Van premiums surge by 36%
New data from the Consumer Intelligence Van Insurance Price Index has revealed that the average quoted price of van insurance rose by 35.9% last year, the highest annual increase for more than six years.
Quoted premiums for van insurance rose four per cent in the three months to the end of December 2023, but this was was significantly lower than the 12.9% rise in the three months to September, and the 9.8% increase in the three months to June.
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 said.
Laura Vas, senior insight analyst at Consumer Intelligence, said: “As we have seen in the motor market, the rising costs of claims in relation to the increased price of sourcing replacement vehicle parts repairs has pushed van insurance premiums higher this year, although the recent quarter’s movements suggest that the rate of inflation is now showing signs of slowing.
“Inflation was less extreme for younger drivers, but premiums for the younger end of the market remain considerably higher than the quotes for those more experienced drivers.”
