Van insurance premiums rose 24.7% over the past year, though the most recent quarter saw the lowest increase of 2.7% according to new data.

According to the Consumer Intelligence Van Insurance Price Index in June 2024, the quoted premium for a new van insurance policy most commonly fell between £750 and £999, with 16.4% of quotes within that range.

Direct insurers provided 37% of the top five quotes in June this year compared with 28% in 2023, reflecting higher inflation among intermediaries.

Van drivers of all ages have seen new business quotes rise over the last year, but inflation was less extreme for younger drivers, according to Laura Vas, senior insight analyst at Consumer Intelligence.

However, van operators employing younger drivers are likely to face increased costs as premiums for the younger end of the market remain considerably higher than the average. Just 28.5% of under-25s were able to obtain quotes for less than £1,500, compared with 89.3% of those aged between 25 and 49, and 97.5% of the over-50s.

Only 5.7% of under-25s could source quotes for less than £750 in June this year, compared with 35.7% of those aged between 25 and 49 and 64% of the over-50s.