Van insurance costs down 4.7%, finds Consumer Intelligence

Data from Consumer Intelligence’s Van Insurance Price Index has shown that van insurance costs were down 4.7% year-on-year in May.

Premiums dropped by 4.2% in the three months before the end of May, driven by increased competition, and a reduction in rates from leading insurance providers.

Van drivers using their vehicle for work, aged between 25 and 49, saw the biggest decrease in insurance costs, with a 5.8% year-on-year decrease.

Under-25s saw a decrease of 3.5% year-on-year, with 44% of that age group now able to insure a van for under £1,500 per year, up from 32% the previous year.

48% of 25 to 49-year-olds can now insure a van for less than £750, and 44% of over-50s have premiums of less than £500 available.

The most common quote for a van insurance policy in May was between £500 and £749, or between £750 and £999, each accounting for 19% of all quotes.

Tradespeople saw the biggest price decreases, with a 5.8% decrease year-on-year for vans used for work, while vans used for social, domestic, and pleasure purposes saw a decrease of 1.1% in the same period.

In the longer term, premiums increased overall, with a 191% increase recorded by Consumer Intelligence since 2014.