- Van drivers have 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 12 months to the top of September, the newest Shopper Intelligence Van Insurance coverage Worth Index¹ exhibits.
Costs fell 2.2% for drivers aged beneath 25 up to now 12 months, and by 0.8% up to now three months for the market as an entire. In July, costs dropped 3% after a value minimize from probably the most aggressive insurers, earlier than creeping up once more.
Information 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 value vary.
“Shoppers are being offered with extra selections, with all value comparability web sites providing quotes from extra manufacturers than they have been 12 months in the past. Nonetheless, under-25s see fewer manufacturers obtainable 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% 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 up to now 12 months
Below-25s noticed quoted premiums fall by 2.2% within the 12 months 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 have been in a position to receive a quote for lower than £1,500 in September, an enchancment from the 30% in a position to take action in September final 12 months.
Nonetheless, round 89% of these aged 25 to 49, and almost 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 12 months. The determine for the over-50s is unchanged up to now 12 months.
Lengthy-term view
Since Shopper Intelligence began monitoring quoted van insurance coverage premiums in April 2014, common general quoted premiums have elevated by 207.9%.
Quoted premiums for the under-25s have almost 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.
Sort of canopy
Homeowners 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 information, 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%.
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