Quoted van insurance coverage premiums soared 35.9% final yr

• However will increase in quoted premiums are beginning to gradual

• In December van drivers mostly obtained new enterprise quotes between £500 and £749 and £750 and £999 

The common quoted worth of van insurance coverage rose by 35.9% final yr (the 12 months to December 2023) – the very best annual improve for greater than six years, the newest Client Intelligence Automotive Insurance coverage Value Index¹ reveals. 

The one earlier increased annual improve in quoted premiums got here within the third quarter of 2017, however there are indicators of a slowdown within the tempo of will increase.  

Quoted premiums for van insurance coverage rose 4% within the three months to the tip of December 2023, which was considerably decrease than the 12.9% rise within the three months to September, and the 9.8% improve within the three months to June. 

Knowledge reveals that in December 2023, the quoted premium for a brand new van insurance coverage coverage mostly fell between £500 and £999, with 36% of quotes falling inside this vary. 

Quoted van insurance coverage premiums are being pushed increased by the rising value of claims which is being pushed in flip by the price of sourcing substitute elements and finishing up repairs, Client Intelligence says. 

“As now we have seen within the motor market, the rising prices of claims in relation to the elevated worth of sourcing substitute car elements repairs has pushed van insurance coverage premiums increased this yr, though the latest quarter’s actions recommend that the speed of inflation is now displaying indicators of slowing,” says Laura Vas, Senior Perception Analyst at Client Intelligence. 

“Inflation was much less excessive for youthful drivers, however premiums for the youthful finish of the market stay significantly increased than the quotes for these extra skilled drivers,” provides Vas. 

Age variations previously yr 

Youthful van drivers, underneath 25, noticed the bottom will increase in quoted premiums at 24.5% in contrast with 41.6% for the over-50s, and 36.6% for these aged between 25 and 49. 

Nonetheless, practically 42% of over-50s van drivers can supply a quote for lower than £500 in contrast with 15% of these aged 25 to 49. No under-25s can achieve this. 

Lengthy-term view  

The common quoted van insurance coverage premium has practically trebled, rising by 192.4% since April 2014 when Client Intelligence first began amassing knowledge. Quoted premiums are at their highest ranges since Client Intelligence data started. 

Sort of canopy 

Will increase in quoted van insurance coverage premiums based mostly on how drivers use their autos various barely. 

Homeowners utilizing vans for social, home and pleasure noticed will increase in quoted premiums of 37.6% whereas tradespeople skilled rises of 35.3% in 2023.