Van insurance prices have tumbled, according to the latest Consumer Intelligence Van Insurance Price Index report, but average quotes are now 200% more than they were 10 years ago.
Quoted van insurance premiums for under-25s have fallen 2.2% in the past 12 months, and by 0.8% for the overall market during the past three months.
The most common cost of a new van insurance policy ranges between £500 and £749, with 18% of premium quotes in this range. Unfortunately, the next largest percentage (17%) fall within the higher premium category of £750 to £999 range.
Prices for van insurance have gradually been declining, in July prices dropped by 3% after a price cut from one of the most competitive insurers. However, they have slowly started to creep back up again
Amazingly the group that has seen the greatest fall in premiums is the under-25s. Quoted premiums for them have fallen by 2.2% in the year through to the end of September. That’s against a backdrop of quoted van insurance premiums for those aged 25 to 49 having increased by 11.5%, and by 10.2% for the over-50s.
It’s still not cheap to insure a van as a young van driver as van insurance for the under 25s remains high. Around 37% of drivers aged under 25 were able to obtain a quote for less than £1,500 in September, according to the report. That’s improvement from the 30% able to do so in September 2023.
Compare that to older groups, however, where around 89% of those aged 25 to 49, and nearly 97% of those aged 50-plus, can all get van insurance quotes for less than £1,500.
Van insurance premiums are also rising for those that like to use their vans for personal use. Owners using vans for social, domestic, and pleasure saw increases in quoted premiums of 13.1%, while tradespeople experienced rises of 8.4%.
Consumer Intelligence says that quoted premiums for social, domestic, and pleasure have increased by 269.7% since it began compiling the report. That’s compared to the 183.5% rise in premiums for tradespeople using vans for the carriage of own goods.
Perhaps the most alarming of all the data from the report, however, is that since Consumer Intelligence started tracking quoted van insurance premiums in April 2014, average overall quoted premiums have increased by 207.9%.
The premiums for the under-25s have nearly doubled, rising by 95.5%, in that time and there have been increases of 233.1% for those aged 25 to 49 and 221.8% for the over-50s.
