The difficult economic conditions that have resulted in a steep decline in the sales of commercial vehicles in the UK have finally brought some good news to van insurance customers: the value of their vehicles is rising.
Figures released in the BCA Commercial Pulse Report detail how the average value of a van insurance customer's existing vehicle has risen to around £3,200, around £200 more than the value of the average van only two months ago.
Labelling the change "dramatic," Duncan Ward, BCA's UK business development manager of commercial vehicles, offered the following quote, "Buyers are competing strongly across the board, and even stock with cosmetic damage is attracting a flurry of bids, which simply was not happening in 2008."
But, as many van insurance policyholders are aware, this rise in the value of secondhand vehicles is in part attributable to a slump in the sales of new vehicles, something which has resulted in Birmingham-based manufacturer LDV being brought to near collapse this week.