Recently published research looking at van insurance shows that premiums reached an average of £1,344 in the year to January 2017. That’s an increase of over 14% on average over the last 12 months (inclusive of the 0.5% increase to Insurance premium tax in October 2016). The data suggests that premiums rose at their fastest pace between August – December 2016 with a very slight reversal in this trend seen in January 2017 with premiums falling on average by 1.3%.
There hasn’t been much positive news in relation to insurance premiums for some time. This looks set to continue with the proposed changes announced by the government to the discount rate (also known as the Ogden Rate), which we discussed in a recent blog, predicted to result in premium increases as insurers absorb further costs as a result of having to pay out more money in compensation claims.
Here at Anthony Jones we appreciate the pressures that increasing premiums put on your business and that is why we work hard to understand you and your business to offer the best possible insurance solution for you. Find out more about more about our transport insurance solutions today.
