Tradespeople are losing out on £264m a year due to tool theft from vans, new research finds.
A survey of 1,037 tradespeople, commissioned to mark the launch of the new Honcho van insurance service, has revealed that tool theft costs tradespeople £5,584 on average each time their van gets broken into. And reports also claim that a van is broken into and the tools stolen every 23 minutes in the UK.
But it’s not just the money involved in replacing stolen tools that’s a major issue; following a van break-in, the average tradesperson is unable to work for 30 days, costing them £5,982 in missed jobs.
Based on average salaries, it means replacing their stolen tools and materials alone would cost plumbers and electricians more than two months’ wages.
Even for higher-paid trade professionals such as builders, the impact of having their tools stolen would set them back by approximately six weeks’ wages.
And 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 in the meantime, meaning they were unable to work – adding to the loss of earnings as a result of van theft.
To help tradespeople find the right van cover – including tools and courtesy vehicles – Honcho has just launched a specialist van insurance marketplace, as part of the Honcho app and website. The company launched a year ago into the car insurance market, joined now by van insurance, and both are based around a reverse-auction set-up, where insurers compete against each other in real time to win consumers’ custom.
Commenting on the launch, Graeme Stoker from Honcho said too many hardworking professionals were 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,” he added. “Looking after your van, tools and income is always going to be a top priority in the trades so taking the time to really investigate your insurance and use a marketplace that has your best interests at heart to find the right insurance cover is imperative to the success and stability of your business.”