One in two van owners miss out on £265 saving on insuranceNews
Posted by: electime 24th January 2019
Van owners in the UK are over-spending on their insurance when leaving it to the last minute, new data reveals.
According to data held by Confused.com, more than one in two (55%) van drivers buy their car insurance 48 hours or less before their renewal date, which is costing them a whopping £1,011, on average.
Meanwhile, those shopping around the three-week mark are benefitting from savings upwards of £200. According to the data, the cheapest day to buy van insurance is 22 days ahead of renewal, when premiums cost just £836, in comparison, on average. This suggests that being that little bit more organised could in fact save van drivers £265 (32%), on average.
But worryingly, many van drivers are leaving this admin to the last minute. While just over half (55%) are quoting in the last 48 hours before their renewal date, 26% are shopping for insurance on the very last day.
According to Confused.com’s data, van drivers are guiltier of this habit that car owners. In comparison, more than a third (38%) of car drivers shop within the last 48 hours before their renewal date, only two in five (40%) of which leave it to the last day.
Many van drivers may not know just how early insurance shopping could save them on their insurance. Although this isn’t the only way they can reduce the price they pay for van insurance. Confused.com has created a go-to guide for van owners highlighting the many ways they can reduce the cost, and it can be as simple as shopping around earlier, or tips such as making the van more secure, which will also make it less prone to theft.
Amanda Stretton, motoring editor at Confused.com comments: “A worrying number of van owners are leaving buying their insurance to the last minute – a mistake that is costing them upwards of £200, on average. According to our data, van owners should consider shopping for insurance around three weeks before their renewal date in order to optimize savings.”