- Van drivers had been mostly quoted premiums of £500 to £749, with extra competitors on worth comparability web sites.
Quoted van insurance coverage premiums are going into reverse however are nonetheless up 9.5% within the yr to the tip of September, the newest Shopper Intelligence Van Insurance coverage Worth Index¹ exhibits.
Costs fell 2.2% for drivers aged beneath 25 previously 12 months, and by 0.8% previously three months for the market as a complete. In July, costs dropped 3% after a worth lower from one of the aggressive insurers, earlier than creeping up once more.
Knowledge exhibits 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 worth vary.
“Customers are being introduced with extra selections, with all worth comparability web sites providing quotes from extra manufacturers than they had been 12 months in the past. Nevertheless, under-25s see fewer manufacturers accessible than older drivers,” says Laura Vas, Senior Perception Analyst at Shopper Intelligence.
“Over the past three months, quoted premiums fell by 0.8%, with a notable 3% worth lower in July pushed by a worth lower from one of many market’s best manufacturers, earlier than costs rose once more,” provides Vas.
Age variations previously yr
Underneath-25s noticed quoted premiums fall by 2.2% within the yr to the tip 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 in a position to acquire a quote for lower than £1,500 in September, an enchancment from the 30% ready to take action in September final yr.
Nevertheless, 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 ready to take action final yr. The determine for the over-50s is unchanged previously 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 accumulating 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 . . .
