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Published: 14 Jul 2011 | Last reviewed: 14 Jul 2011 | Reviewed by: VanCompare Editorial Team
The wealth of information and competition online has led to a more informed van insurance customer than ever before. Recent research carried out by a leading van insurer has shown that just 14% of van insurance customers will buy their policy based on price alone.
Nearly half of British van insurance customers say they now take far more information into account when buying their policies. Many put this down to the fact that the features and excesses of policies are far more transparent online than they were when van insurance was purchased over the telephone.
Less than 10 per cent of the drivers who took part in the survey said they knew more about their van insurance policy when they used to purchase it over the phone, with just over 5 per cent feeling better informed when using a broker.
Contradictory to these statistics which seemingly show a knowledgeable and discerning customer is the fact that although 52 per cent of UK consumers feel that insurers do not reward loyalty, only 23 per cent would use a van insurance comparison site to make sure that the price they were being offered on their policy was the best available.
It is also highly advisable for drivers to take better notice of their van insurance renewal document for increases in premiums and reductions in cover. The study has found only 32 per cent of drivers currently check their renewal documents for changes, with 38 per cent assuming if they simply renew their policy they will have precisely the same cover as they did before. However, this is regularly not the case.
22 per cent of van insurance customers have noticed an increase in their policy excesses whilst a similar amount have found cover which they expected to be as standard has now become an optional extra.
With such discrepancies in the renewals being received by many van insurance policy holders, the importance of using a van insurance comparison site to make sure you are buying the best policy for the price cannot be stressed enough. Van Compare is just the tool for the job.
VanCompare Editorial Team
The VanCompare Editorial Team produces clear, practical guidance on UK van insurance and related topics. We work with FCA authorised insurance providers and use insurer information where relevant to explain cover in plain English and help drivers make informed decisions.
- Where relevant, our content is checked against publicly available UK guidance and information from sources such as the FCA and GOV.UK to help keep it accurate and up to date.
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