Quoted van insurance premiums dropped 4.7% in the year to the end of May and price cuts are accelerating, according to the latest Consumer Intelligence Van Insurance Price Index.
The three months to the end of May saw quoted premiums drop 4.2% as competition increased and leading providers reduced rates.
Drivers using vans for work and those aged between 25 and 49 have benefited the most – quoted premiums for people using vans for work dropped 5.8% and 5.6% for 25 to 49-year-olds.
Consumer Intelligence’s data shows that in May, the quoted premium for a new van insurance policy most commonly fell between £500 and £749 or between £750 and £999 with 19% of quotes recorded in each price range.
“The deflationary trend started as we moved into 2025. Over the past three months, many competitive providers have lowered their rates,” says Laura Vas, Senior Insight Analyst at Consumer Intelligence.
“That is most noticeable among brands from some of the biggest direct insurers helping them to grow their share of the top five positions and maintaining competitive pricing on price comparison websites. The leading brand for competitive share expanded its footprint further, extending its lead by offering affordable options to an increasing number of van drivers.”
Quoted premiums have dropped the most for those aged 25 to 49 falling by 5.6% in the year to end May. Under-25s saw quoted premiums drop 3.5% during the 12 months while the over-50s experienced 1.6% falls in quoted premiums.
Around 44% of under-25s are now able to source a quote for less than £1,500 compared with just 32% in May last year. But 48% of those aged 25 to 49 were able to source a quote for less than £750 in May while 44% of over-50s could obtain a quote for less than £500.
Since Consumer Intelligence started tracking quoted van insurance premiums in April 2014 average overall quoted van insurance premiums have increased by 191.0%.
Quoted premiums for the under-25s have increased the least at 88.5% since the launch of the index compared with increases of 211.6% for those aged 25 to 49 and 213.1% for the over-50s.
Tradespeople saw the biggest falls in quoted premiums with a drop of 5.8% in the year to the end of May and by 3.9% in the past three months. Drivers using their vehicles for Social, Domestic, and Pleasure purposes saw quoted premiums drop by 1.1% in the past 12 months and by 4.9% in the past three months.
Since Consumer Intelligence began collecting data, quoted premiums for Social, Domestic, and Pleasure purposes have risen by 255.95%. Owners using vans for Carriage of Own Goods have seen premiums increase by 166.4%.
