Over 50s van insurance
At the age of 50, most drivers will have around 30 years experience on the road under their belt and a chunk of No Claims Bonus (NCB) built up.
With that wealth of experience behind them, you’d expect insurance quotes to be low and, the good news is, average insurance premiums drop as you get older until you reach 70 when they slowly start to rise again.
How much is van insurance for over 50s?
The cost of van insurance varies depending on lots of different factors but as a driver aged 50 or over, your insurance should be fairly cheap.
Unfortunately, no matter how old you are, if you have convictions on your licence or you’ve made numerous claims, your van insurance premium will usually be more expensive than somebody with a clean licence and lots of NCB built up.
The amount you pay depends on you, your van and your driving history.
How is van insurance calculated?
Insurers assess lots of different factors before they calculate your van insurance premium and each one of them impacts the amount you pay.
Here are some of the most important factors used to calculate your risk profile and your van insurance premium:
You and your driving history
When you complete our online form you’ll notice that lots of the questions revolve around you, your personal details and your driving history.
Things like your address, your age and your occupation have a big say in how much your insurance is.
For example, somebody who lives in an area with high rates of vehicle theft, is aged 17 and works in a nightclub will pay more for their van insurance because they’re statistically more likely to make a claim on their insurance.
As an over 50 van driver, age works in your favour!
Your vehicle also dominates the questions you answer too. A small, low powered will be cheaper to insure than a huge, high-powered van.
Again, that’s based on statistics, which state that small, low powered vans are less likely to be involved in accidents and result in claims.
How you use your van and policy type
Some forms of van insurance cost more than others, so the way you use your van can impact how much you pay.
Similarly, a personal van insurance policy usually costs less than a business van insurance policy – again because a business van policy needs to cover you for more eventualities than a personal one.
The van you drive and how far you drive it has an impact on the cost of your insurance premium.
A small, low powered, standard van is cheaper to insure than a big, high-powered, modified van because of accident statistics and insurance data that show the latter is more likely to be involved in making a claim.
The lower your mileage the lower your insurance too. That’s because you’re on the road less and therefore less likely to come into contact with other road users resulting in you making a claim.
There are lots of other different factors that impact your van insurance premium but the above are some of the most significant.
And the best bit about over 50 is that age works in your favour when it comes to van insurance costs.