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

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

The typical quoted worth of van insurance coverage rose by 24.7% within the yr to June, however the price of enhance continues to decelerate, the newest Client Intelligence Van Insurance coverage Value Index^¹ exhibits.

Costs solely elevated 2.7% previously three months ̶ the bottom enhance for the previous 5 quarters, following the earlier quarterly enhance 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 increased 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. Nonetheless, premiums for the youthful finish of the market stay significantly increased,” says Laura Vas, Senior Perception Analyst at Client Intelligence.

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

Age variations previously yr

Simply 28.5% of under-25s have 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 Client 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 almost doubled by 96.8% because the 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 based mostly on how van drivers use their autos different 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%.