- Quoted premiums for drivers utilizing vans for work dropped 0.7% prior to now six months and are up simply 1.1% over the previous yr for under-25s.
- Van drivers had been mostly quoted premiums of £500 to £749 or £750 to £999, with the launch of recent telematics merchandise serving to to average value rises.
Quoted van insurance coverage premiums rose 6.9% within the yr to the top of November, however there are indicators that value will increase are slowing, in response to the most recent Shopper Intelligence Van Insurance coverage Value Index¹.
Costs dropped 0.7% prior to now six months for drivers utilizing vans for work and rose simply 1.1% prior to now 12 months for under-25s. Quoted premiums for the market as a complete elevated by 1.2% prior to now three months and by 0.3% prior to now six months.
Information reveals 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 persistently ranked among the many prime 5 quotes for van drivers, serving to to average inflation in reasonably priced quotes,” says Laura Vas, Senior Perception Analyst at Shopper Intelligence.
“Quoted premiums for each forms of utilization rose at comparable 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 essentially the most for these aged 25 to 49, growing by 8.4% within the yr to the top 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. Nevertheless, 40% had been capable of finding a quote for lower than £1,500, an enchancment from 33% in November 2023.
Against this, 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 had 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 almost 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 amassing knowledge, 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 . . .
