Van Thefts Costs Tradespeople £264 Million a Year

DESPITE BEING some of the most hardworking professionals in the UK, Britain’s tradespeople are having to fight for their income, as a new study finds that van theft is depriving professionals of £264 million a year.

A survey of 1,037 trade professionals commissioned by Honcho van insurance, has revealed that tool theft costs tradespeople a whopping £5,584 on average each time their van gets broken into.

Devastating impact

On average, a tradesperson’s van is broken into every 23 minutes in the UK, and the impact of this on workers’ livelihoods can be devastating. Van theft not only sets workers back financially due to needing to replace the stolen goods, but it also costs them work and income in the meantime.

According to Honcho’s data, having tools and supplies stolen during a van break-in puts the average tradesperson out of work for 30 days.

On top of the cost of replacing tools and materials, the average tradesperson reports that having suffered van theft they lost an additional £5,982 in income. This is as a result of not being able to carry out the jobs they had booked in.

Costs to roofers

For roofers, whose salaries average £35,000 per year, replacing their stolen tools and materials alone would cost more than two months’ wages.

To make matters worse, as many as 89% say that when making a claim on their van insurance, they weren’t covered for the full value of their stolen tools.

An additional 84% also weren’t provided with a courtesy van to get them back on their feet. This meant that tradespeople were unable to work – adding to the loss of earnings as a result of van theft.

To mark the shocking new findings, Honcho has released a reconstruction video of fed-up tradespeople getting their own back on tool thieves by surprising the thieves with an in-van security trap.

For those who want a bit more security, Honcho has launched a specialist van insurance marketplace for tradespeople. It aims to help hard-working tradespeople find the right cover to protect their livelihoods. For instance, tool cover and courtesy vans so that loss of earnings can be avoided, should the worst happen.

Insurance cover

Graeme Stoker from Honcho, said, “We know how tough it can be to come back from van theft. Too many hardworking professionals are being caught short with their van insurance policy by solely looking for the best price and not ensuring it covers all of their needs. This is why we’re launching van insurance on Honcho – to make finding the right van insurance policy simple and transparent.”

Honcho is the first online reverse-auction marketplace for financial services. It revolutionises the way people buy products and services, saving them time and money. A reverse-auction is where consumers receive bids and become the focus of the auction, with insurers competing against each other in real time to win consumers’ custom. Honcho launched a year ago into the car insurance market, joined today by van insurance.

To find out more about Honcho van insurance, please visit the website here.

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