Used vans in full working condition are valued much higher now than in 2011 – largely because they are so hard to come by. Owners of such vans are advised to hold on to them, making sure they’re fully protected in the meantime.
A July report by the British Car Auctions (BCA) revealed the average second-hand van was valued 2 per cent higher than in 2011. A commercial vehicle was worth approximately £4,130 in July last year but increased to £4,229 in 2012.
That value fell in August to just over £4,000 still - the month-by-month figures remain higher than last year. Anybody who owns a van and is still getting some good mileage from it, ought to cover their van (what looks to be a rare possession) with a fully customised protection policy, according to the industry’s experienced van insurance brokers.
It makes a lot of sense; shield the vehicle against all risks and take full advantage of the van’s lifespan – in the meantime, you can keep an eye on either investing in another used van (if the price is below the average value at the time) or even consider part-exchanging for a brand new model.
Note: Average part-ex values have been fluctuating all year but did improve during August by approximately £80.
The positive light on used vehicle values has cast a shadow on new van sales, which suffered a 12.5 per cent decrease in August 2012, compared to last year. So, the rarity of quality second-hand commercial vehicles only reinforces the advice put forward by the brokers – protect your precious cargo-carrier.
Brokers are placed at the heart of the insurance sector – their position and profession allows them to liaise with specialist van insurers and present them with your protection requirements. So, if you’re running a business from your van and need specific elements of cover (goods in transit insurance etc), the broker can guarantee these are all included under the same quote.
Plus, that quote is minimised because the broker negotiates with every possible insurer within their network for the best price.
In conclusion, used vans are becoming more and more valuable, so a comprehensive level of cover for them is highly validated. Whether you decide to sell while the price is high, or get the best out of your van for as long as possible, finding a professional broker to arrange your insurance is always worth doing.