- Quoted premiums for drivers utilizing vans for work dropped 0.7% up to now six months and are up simply 1.1% over the previous yr for under-25s.
- Van drivers have been mostly quoted premiums of £500 to £749 or £750 to £999, with the launch of latest telematics merchandise serving to to average value rises.
Quoted van insurance coverage premiums rose 6.9% within the yr to the tip of November, however there are indicators that value will increase are slowing, in accordance with the newest Shopper Intelligence Van Insurance coverage Worth Index¹.
Costs dropped 0.7% up to now six months for drivers utilizing vans for work and rose simply 1.1% up to now 12 months for under-25s. Quoted premiums for the market as a complete elevated by 1.2% up to now three months and by 0.3% up to now six months.
Information exhibits that in November 2024, the quoted premium for a brand new van insurance coverage coverage mostly fell between £500 and £749 or between £750 and £999, with 17% of quotes in every value vary.
“Over the previous three months, whereas some aggressive suppliers raised charges, app-based supplier Zego launched a telematics product, Zego Sense. These manufacturers constantly ranked among the many prime 5 quotes for van drivers, serving to to average inflation in inexpensive quotes,” says Laura Vas, Senior Perception Analyst at Shopper Intelligence.
“Quoted premiums for each kinds of utilization rose at related charges within the first half of the yr, however within the final six months, Carriage of Personal Items (used for work) has seen value falls of 0.7%, whereas quoted premiums for Social, Home, and Pleasure utilization rose 3.2%,” provides Vas.
Age Variations within the Previous Yr
Quoted premiums rose probably the most for these aged 25 to 49, rising by 8.4% within the yr to the tip of November. The over-50s skilled will increase of 4.7% throughout the identical interval, whereas under-25s noticed quoted premiums rise by simply 1.1%.
Solely 6% of under-25s may supply a quote from value comparability web sites for lower than £750 in November. Nonetheless, 40% have been capable of finding a quote for lower than £1,500, an enchancment from 33% in November 2023.
In contrast, 43% of 25- to 49-year-olds obtained a van insurance coverage quote for lower than £750, barely down from 45% in November 2023. Round 39% of over-50s have been capable of finding a quote for lower than £500, just about unchanged from 40% the earlier yr.
Lengthy-Time period View
Since Shopper Intelligence started monitoring quoted van insurance coverage premiums in April 2014, common premiums have elevated by 206%.
Quoted premiums for under-25s have practically doubled, rising by 97.5% because the launch of the index. In the meantime, premiums have elevated by 230.9% for these aged 25 to 49 and by 217.1% for the over-50s.
Kind of Cowl
Van house owners utilizing their automobiles for Social, Home, and Pleasure functions noticed quoted premiums enhance by 10.2%, whereas tradespeople skilled rises of 5.8%.
Since Shopper Intelligence started gathering information, quoted premiums for Social, Home, and Pleasure functions have risen by 271.4%. For tradespeople utilizing vans for Carriage of Personal Items, premiums have elevated by 180.8%.
Remark . . .