The UK’s youngest population of van drivers have seen their insurance premiums drop 16.9% in the last 12 months, yet the cost of a typical annual policy remains high at £2,762, according to Consumer Intelligence.
The other two age demographics—those aged 25 to 49 and the over 50s—saw premiums rise 2.3% and 2%, respectively, over the same period, balancing out the average market-wide cost of van insurance, which saw a modest fall of just 0.6% and now stands at £985.
Harriet Devonald, product manager at Consumer Intelligence, said: “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.”
Consumer Intelligence also revealed that average premiums have increased 33.6% since April 2014 when the firm first started collecting data, but premiums have now fallen 8.2% from their September 2017 pricing peak.
Drivers using their vans for business (£1,002) continue to pay slightly higher premiums than those who use their vans as a car substitute (£936) under a social, domestic and pleasure policy.
In the last 12 months, business users also saw their premiums uptick slightly by 0.7%, whereas those who used their vans as a car substitute saw premiums fall 4.5% over the same period.