Tool theft is driving a sharp increase in van insurance premiums for young tradespeople, who are now paying up to 278% more than older drivers, according to new industry data.
Figures from insurance comparison site Quotezone.co.uk show that van drivers aged 17 to 24 face average annual premiums of over £2,000, compared to just £520 for those aged 45 to 64. The surge in costs comes amid a rise in tool thefts across the UK, with the construction industry reportedly losing more than £400 million each year due to theft and vandalism.
The data also shows regional variation in premiums, with London recording the highest average van insurance cost at £1,139. In contrast, drivers in the South West face the lowest average at £425. Other regions with higher-than-average premiums include the North East, West Midlands and North West, all exceeding £640.
Across the UK, van insurance costs have risen by nearly 5% in the past year. In the fourth quarter of 2024, the average premium stood at £575, up from £550 the year before. The increase reflects growing risks associated with transporting high-value tools and materials, particularly for tradespeople and self-employed workers who rely heavily on their vans.
Quotezone is urging all tradespeople and van drivers to carefully review their insurance policies, as failing to do so could leave them exposed if they become victims of theft.
While the experts are hopeful that premiums will follow in the steps of car insurance this year and begin to decrease, they have shared several tips to help keep insurance costs as low as possible while ensuring appropriate coverage.
“Unfortunately, van insurance premiums have seen a slight increase in 2024, coinciding with a rise in tool thefts,” says Greg Wilson, CEO and van insurance expert at Quotezone.co.uk. “The high value items often stored in vans make them a prime target for thieves. However, there are steps tradespeople can take to protect their vans and tools from theft and damage.
“Ensuring they have a valid and comprehensive insurance policy in place is crucial to help guarantee protection in the event of theft. We urge all van drivers to review their policy and ensure all details are up to date. Failure to do so could result in an invalid claim if they are targeted by theft or vandalism.
“It’s also essential to confirm that tools are covered in the van insurance policy, as they may not always be included as standard. It also pays to be wary of simple mistakes that could jeopardise the coverage such as not declaring any branding or modifications to the van.”
Quotezone’s Top 3 Tips to help keep van insurance costs as low as possible;:
Park in secure locations
Van drivers are being urged to keep any valuables out of plain sight, remove tools from the van overnight, park in a well-lit area, ideally with CCTV and consider additional security measures such as a high-quality alarm, tool safe or tracker. The safer you can park the van overnight the better, which normally means on a private driveway – this could help reduce premium costs significantly.
Add a named driver with a clean driving history
Adding a named driver to an insurance policy can help reduce premiums if the driver has a clean driving record – the added experience can help reduce risks in the eyes of the insurer. Although it’s important to note that the main driver on the policy must be the person who drives the van the most, misleading details can have serious consequences known as ‘fronting’, which is illegal.
Compare quotes to ensure you’re getting the most competitive deal
Van drivers should always compare quotes to make sure they are receiving competitive prices, being careful to add or remove extras as needed – checking prices during the day and 15-24 days before the policy is due for renewal can help reduce costs.
Quotezone.co.uk helps around 4 million users every year find savings on household bills and essentials, plus niche products such as commercial van insurance, young driver van insurance and motortrade insurance.
