The nation’s young van drivers have seen the largest fall in insurance premiums, but overall, premiums still remain high, as this report from Consumer Intelligence shows.
Drivers aged under 25 saw their premiums fall 16.9% in the last 12 months, yet their premiums remain an eye-wateringly high
Those aged 25-49 and the over-50s saw premiums rise over the same period
Under 25s pay over 3.5 times more for their insurance on average than 24-49-year-olds.
The UK’s youngest population of van drivers have seen their insurance premiums drop 16.9% in the last, yet the cost of a typical annual policy remains an eye-watering £2,762, according to the latest analysis from acclaimed data insights company Consumer Intelligence.
The other two age demographics – those aged 25-49 and the over-50s – saw premiums rise 2.3% and 2%, respectively, over the same period, balancing out the average market-wide cost of van insurance, which saw a modest fall of just 0.6% and now stands at £985.
Harriet Devonald, Product Manager at Consumer Intelligence said: “Premiums have dropped significantly for the under 25s, despite a lack of any great telematics presence for younger van drivers. Whilst this is a good news story, this age bracket continues to pay the most – in fact over 3.5 times that of the average policy for 24-49-year-olds.”
Average premiums have increased 33.6% since April 2014 when Consumer Intelligence first started collecting data, but premiums have now fallen 8.2% from their September 2017 pricing peak.
Type of cover
Drivers using their vans for business (£1,002) continue to pay slightly higher premiums than those who use their vans as a car substitute (£936) under a ‘social, domestic and pleasure’ (SDP) policy.
In the last 12 months, business users also saw their premiums uptick slightly by 0.7%, whereas those who used their vans as a car substitute saw premiums fall 4.5% over the same period.
Authored by Consumer Intelligence