General Insurance Article - Almost half of van drivers have had tools stolen

As the cost of fuel remains at unprecedented levels, new research reveals almost a quarter of van drivers (24%) have turned down job opportunities because petrol prices mean certain jobs are not cost effective

 · Those using vans for work purposes are forking out almost £2.5k more annually due to inflated fuel prices
 · Over half (53%) of businesses reliant on vans have upped their prices because of the fuel crisis
 · The van shortage has led 18% to turn down jobs due to lack of suitable vehicles
 · Aberdeen revealed as top spot for tool theft from vans
 The research from MoneySuperMarket reveals how people using vans for work purposes are being impacted by economic and van trade environments. The data shows van users are now paying on average £2,427 more annually to fuel their vehicles to carry out paid jobs.
 Consumers are experiencing the knock-on effect of this as businesses are forced to put prices up to cover their costs. Over half (53%) of businesses that are reliant on vans said they have increased their prices. Others have started building mileage charges into the prices consumers pay (14%).
 It’s not just the fuel crisis that is causing concern for van drivers. The research highlights the negative impact the van shortage is having on businesses, as almost one in five (18%) who use vans for work have turned down jobs because they cannot get a suitable vehicle. One in 10 (10%) are even having to scale back their business because they can’t get access to the vans they need.

 Some are having to go to extreme lengths to make certain jobs viable, with 16% of van drivers using the family car for work because it’s cheaper to fill up. Depending on your policy type this may invalidate your insurance and leave you out of pocket. The van shortage is also driving many to use their family car for work purposes, as almost one fifth (18%) say it’s the only way to get themselves and their tools to the job when they can’t get the van they need.
 Further adding to the plight of van drivers, almost half (47%) have had tools stolen out of their van. 26% of these were covered by their van insurance whilst the remaining 21% did not have any insurance in place, meaning they had to foot the bill for replacements themselves.
 Van drivers in Aberdeen need to be most cautious with 71% reporting that they have experienced tool theft in the city.
 Finding a van that suits your businesses needs can be difficult, and in the current market expensive. 34% of van drivers say buying a new van is too expensive right now, and a further 16% say they can’t even foot the cost of a pre-owned van.
 When it comes to how vans are kitted out, MoneySuperMarket’s research shows three seats in the front is top of the list of desired specifications (45%).
 Sara Newell, MoneySuperMarket’s van insurance expert commented: “With over one in five (21%) having to fork out after not having van insurance that covered tool theft, it’s important to explore ways you can mitigate against the risk of financial loss when it comes to your van.
 “As well as insurance costs, van shortages and the fuel crisis are making it harder and more expensive for van drivers to do their jobs. This means it’s more important than ever to shop around and compare different van insurance costs to find the best deal for your needs.”

Back to Index

Similar News to this Story

Effect on insurers as Solvency II review is coming to an end
The Solvency II reform is approaching its conclusion, after achieving significant milestones towards implementing a final set of amendments both in th
Put the finance into romance this Valentines Day
Aon has said that with Valentine's Day looming, romance is inevitably front of mind for the UK's couples. But - at the risk of pouring cold
Dispelling myths around Warranty and Indemnity insurance
The Warranty and Indemnity (W&I) insurance market has witnessed remarkable growth in recent years, reflecting an increased recognition of its value in

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS


Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.