- Underneath-25 drivers and people aged 25-49 expertise steepest annual declines at 9.5% and 9.3%
- Shopper affordability strengthens considerably with 52% of drivers sourcing quotes underneath £750
- This autumn deflation accelerates to three.0% as aggressive pricing stress intensifies throughout all sections
Quoted van insurance coverage premiums fell 8.9% within the 12 months to the top of November, with This autumn deflation accelerating to three.0% prior to now three months, in line with the most recent Shopper Intelligence Van Insurance coverage Value Index. The sustained market decline displays intensifying aggressive dynamics as insurers handle claims expertise and market positioning.
The three months to the top of November noticed quoted premiums drop 3.0% as aggressive pricing stress mounted and insurers throughout each direct and middleman channels adjusted their charges. All age teams and use instances skilled deflation, signalling broad-based market correction quite than segment-specific dynamics.
Drivers utilizing vans for work (Carriage of Personal Items) and people aged between 25 and 49 have benefited considerably. Work-use vans noticed 8.9% annual falls, with personal-use vans (SDP) following at 8.7%. Underneath-25s skilled the steepest deflation at 9.5%, intently adopted by 25-49 year-olds at 9.3%.
Shopper Intelligence’s information reveals that in November, the quoted premium for a brand new van insurance coverage coverage was mostly between £500-£749 (19.7% of quotes) or £750-£999 (18.5%), reflecting a secure market construction regardless of current volatility.
“The deflationary development has accelerated by This autumn 2025, with premiums down considerably from earlier within the 12 months. Market competitors is intensifying as insurers modify portfolios and handle claims prices. Shopper accessibility has improved materially, with over half of van drivers now capable of supply quotes under £750 – a significant enchancment from a 12 months in the past,” says Laura Vas, Senior Perception Analyst at Shopper Intelligence.
“That’s most noticeable amongst drivers aged 25-49 and youthful drivers, the place aggressive choices have proliferated. Main middleman insurer teams have maintained aggressive pricing methods whereas direct insurers proceed to compete vigorously in core segments,” provides Vas.
Age Variations within the Previous Yr
Quoted premiums have dropped probably the most for these aged 25 to 49, falling by 9.3% within the 12 months to finish November. Underneath-25s noticed quoted premiums drop 9.5% in the course of the 12 months whereas the over-50s skilled 6.8% falls in quoted premiums.
Almost 55% of these aged 25 to 49 have been capable of supply a quote for lower than £750 in November in contrast with 43% a 12 months earlier. In the meantime, 43% of under-25s have been capable of supply a quote for lower than £1,500 in contrast with 40% a 12 months in the past, whereas 40% of over-50s sourced quotes under £500 in contrast with 39% in November final 12 months.
Lengthy-Time period View
Since Shopper Intelligence began monitoring quoted van insurance coverage premiums in April 2014, common total quoted van insurance coverage premiums have elevated by 179.0%.
Quoted premiums for the under-25s have elevated the least at 78.8% because the launch of the index in contrast with will increase of 200.3% for these aged 25 to 49 and 195.4% for the over-50s.
Sort of Cowl
Drivers utilizing their vans for work (Carriage of Personal Items) noticed the most important falls in quoted premiums with a drop of 8.9% within the 12 months to finish November. Drivers utilizing their automobiles for Social, Home, and Pleasure functions noticed quoted premiums drop by 8.7% prior to now 12 months.
Since Shopper Intelligence started accumulating information, quoted premiums for Social, Home, and Pleasure functions have risen by 239.2%. Homeowners utilizing vans for Carriage of Personal Items have seen premiums enhance by 155.9%.
Obtain the Van Insurance coverage Value Index
The impartial authoritative supply of worth actions within the van insurance coverage market, utilizing actual buyer quotes from PCWs and key direct manufacturers.
Notes to Editors
1. For every danger, frequent to consecutive months, the variation is calculated from the typical of the highest 5 most cost-effective premiums returned on every PCW within the earlier month to the typical of the highest 5 within the present month no matter which manufacturers supplied these quotes. The train is repeated on every PCW for every frequent danger.
2. The general market prime 5 month-to-month variation is calculated by averaging throughout all these danger degree Prime 5 variations for frequent dangers run in each months. The month-to-month figures are concatenated as much as produce the trended worth index from a place to begin of 100% within the base month.
3. Shopper Intelligence’s Van Insurance coverage Value Index is compiled utilizing actual buyer quotes from worth comparability web sites (PCWs). The information is utilized by the Workplace for Nationwide Statistics, regulators and insurance coverage suppliers because the definitive benchmark of how worth is altering for van drivers.
