cheaper than paying in instalments, you may even get one month of insurance free by paying in advance.
The team at MyFirst are here to help you get the most affordable van insurance for young drivers and will be on hand with ideas for how you can lower your premiums too. Find out more by getting a quote online!