The Green Insurer’s van policies will cover all classes of van insurance – social and commuting, business use (carriage of own goods) and haulage (delivering goods) suitable for couriers and delivery drivers. It will aim to help cut costs for van drivers by negotiating special deals with insurers and drivers will also benefit from rewards for environmentally friendly driving worth up to £20 a year through its Leaves reward scheme.
Data shows that in December 2023, the quoted premium for a new van insurance policy most commonly fell between £500 and £999, with 36% of quotes falling within this range. Quoted van insurance premiums are being pushed higher by the rising cost of claims which is being driven in turn by the cost of sourcing replacement parts and carrying out repairs, Consumer Intelligence says.
As we witness a record-breaking increase in van mileage, it’s crucial to understand the ripple effect on insurance premiums. This surge not only signifies a fundamental change in transportation patterns but also raises valid concerns about the financial implications for van owners.
Ongoing claims inflation, as well as rules introduced back in January by the Financial Conduct Authority to put an end to the practice of price walking, have all contributed to rising insurance costs for motorists in the last 12 months.
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.
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.
Whether you want more opportunities to take your love of sports to new areas, you want to start your own business, or you simply want to drive off into the English sunset, a van might be the ideal purchase. They can be expensive, however, regardless of maintenance, insurance, and the cost of fuel.
Premiums are now 2% lower than they were in March 2020, with the average annual policy for a UK van driver standing at £1,055, according to the latest analysis from acclaimed data insights company Consumer Intelligence.
Increases in the past six months mean the average premium now sits 0.1% higher than it was 12 months ago, according to research by acclaimed insight business, Consumer Intelligence.
Premiums are up 1.6% in the last three months with the average UK premium now £1,515. The three-month period prior, which roughly covered lockdown itself, saw prices tumble 2.4%.
With many businesses hitting the pause button due to the coronavirus pandemic, the number of vans on the UK’s roads has dramatically fallen. This change in driving behaviour has resulted in fewer insurance claims, with insurers now passing on these savings to their customers.
Latest data showed that April premiums were at their lowest for five years suggesting that due to reduced vehicle usage during Covid-19 lockdown, there have been fewer accident claims.
The move is aimed at helping businesses get back on the road if lockdown restrictions are lifted during the coming months and to keep key workers and vital services moving.
Van Insurance Index shows that average premiums for new customers were at the end of March, up by 2% compared with 12 months ago.
The latest van insurance price index from data analytics company Consumer Intelligence shows that prices are up 2.2% in the past three months alone with the average UK premium now £1,515.
