Industry News from Yes Insurance

The number of people taking out van insurance for new vehicles may have stabilised by the end of the quarter, if the comments of one industry group are anything to go by.

According to the Society of Motor Manufacturers and Traders (SMMT), the current drop in sales of the latest models should level out before October.

However, it pointed out the number of light commercial vehicles being bought would still be at the lowest point seen since the beginning of the 1990s.

This comes after figures from the group revealed van registrations fell 40.1 per cent in June and were down 37 per cent for the rolling year.

SMMT chief executive Paul Everitt explained: "The commercial vehicle market continues to reflect the very difficult conditions facing business buyers, particularly those in the freight and construction sectors."

Meanwhile, cash-strapped firms that need to renew their van insurance policy soon may find they can make significant savings by searching for the cheapest available cover online.

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