Electricians rank among the lowest paying trades for van insurance

  Posted by: electime      14th December 2023

A new study by van leasing experts Vanarama has analysed diesel van insurance and electric van insurance costs for 40 of the most popular tradespeople job titles, with plumbers receiving the most affordable quotes for both types of van.

Electricians pay £722.77 for diesel van insurance which is £114.51 cheaper than mechanics who received the highest quote of £837.28.
Shockingly when it comes to electric van insurance there were no quotes less than £1,000, electricians still received the cheapest quote for this insurance which was £1,004.29 which is £155.62 cheaper than the highest quote.

Vanarama created an ‘average van driver profile’ to ensure the only variable changed for each insurance quote was the job title and van type. The vans used for this study were the UK’s best-selling van, the Ford Transit Custom and the UK’s best-selling electric van, the Vauxhall Vivaro-e. The value of each van was determined by analysing Auto Trader listings and calculating the average price.

Electricians among those who will benefit from the cheapest ICE van insurance

Occupations such as electricians, plumbers, builders, carpenters, painters, and decorators all receive an annual insurance expense of £722.77. A difference of £114.51, almost 16% (15.8%) less than compared to what mechanics will pay.

When analysing the data, it’s also interesting to discover that so many trades are quoted the same lower price of £722.77. Aside from the aforementioned trades, 14 other trade jobs, including gardeners, joiners and plasterers received an identical quote, totalling 19 overall.

This not only sheds light on the financial landscape experienced by different trades but also uncovers the significant variation in premiums based on the nature of the profession and the type of van driven, which continues when investigating insurance costs for electric vans.

Trade professionals pay a minimum of £1,004.29 for electric van insurance

The trades securing the most affordable electric van insurance quotes encompass no more than 20 different job titles. Among these are those in professions such as electricians, plumbing, stonemasonry, joinery, plastering, and locksmithing, to name a handful. However, for these trades, acquiring insurance for their electric vans comes at a cost of £1,004.29, which on one hand is a substantial £155.62 saving in comparison to mechanics, but on the other hand, is still a considerable cost. Also, in comparison to the cheapest diesel van insurance, it is still an increase of £281.52.

Methodology: Following our car insurance reports in 2020, 2021, 2022 and 2023 this update switches its focus to van insurance, with a specific focus on the trade industry. We selected 56 of the most common trades, whittling the number down to a core 40 as some trades would not require their own van for self-employment purposes.

To reduce the variables and focus on the discrepancy in premiums on job title alone, our report has been created using an average driver profile, similar to ones used before, and covers many factors such as the driver’s location, relationship status and even where the car is kept at night.

In all cases, the cheapest premium available was taken from MoneySuperMarket for each job title. Data gathered November 2023.