THE UK’s youngest population of van drivers have seen their insurance premiums drop 18.1% in the past year, yet the cost of a typical annual policy remains an eye-watering £ £2,342, according to the latest analysis from pricing insights company Consumer Intelligence.
Insurance costs have remained more constant over the same period for the two other age demographics, with premiums nudging down slightly for both the over-50s (-1.2%) and those aged 25-49 (-0.8%). Motor insurance now typically costs £600 for an over-50s van driver, and for those aged 25-49, it’s £761.
Average premiums have now increased 31.9% since April 2014 when Consumer Intelligence first started collecting data. Within our age demographics, van drivers aged 25-49 and the over-50s have stomached the biggest rises over the period – with hikes of 49.8% and 47.9% respectively – while our under-25 driver category has seen premiums fall 26.8%.
Type of cover
Drivers using their vans as a car substitute – for everyday driving – saw the biggest falls to their premiums of 4.8% in the last 12 months. Despite this, these drivers who are classified under ‘social, domestic and pleasure’ (SDP) policies paid the highest annual premiums of our two groupings of £1,039. Business users recorded lower premium reductions of 2.9% over the same 12-month period, but their van insurance is now only £915 on average for an annual policy