- Van drivers had been mostly quoted premiums of £500 to £749, with extra competitors on value comparability web sites.
Quoted van insurance coverage premiums are going into reverse however are nonetheless up 9.5% within the yr to the top of September, the most recent Shopper Intelligence Van Insurance coverage Worth Index¹ reveals.
Costs fell 2.2% for drivers aged beneath 25 prior to now 12 months, and by 0.8% prior to now three months for the market as a complete. In July, costs dropped 3% after a value minimize from one of the crucial aggressive insurers, earlier than creeping up once more.
Information reveals that in September 2024, the quoted premium for a brand new van insurance coverage coverage mostly fell between £500 and £749, with 18% of quotes in that vary, whereas 17% fell throughout the £750 to £999 value vary.
“Shoppers are being offered with extra selections, with all value comparability web sites providing quotes from extra manufacturers than they had been 12 months in the past. Nonetheless, under-25s see fewer manufacturers accessible than older drivers,” says Laura Vas, Senior Perception Analyst at Shopper Intelligence.
“Over the last three months, quoted premiums fell by 0.8%, with a notable 3% value lower in July pushed by a value minimize from one of many market’s best manufacturers, earlier than costs rose once more,” provides Vas.
Age variations prior to now yr
Beneath-25s noticed quoted premiums fall by 2.2% within the yr to the top of September, whereas quoted premiums for these aged 25 to 49 elevated by 11.5%, and by 10.2% for the over-50s.
Round 37% of drivers aged beneath 25 had been capable of get hold of a quote for lower than £1,500 in September, an enchancment from the 30% in a position to take action in September final yr.
Nonetheless, round 89% of these aged 25 to 49, and practically 97% of these aged 50-plus, can safe a quote for lower than £1,500 — down from 92% of these aged 25 to 49 in a position to take action final yr. The determine for the over-50s is unchanged prior to now yr.
Lengthy-term view
Since Shopper Intelligence began monitoring quoted van insurance coverage premiums in April 2014, common total quoted premiums have elevated by 207.9%.
Quoted premiums for the under-25s have practically doubled, rising by 95.5% for the reason that launch of the index, in contrast with will increase of 233.1% for these aged 25 to 49 and 221.8% for the over-50s.
Kind of canopy
House owners utilizing vans for social, home, and pleasure functions noticed will increase in quoted premiums of 13.1%, whereas tradespeople skilled rises of 8.4%. Since Shopper Intelligence began amassing knowledge, quoted premiums for social, home, and pleasure have elevated by 269.7%, whereas for carriage of personal items utilized by tradespeople, premiums have risen by 183.5%.
Remark . . .
