Quoted van insurance coverage premiums improve 24.7% in a yr however will increase are slowing

• Quarterly improve of two.7% is the bottom for 5 quarters
• Van drivers had been mostly quoted £750 to £999
  
  

The common quoted worth of van insurance coverage rose by 24.7% within the yr to June, however the fee of improve continues to decelerate, the most recent Shopper Intelligence Van Insurance coverage Worth Index^¹ exhibits.

Costs solely elevated 2.7% up to now three months ̶ the bottom improve for the previous 5 quarters, following the earlier quarterly improve of three.3%.

Information exhibits that in June 2024, the quoted premium for a brand new van insurance coverage coverage mostly fell between £750 and £999, with 16.4% of quotes falling inside that vary.

Direct insurers supplied 37% of the highest 5 quotes in June this yr in contrast with 28% final yr, reflecting larger inflation amongst intermediaries.

“Van drivers of all ages have seen new enterprise quotes rise during the last yr, however inflation was much less excessive for youthful drivers. Nevertheless, premiums for the youthful finish of the market stay significantly larger,” says Laura Vas, Senior Perception Analyst at Shopper Intelligence.

“Over the last three months, quoted premiums elevated 2.7% ̶ The bottom quarterly improve seen throughout the final 5 quarters,” provides Vas.

Age variations up to now yr

Simply 28.5% of under-25s had been in a position to get hold of quotes for lower than £1,500, in contrast with 89.3% of these aged between 25 and 49, and 97.5% of the over-50s.

Solely 5.7% of under-25s might supply quotes for lower than £750 in June this yr, in contrast with 35.7% of these aged between 25 and 49 and 64% of the over-50s.

Lengthy-term view

Since Shopper Intelligence began monitoring quoted van insurance coverage premiums in April 2014, common general quoted van insurance coverage premiums have elevated by 210.3%.

Quoted premiums for the under-25s have practically doubled by 96.8% for the reason that launch of the index, in contrast with will increase of 235.9% for these aged 25 to 49, and 223.7% for the over-50s.

Sort of canopy

Will increase in quoted premiums primarily based on how van drivers use their automobiles diverse barely. Homeowners utilizing vans for social, home and pleasure noticed will increase in quoted premiums of 26.5%, whereas tradespeople skilled rises of 24.1%.