Van Insurance Sector Rides Sector Growth
- Created: 14 February 2020
Figures released by the Society of Motor Manufacturers and Traders (SMMT) in January are indicative of a thriving van insurance sector.
They detail a 2.4 percent growth in new van registrations over the course of 2019. This translated to 8,500 more registrations for light commercial vehicles (those weighing up to 3.5 tonnes) than in 2018, with 365,778 such registrations in 2019.
Within this category, vehicles weighing between 2.5 and 3.5 tonnes were the most popular (228,659 registrations), next came vehicles weighing between 2.0 and 2.5-tonnes (56,402 vehicles registered). There was also growth in the sub-two-tonne category, with sales rising by around 5 per cent to more than 26,000.
In fact, the van sector bucked the trend witnessed throughout most of the motor industry in 2019, with new car registrations down 2.4 percent despite a breakthrough year for electric cars.
“A healthy van market is good news for the industry, environment and exchequer and so the rise in 2019 registrations is very welcome,” said SMMT’s chief executive Mark Hawes. “As we enter a new decade, however, we need this upward trend to continue if we are to address environmental concerns. The quicker these new vehicles become commonplace, the quicker their positive impact on air quality and climate change will be felt.”
This positive outlook for the van sector is supported by data from within the van insurance comparison sector, which reported a 7% increase in van insurance quotes in 2019 compared with 2018.
According to one provider, the five most popular vehicles for van insurance policies in 2019 were as follows:
- Ford Transit – this tried and tested vehicle proved too strong for the competition, again. It attracted an average premium price of £1288.95.
- Vauxhall Vivaro – the bride’s maid for the second year running. Attracted an average premium price of £1002.69.
- Ford Transit Connect – different versions of the Ford Transit take two of the podium places. The average Ford Transit Connect van insurance price was £1042.64.
- Mercedes-Benz Sprinter – just missed out on a podium place, perhaps because of its average premium price of £1669.51 on their premium.
- Ford Transit Custom – yes, Ford really does finish in three of the top five places. Average premium price £1078.11.