UK van owners are over-spending on their insurance by leaving it to the last minute, new data reveals. According to new research by Confused.com, nearly half (49%) of van drivers don’t buy their insurance until up to week before their renewal is due. Almost one in five (19%) do this because they believe the date doesn’t affect the price.
Leaving it this late costs them a whopping £1,698 on average, compared to shopping around earlier.
That’s according to new data from Confused.com, which shows that those shopping around three week mark before their renewal benefit from savings of up to £522. According to the data, the cheapest day to buy van insurance is 22 days before renewal, when premiums cost just £1,070 on average. (Didn’t start Christmas shopping until the 10th December, so there’s no chance of me looking for quotes on a Peugeot Bipper 3 weeks in advance – Ed)
But worryingly, nearly one in three (32%) van drivers don’t know the date of their insurance renewal and more than one in three (35%) generally let their insurance auto-renew, missing out on potential savings.
More than two in five (42%) think the cost of their insurance is too expensive but are unaware of the savings that could be made by shopping around. And nearly one in three (28%) are confused about what they can do to make their insurance cheaper.
To help confused van drivers, Confused.com has created a go-to guide highlighting the many ways they can reduce the cost. It can be as simple as shopping around a few days earlier than normal.
Amanda Stretton, motoring editor at Confused.com comments:
“A worrying number of van owners are buying their insurance at the last minute – a mistake that is costing them upwards of £522, on average. Van owners should consider shopping for insurance around three weeks before their renewal date in order to optimize savings.
But what else can van drivers do to keep their premiums down? Aside from shopping around earlier, there are ways to help reduce the cost of insurance. To help confused van drivers, we’ve compiled some top tips to bringing the cost of their insurance down.”