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.