If you need van insurance and are worried it will set you back a fair amount because you’re a young and inexperienced driver, you may be right. However, there are a number of things you can to do save on your premiums, which we’ve listed below.
Young drivers should be able to find van insurance. However, the cost of the cover may be a setback.
An insurer will have its own set of eligibility criteria for van insurance and this may or may not include different terms regarding age. For example, some insurers may stipulate that drivers under 25 should have held a driver’s licence for at least six months, or if a driver is older than 25 years of age, at least three months. As another example, some other insurers may have an age limit and stipulate that the driver of the van must be older than 18 years old.
Check the eligibility criteria of an insurer carefully to understand if it can offer you and your van cover before proceeding with the application.
How much does van insurance cost for young drivers?
Insurers will look at several factors when calculating van insurance premiums. These factors can include the level of cover required, the age of the driver and their driving history, where they live as well as the make and model of their van, how much it’s worth and what it’s used for.
Unfortunately, as a young driver, you can generally expect to pay a much higher premium than an older and more experienced driver.
Why is van insurance so expensive for young drivers?
Insurers typically consider it more likely that young drivers will be involved in an accident resulting in more claims being made. This can mean that under 25s will usually be profiled as high-risk drivers and see much higher insurance premiums as a result.
Levels of cover
The minimum level of cover for all drivers in the UK is third party motor insurance. Van insurance is just the same and offers:
Third party. If you are responsible for causing an accident, you’ll be covered for damage to third party vehicles or property. However, it won’t cover any damage to your own van.
Third party, fire and theft. This will give the same level of cover as third party but will also provide protection against any fire damage to your van or theft of your van.
Comprehensive. This gives the same protection as the lower levels as well as protecting your vehicle against accidental damage and vandalism. It might be cheaper than third party, or third party fire and theft, so always check.
How to get cheap van insurance for young drivers
If you’re planning to insure several vans under one policy, a few simple tips may help with your decision:
Increase security. If your van is not currently fitted with an alarm, think about adding one to reduce your premium.
Have a secure location to park your van. Vans kept on a secure driveway or locked in a garage are usually cheaper to insure.
Limit your mileage. Letting your insurer know about a reduction in your mileage could result in cheaper insurance.
Increase excess. Agreeing to pay a bigger voluntary excess could make your overall premium cheaper. But remember that your insurer won’t pay out for a claim that costs less than your excess. So be careful about making it too high, as it could leave you out of pocket if damage occurs.
Limit optional extras if you don’t need them. Think carefully about which optional extras you really want as adding extra protection to your policy will generally push the price up too.
Avoid paying monthly. If you can, try to pay for your premium in one go as you’ll pay interest if the premium is spread out over the year.
Pick a smaller van. Choosing to drive a smaller van with a lower insurance group rating is likely to also lower your premium.
Consider telematics insurance. Having a “black box” fitted to your van to monitor your driving could result in discounts if you drive safely.
Shop around. Don’t automatically renew your van insurance when it’s up for renewal as you could end up paying more than you need. Shop around and compare van insurance providers to find the best deal. Keep in mind that the cheapest policy isn’t always the best policy so check the cover details carefully.
Frequently asked questions
No. By law, you’ll need at least third party motor insurance to be on UK roads. Ignoring this could lead to you being charged with an offence.
Yes. However, you may need to shop around. With the van owner’s permission, you will need to clearly explain to the insurance provider that you don’t own the van and that you’re not the registered keeper of it.
Typically, drivers can expect to pay less for private van insurance than business van insurance. This might be down to how a driver using their van for work may carry tools or equipment, pushing the premium up. Similarly, if the driver uses their van for work, they may be on the roads more and during busier times of the day.
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Helen Champion was an associate editor at Finder. She has worked in communications for over 16 years and currently writes on a range of topics including insurance and money transfers in the hope of empowering people to make better financial decisions. During her broadcast career, she helped to produce hundreds of news and breaking news reports for Associated Press TV and ITV News. And in public relations, she managed several high-profile public relations campaigns for Macmillan Cancer Support, the General Medical Council and overseas for Qatar Foundation on behalf of BLJ Worldwide. Helen has a Bachelor of Arts in Journalism from the University of Lincoln, a passion for practising karate in the dojo and a deep love of making mischief with her sons. See full bio
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