Quoted van insurance premiums in the UK increased by 6.9% in the 12 months to the end of November, according to the Consumer Intelligence Van Insurance Price Index.
Despite the annual rise, the data suggests a slowdown in price increases, with premiums for drivers using vans for work dropping by 0.7% over the past six months.
Overall, quoted premiums rose by 1.2% in the past three months and by 0.3% over six months. For under-25s, annual increases were modest at 1.1%, with prices for this group showing signs of stabilisation.
Data from November 2024 reveals that the most common quoted premiums for new van insurance policies fell between £500 and £749 or £750 and £999, with 17% of quotes in each range.
Laura Vas, senior insight analyst at Consumer Intelligence, highlighted how competitive factors are impacting pricing. Some insurers have raised rates, but app-based provider Zego’s telematics product, Zego Sense, has moderated inflation in the market.
“These brands consistently ranked among the top five quotes for van drivers, helping to moderate inflation in affordable quotes,” Vas said.
Van owners using their vehicles for work (Carriage of Own Goods) saw quoted premiums fall by 0.7% over the last six months. By contrast, those using vans for Social, Domestic, and Pleasure purposes experienced a 3.2% increase in quoted premiums during the same period.
Quoted premiums for drivers aged 25 to 49 rose the most, with an 8.4% increase over the past year. For drivers over 50, premiums increased by 4.7%, while under-25s saw the smallest rise at 1.1%.
Among under-25s, only 6% were able to secure quotes below £750 in November 2024. However, 40% found quotes under £1,500, an improvement from 33% in November 2023.
For 25- to 49-year-olds, 43% obtained quotes below £750, slightly down from 45% in the prior year. In contrast, 39% of over-50s received quotes below £500, a marginal decline from 40% a year earlier.
Since the index’s launch in April 2014, average van insurance premiums have risen by 206%. Quoted premiums for under-25s have increased by 97.5%, while those for drivers aged 25 to 49 rose by 230.9%. For over-50s, premiums climbed by 217.1%.
Premiums for Social, Domestic, and Pleasure van use increased by 10.2% over the past year, while those for tradespeople using vans for Carriage of Own Goods rose by 5.8%.
Since Consumer Intelligence began tracking data, quoted premiums for Social, Domestic, and Pleasure use have risen by 271.4%, compared to a 180.8% increase for Carriage of Own Goods.
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