Van insurance premiums on the increase
Van insurance premiums are rising again after a year of falling prices, according to the latest Van Insurance Price Index from Consumer Intelligence.
Average quoted premiums have fallen by six per cent in the past 12 months, but a 2.3% rise in the last quarter suggests they are trending upwards again.
Based on the five cheapest quotes on price comparison websites, average van insurance premiums were £1,674 in February compared to £1,728 a year earlier.
For van drivers under 25, prices have fallen 8.1% year-on-year but rose 3.5% in the last three months, while those aged 25-49 saw premiums fall 5.2% annually but rise 2.7% quarterly.
Pricing moving upwards
Laura Vas, senior insight analyst at Consumer Intelligence, said: “After a sustained period of falling premiums, we are now seeing clear signs that pricing is starting to move upwards again.
“The majority of competitive insurers have increased prices in recent months, reducing the availability of the cheapest quotes. At the same time, changes in the competitive landscape, including insurer exits and strategic repricing, are beginning to feed through into customer premiums.
“While affordability improved over the past year, particularly for higher-risk segments, these latest trends suggest that the window of declining prices may be closing.”
