Van insurance premium rises starting to slow

The average quoted price of van insurance rose by 24.7% in the year to June 2024 – but the rate of increase is slowing.

That was according to Consumer Intelligence’s Van Insurance Price Index, which also showed quoted premiums rose by 2.7% between April and June.

This was the lowest increase across the last five quarters.

The data, published today (23 July 2024), also revealed that in June, 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.

And direct insurers provided 37% of the top five quotes in June compared with 28% last year, reflecting higher inflation among intermediaries.

Ages

However, while rate increases appear to be slowing, the average quoted van insurance premium is currently 210.3 % higher than in April 2014, when Consumer Intelligence first started collecting van data.

Quoted premiums for the under-25s have also doubled by 96.8% since the launch of the index, compared with increases of 235.9% for those aged 25 to 49 and 223.7% for the over-50s.

Laura Vas, senior insight analyst at Consumer Intelligence, said: “Van drivers of all ages have seen new business quotes rise over the last year, but inflation was less extreme for younger drivers.

“However, premiums for the younger end of the market remain considerably higher.”