Van insurance prices show annual rise despite recent decline

Average van insurance premiums were up by 9.5% year-on-year to the end of September, according to data from Consumer Intelligence.

However, the picture has changed recently, with a 0.8% decline reported over the most recent three full months. Consumer Intelligence says prices dropped by 3% in July following a price cut from one of the most competitive insurers, before creeping up again.

Younger drivers have generally fared better, with premiums for those aged under 25 coming down by 2.2% over the past year.

Owners using vans for social, domestic, and pleasure purposes saw average annual increases in quoted premiums of 13.1%, while tradespeople experienced rises of 8.4%.

In September, 18% of van insurance quotes fell between £500 and £749, while 17% fell within the £750 to £999 price range.

Consumer Intelligence senior insight analyst Laura Vas said: “Consumers are being presented with more choices, with all price comparison websites offering quotes from more brands than they were 12 months ago. However, under-25s see fewer brands available than older drivers.”