The first signs are coming from the US that the global economic crisis is having an impact on the insurance sector, though it remains to be seen whether this will have an impact on cheap van insurance quotes in the UK.
A number of insurance companies in the US had sought to get regulators to lower the amount of reserves and capital needed to back insurance policies. However, the National Association of Insurance Commissioners blocked the move, saying that there was no obvious emergency facing the insurance sector.
One of those who blocked the proposal commented, "We have justly stated that the insurance industry is so far in much better condition than most of the rest of the financial services sector because of strong state regulation on solvency and capital. This action will be seen as weakening state regulation."
Fortunately for commercial vehicle drivers, life insurance seems to be the sector hardest hit, with cheap van insurance quotes so far unaffected.
However, there is some indication that the very definition of cheap van insurance will change in 2009, with the cost of motor insurance quotes rising by an average of 1% a month during 2008. "We expect this upward trend to accelerate," comments Simon Douglas, director of AA Insurance.
However, going with a van-only insurance specialist may help mitigate against these rises. "Choosing to get a cheap van insurance quote with a specialist van insurer such as iVan will invariably benefit policyholders. In fact, despite recessionary pressures, it may save them as much as 25% on the price of their existing premium," says a spokesperson for iVan.