5 August 2024

Van insurance premiums have rocketed by 25% in a year

The rise in van insurance premiums has slowed, but prices have still climbed 24.7% over the past year to June.

According to the latest Consumer Intelligence Van Insurance Price Index, prices rose just 2.7% in the past three months—the smallest increase in five quarters, following a 3.3% rise in the previous quarter.

In June 2024, the typical quoted premium for a new van insurance policy ranged from £750 to £999, with 16.4% of quotes falling in this range.

Direct insurers provided 37% of the top five quotes in June, up from 28% last year, indicating 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 younger drivers remain considerably higher.”

“During the last three months, quoted premiums increased 2.7%—the lowest quarterly increase seen across the last five quarters,” Vas added.

Only 28.5% of under-25s could secure quotes under £1,500, compared to 89.3% of those aged 25-49 and 97.5% of over-50s.

Just 5.7% of under-25s found quotes under £750 in June, compared to 35.7% of those aged 25-49 and 64% of over-50s.

Since April 2014, average overall quoted van insurance premiums have surged by 210.3%.

For under-25s, premiums nearly doubled, rising 96.8%, while those aged 25-49 saw a 235.9% increase, and over-50s experienced a 223.7% rise.

The increase in premiums also varied slightly depending on how van drivers used their vehicles.

If your LCV fleet costs have risen uncontrollably and you are looking to maximise savings, why not give Activa a call and see how we can help?