Quoted van insurance premiums rose 1.6% in the year to the end of February but prices are starting to fall, according to the latest Consumer Intelligence Van Insurance Price Index¹.
The three months to the end of February saw quoted premiums drop 0.8% as competition increased and providers started to cut rates
Drivers using vans for work have seen quoted premiums fall by 0.7% in the past six months while under-25s saw quoted premiums drop 0.9% in the past year.
Data shows that in February, the quoted premium for a new van insurance policy most commonly fell between £500 and £749, with 19% of quotes in that price range.
“Over the past three months, many competitive providers reduced rates, particularly brands from the Markerstudy and Aviva groups, leading to them gaining share and keeping premiums competitive at the top of the price comparison website results pages,” says Laura Vas, Senior Insight Analyst at Consumer Intelligence.
“Zego and its telematics brand Zego Sense have expanded their footprint on most price comparison websites. Admiral Group increased premiums, offsetting some of the reductions by competitors,” adds Vas.
Quoted premiums rose the most for over-50s, increasing by 3.6% in the year to the end of February. Those aged 25 to 49 saw quoted premiums rise 1.6% while for under-25s quoted premiums fell 0.9%.
However just 12% of under-25s were able to source a quote for under £750 in February compared with 70% of over-50s and 48% of those aged 25 to 49. Around 44% of under-25s were able to source a quote for less than £1,500 which is an improvement on the 37% able to do so a year ago.
Since Consumer Intelligence began tracking quoted van insurance premiums in April 2014, average premiums have increased by 203.7%.
Quoted premiums for under-25s have more than doubled, rising by 101.2% since the launch of the index. Meanwhile, premiums have increased by 225.3% for those aged 25 to 49 and by 221.7% for the over-50s.
Van owners using their vehicles for Social, Domestic, and Pleasure purposes saw quoted premiums increase by 5.5%, while tradespeople experienced rises of just 0.4% in the year to end February. In the past six months quoted premiums for Carriage of Own Goods have dropped 0.7% while they have increased 4% for Social, Domestic, and Pleasure.
Since Consumer Intelligence began collecting data, quoted premiums for Social, Domestic, and Pleasure purposes have risen by 274.3%. For tradespeople using vans for Carriage of Own Goods, premiums have increased by 177.4%.
The independent authoritative source of price movements in the van insurance market, using real customer quotes from PCWs and key direct brands.