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Van insurance premiums rose 24.7% over the past year, with a 2.7% increase in the last quarter, the lowest in five quarters.
Van insurance premiums rose by 24.7% in the 12 months to June. The figures from the latest Consumer Intelligence Van Insurance Price Index show prices have only increased 2.7% in the past three months – the lowest increase for the past five quarters, following the previous quarterly increase of 3.3%.
Data shows that in June 2024, the quoted premium for a new van insurance policy most commonly fell between £750 and £999, with 16.4% of quotes falling within that range.
Direct insurers provided 37% of the top five quotes in June this year compared with 28% last year, reflecting higher inflation among intermediaries.
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"Van drivers of all ages have seen new business quotes rise over the last year, but inflation was less extreme for younger drivers," said Laura Vas, senior insight analyst at Consumer Intelligence. "However, premiums for the younger end of the market remain considerably higher. During the last three months, quoted premiums increased 2.7% ΜΆ the lowest quarterly increase seen across the last five quarters." |
Just 28.5% of under-25s were able to obtain quotes for less than £1,500, compared with 89.3% of those aged between 25 and 49, and 97.5% of the over-50s. Only 5.7% of under-25s could source quotes for less than £750 in June this year, compared with 35.7% of those aged between 25 and 49 and 64% of the over-50s.
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In January this year, the average price of car insurance in the UK broke records to stand at close to £1,000 after price rises of more than 50% last year. Drivers were expected to pay £995 for their car insurance, on average – the highest price ever in the UK – according to the index published by the price comparison website Confused.com The UK average for car insurance is now £882 per year (as of July 24). This follows a £106 (14%) increase, on average, in 12 months. But prices have dropped by £59 (-6%) in the past 3 months, putting an end to record-high prices which were reported last year. However, drivers can still expect to pay more than last year. That’s according to the latest Confused.com car insurance price index, powered by WTW. |
