Van Insurance Premiums Fall By Up To 20 Percent in 2019

Van drivers who have not seen renewal prices fall need to “stop & shop”

As one of Ireland’s leading van insurance brokers, Insuremyvan.ie are calling on van drivers to “stop & shop” this year, in order to ensure they are benefiting from sharp premium reductions on van insurance. Our internal analysis and a review of the Insurance industry report 2018 clearly points to a market in which van insurance prices are on the descent, with 9 in every 10 motorists being offered a lower renewal premium than they were 12 months ago.

Shauna Fogarty, Manager at Insuremyvan.ie commented,

“Having reviewed the renewal notices we have sent to customers since the 1^st January, it is very evident the premiums are declining by anywhere from 5 – 20%. The are several factors underpinning this – one of which is simply that competition is heating up in the market, with more insurers vying for business. We are also beginning to see the trickledown effect of anti-fraud measures which insurers and even brokers like ourselves have implemented over the last 24 – 36 months. While it will be some time before we will feel the real impact on the clampdown on fraud, there is a definite sense in the industry that the tables are turning – in favour of genuine policy holders and claimants”.

Research at Insuremyvan.ie has presented 3 typical van insurance policies – all of which have seen marked reductions over the last 12 months

A 42-year-old carpet fitter, driving a 2014 Nissan NV400 valued at €10000 and with a full NCD and no mid-term changes;

2018 – €712
2019 – €607

 

A 36-year-old builder, driving a 2011 VW Caddy valued at €5500. Full NCD and no mid-term changes.

2018 – €589

2019 – €393

 

A 33-year-old farmer, driving a 2013 Citroen Berlingo valued at €6000. Full NCD and no mid-term changes.

2018 – €571

2019 – €364

Our experts say over the last 2 – 3 years some insurers have invested heavily in anti-fraud technology, which Ireland’s insurance was, and still is, in dire need of.

Ms. Fogarty explained,

“Fraud is crippling this industry – and no-one has felt the negative knock-on effects more than the policy holders. But it is great to see the decline in van insurance premiums because it means, to some extent, insurer must not be being hit with the volume of fraudulent claims they have been in the past.

For our own part have invested heavily in anti-fraud measures to stop fraud at inception rather than at claims stage. We have been able to reduce and eliminate the number of potential fraudsters being offered a premium, and the insurers we deal with have recognised this and are offering lower premiums to our clients as a result.”

Insuremyvan.ie have taken a two-pronged approach to fraud detection and inception:

• We have created a “red-flag and points reporting system” whereby not only facts are cross checked, but comments made by policy-seekers are assessed too. Points are awarded for a series of “tick-box” criteria and, if an applicant reaches a certain points ceiling, then a red flag is raised, and the application will be placed on ‘amber review’ and referred to the anti-fraud detection unit
• We have developed a Continuing Professional Development (CPD) accredited, Insurance Institute of Ireland-approved, anti-fraud training course for staff (both of the Group and of other organisations)

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Visit our Van Insurance Quote page to get started with your quote or call Insure My Van now on 01 660 6900.

Insure My Van specialise in offering private and commercial van insurance to clients all over Ireland. We deal with van insurance and only van insurance – that’s what makes us the best! We’re Ireland’s largest van insurance broker and determined to get our clients’ low cost van insurance with great policy benefits.

Other benefits of choosing Insure my van for your van insurance include:

• Windscreen cover *
• Breakdown/Roadside assistance *
• Legal expenses cover *
• Cover for driving other commercial vehicles *
• Mirror No Claims Bonus from your commercial vehicles or private car, to help save you even more
• Bonus protection available
• Contents cover available
• Open Driving cover available
• Irish-based contact centre to deal with your policy and answer any questions

Visit our Van Insurance Quote page to get started with your quote or call Insure My Van now on 01 660 6900.