Van insurance prices down five per cent
Van insurance prices have fallen five per cent from January to August, according to the latest Consumer Intelligence Van Insurance Price Index.
In August a fifth of all quotes were between £500 and £749 while 18% of quotes were between £750 and £999.
Price decreases were most significant for drivers aged between 25 and 49 (5.7%) and those using their vans for work (5.6%). Meanwhile, under 25s saw quoted premiums drop 4.4% while over 50s experienced 2.6% falls in quoted premiums.
However, Consumer Intelligence data suggests that price reductions are slowing down, with quoted premiums down just 1.3% from June to August.
Laura Vas, senior insight analyst at Consumer Intelligence, said: “Van insurance new business quotes continue to fall, building on the trend which started this year. Two direct insurer brands continue to lead in competitive share although they have lost some of their share due to them maintaining or increasing prices over the past three months.
“Many providers, particularly brands from intermediary insurer groups, have reduced their rates offering some van drivers more affordable quotes compared to three months ago.”
Average van insurance prices have now risen 187% since Consumer Intelligence started tracking premiums in April 2014.
