Van drivers aged under 25 saw their premiums fall 18.1% in the 12 months to October 2021, yet their premiums remain “eye-wateringly high”, Consumer Intelligence has reported.
Overall, the cost of van insurance has fallen 3.3% in the 12 months to October, according to the market intelligence firm’s Van Insurance Price Index.
The UK’s youngest population of van drivers have seen their insurance premiums drop 18.1% in the last year, yet the cost of a typical annual policy remains an “eye-watering” £2,342.
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 to 49 (-0.8%).
Motor insurance now typically costs £600 for an over-50s van driver, and for those aged 25 to 49, it’s £761.
Average premiums have now increased 31.9% since April 2014 when Consumer Intelligence first started collecting data.
Within its age demographics, van drivers aged 25 to 49 and the over-50s have stomached the biggest rises over the period—with hikes of 49.8% and 47.9% respectively—while the under-25 driver category has seen premiums fall 26.8%.
Drivers using their vans as a car substitute for everyday driving saw the biggest falls to their premiums of 4.8% in the last 12 months.
Despite this, these drivers who are classified under ‘social, domestic and pleasure’ policies paid the highest annual premiums of Consumer Intelligence’s two groupings of £1,039.
Business users recorded lower premium reductions of 2.9% over the same 12-month period, but their van insurance is now only £915 on average for an annual policy.