Young Van Drivers Premiums Reduce, but are still High

August 19, 2021

Comments

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.”

 

Long-term view

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

Related Posts

Rebuild Sums Insured – How do you work it out?

Rebuild Sums Insured – How do you work it out?

Rebuild sums insured of a property is a difficult thing to work out, and if it’s wrong, you could be left out of pocket in the event of a claim. So, what is a ‘rebuild sums insured’ and how can you ensure that yours is right for you?   Rebuild Sums Insured – What...

Rising Construction Costs and your Rebuild Sums Insured

Rising Construction Costs and your Rebuild Sums Insured

Growing costs of materials within the construction industry is having a knock-on effect with building insurance and the potential for underinsurance. Why is this, and what can you do to protect yourself? The risk of being underinsured has increased as a result of...

Fire Safety and your Business Stock – What to know

Fire Safety and your Business Stock – What to know

Warehouses are a vital requirement for a business’ stock, and safeguarding this can control a business’ future. A fire can have disastrous consequences to this, so let’s have a look at the potential problems, and what you can do about them to reduce your risk....