Quoted van insurance premiums have started to decline, though they remain 9.5% higher year-on-year as of the end of September, according to the latest data from the Consumer Intelligence Van Insurance Price Index.
Despite a recent downward trend, prices are still elevated compared to the same period last year.
For drivers under 25, premiums have dropped by 2.2% over the past year. The market overall saw a 0.8% decline in the last three months, including a 3% drop in July following a price cut by one of the market’s more competitive insurers. However, prices began to rise again after that.
In September 2024, the most common quoted premiums for new van insurance policies ranged from £500 to £749, accounting for 18% of quotes. Additionally, 17% of quotes fell within the £750 to £999 range.
Laura Vas, senior insight analyst at Consumer Intelligence, noted that consumers are seeing more choice, as price comparison websites now feature more brands than a year ago.
However, under-25s see fewer brands available than older drivers,” Vas said. “During the last three months, quoted premiums fell by 0.8%, with a notable 3% price decrease in July driven by a price cut from one of the market’s most competitive brands, before prices rose again.”
Over the past year, younger drivers have seen more favourable changes in their van insurance premiums. Quoted premiums for drivers under 25 dropped by 2.2%, while premiums for those aged 25 to 49 rose by 11.5%, and premiums for the over-50s increased by 10.2%.
In September, about 37% of under-25s received quotes below £1,500, an improvement from 30% in the same period last year. For drivers aged 25 to 49, 89% were able to obtain quotes below £1,500, down from 92% last year. For drivers over 50, 97% secured quotes below £1,500, with no change from the previous year.
Since the launch of Consumer Intelligence's Van Insurance Price Index in April 2014, average quoted premiums have risen by 207.9%. Premiums for under-25s have nearly doubled, increasing by 95.5%, while those for drivers aged 25 to 49 have gone up by 233.1%. For the over-50s, premiums have increased by 221.8%.
The data also shows that van owners using their vehicles for social, domestic, and pleasure purposes saw a 13.1% rise in quoted premiums over the past year. Meanwhile, tradespeople experienced an 8.4% increase.
Since Consumer Intelligence began tracking these premiums, rates have risen by 269.7% for social, domestic, and pleasure use, and by 183.5% for tradespeople using vans for the carriage of their own goods.
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