Huge rise in van insurance premiums

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.

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% ̶ 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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