Does The Age Of My Van Affect My Insurance?
Caeva O'Callaghan | December 6th, 2021
Big or small, if you need a van for work, the type of vehicle will affect how much you pay. But will the age of your van affect your van insurance premium?
Yes, it probably will. If you own and drive an older van, you may find it’s more difficult to get it insured. This is because newer vans are, on the whole, much safer and less likely to get into a collision. They will also be easier and cheaper to repair, as parts are more widely available than for classic models.
The age of your van will not only affect whether you can get insurance at all, but how much you pay each month.
In this article, we’ll cover the following questions:
- Does the type of van I drive affect my insurance?
- Why do older vans cost more to insure than others?
- How can I save money on van insurance?
If you’re between vans right now, it’s a good idea to check out what kind of vehicle will be most cost effective to insure before you set your heart on a make or model.
Does the type of van I drive affect my insurance?
Yes. Apart from the size of your van and what it’s designed to do, the age of your van will affect how much you pay for insurance, as well as whether you will be able to get cover for it at all.
If you use your vehicle primarily for work purposes, or it was designed specifically for commercial use, you will need a commercial insurance policy. If you own a smaller van, or only use it for personal haulage, you can have a personal van insurance policy.
Commercial van insurance policies will also cover you for personal use, but the reverse is not true. If you use your vehicle to transport products or goods to earn money, even if it’s part-time, you won’t be covered for loss or injury under your personal insurance policy.
When it comes to the age of your van, this can be one of the most important factors when determining the final premium cost. For example, insurance providers Allianz and Zurich won’t even quote for vans more than 15 years old – and if you manage to find a quote from others, they are likely to be higher than the coverage available for newer vehicles.
Why do older vans cost more to insure than others?
You’ll end up paying more to insure an older van because these kinds of vehicles pose a higher insurance risk. This is for a number of reasons:
- It’s harder to source parts for older vans – repair and maintenance is more expensive
- Fewer mechanics know how to fix older vans – finding the labour will be difficult
- Older cars are at higher risk of theft – and not just classic vans, often opportunistic thieves just want a “knock-about” or getaway van
- Lack of safety features – modern, safer vans have fewer personal injury claims
If you’re shopping around for a van and you’re not in a position to buy a brand new model, it’s a good idea to look at the second hand market. While bursting with great vehicles that have stood the test of time and have plenty of life left, it’s important to weigh up the pros and cons of buying an older vehicle. If you don’t do the maths, it’s highly likely you’ll end up paying more in insurance than you save on the upfront cost.
How can I save money on van insurance?
There’s a few things you can do to lower your van insurance premiums. In some circumstances, smaller vehicles cost less to insure than larger vehicles due to the reduced engine power. It’s a good idea to consider what you actually need your van for, and whether you can get along with a smaller model.
If your van has more security features, this may reduce the cost of your van insurance premium. Alarms and immobilisers are security features you can install to reduce the risk of burglary. Consider a tracker to help locate your van if it is stolen, and always keep your van parked in a secure location when not in use. Never keep tools or valuable equipment and materials in your van – and buy a sticker which advertises as such. Nothing is more attractive to thieves than a van full of goodies left overnight.
Bear in mind that if you make alterations to your van from the factory standard, no matter if you want to improve your vehicle’s performance or appearance, you might end up paying more for insurance as modified parts are usually more expensive or difficult to replace.
Finally, consider the named drivers on your premium. Adding an inexperienced or young driver to your van insurance policy could result in an increase in your premium: alternatively, adding a more experienced or older driver could help drive down the price.