The UK’s youngest van drivers have seen their insurance premiums fall by 18.1% in the last year, according to the latest analysis from acclaimed pricing insights company Consumer Intelligence.
Insurance costs have remained more constant over the same period for the two other age demographics, however, with premiums down slightly for both the over-50s (-1.2%) and 25-49 (-0.8%).
On average, motor insurance now typically costs around £600 for an over-50s van driver, and £761 for those aged 25-49. Despite the fall in premiums, the average cost for those under 25 is still an “eye watering” £2,342.
Consumer Intelligence also found that average premiums have now increased 31.9% since April 2014, when it first started collecting data.
Van drivers aged 25-49 and the over-50s have “stomached the biggest rises over the period”, with rises of 49.8% and 47.9% respectively. The under-25 driver category has seen premiums fall by 26.8% however.
Drivers using their vans as a car substitute saw the biggest falls to their premiums of 4.8% in the last 12 months. Despite this, those who are classified under ‘social, domestic and pleasure’ (SDP) policies paid the highest annual premiums of its two groupings of £1,039.
Meanwhile, 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.