White truck drivers have been hit by rising insurance costs – with rates rising 36% in a year
- A truck’s insurance bill has risen by more than a third, new figures show
- Those who use vans for work face premiums of up to £999 a year
- High insurance bills spark calls for government to cut ‘stealth tax’
Truck owners are suffering from high insurance bills, as prices have risen by 35.9 percent in just one year.
Data from financial experts Consumer Intelligence shows that truck drivers earn a wide range of premiums, but those premiums are generally on the rise.
Consumer Intelligence said the typical truck driver would be priced between £500 and £999 a year for cover in December 2023 – with 36 per cent of prices falling within this range.
Truck owners are now paying the highest insurance costs since Consumer Intelligence began collecting data in 2014.
Regarding tools: Truck drivers who use their vehicles for work face steep insurance increases
The variation in premium costs depends on how truck owners use their vehicles.
Those who need coverage for tools and use their trucks for work pay higher premiums than those who only use them as a regular vehicle.
Published premiums for truck insurance rose by 4 percent in the three months to the end of December 2023, 12.9 percent in the three months to September, and 9.8 percent in the three months to June.
Owners of social, domestic and recreational vans saw stated premium increases of 37.6 per cent while dealers saw rises of 35.3 per cent in 2023.
Consumer Intelligence says truck insurance rates are rising because of the rising cost of claims, which in turn is due to the cost of obtaining parts and making repairs.
The same problem is hitting auto insurance, with rates rising 29 percent in 2023 to… It recorded a high average of £561 per yearAccording to the trade body the Association of British Insurers (ABI).
“As we have seen in the auto market, rising claims costs related to increased prices for sourcing replacement vehicle parts and completing repairs have pushed truck insurance premiums higher this year,” said Laura Vass, senior insight analyst at Consumer Intelligence. Although last quarter’s movements indicate that the inflation rate is now showing signs of slowing.
Younger truck drivers, those under the age of 25, saw the smallest increases in their stated insurance premiums with a 24.5 percent rise in 2023.
This compares to 41.6 per cent for the over-50s and 36.6 per cent for those aged 25 to 49.
However, almost 42 per cent of lorry drivers aged over 50 can get a quote for less than £500, compared to 15 per cent of those aged 25-49. No one under 25 can do this.
“Inflation has been less extreme for younger drivers, but premiums for younger drivers in the market remain significantly higher than quotes for more experienced drivers,” Fass added.
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