Pearson Ham Group has launched its new Van Insurance Price Tracker, providing a daily view of competitively quoted premiums across the UK.
The first release showed premiums have fallen sharply over the past year. The average of the top five quoted premiums dropped 3.3% between June and August, 7.7% over the past six months, and now stands more than 20% lower than a year earlier.
The van market’s downward trajectory contrasts with private motor, where average premiums have risen steadily since 2022, driven by repair inflation, parts shortages and supply chain disruption. Private motor rates climbed by more than 30% year-on-year to mid-2024 before stabilising, while van premiums have consistently moved in the opposite direction.
Beneath the headline figures, the tracker also showed considerable divergence. Some providers reduced rates by up to 14% in the last quarter, while others increased them by as much as 9%.
Regionally, London recorded the steepest annual fall at around 21%. By age, younger drivers saw the largest year-on-year reductions at 23%, while older drivers experienced the smallest. Price movements were broadly consistent across mileage bands, ranging from 19% to 21%, and by usage fell 17% to 21%, with smaller cuts for haulage risks.
Stephen Kennedy, director at Pearson Ham Group, said the sustained decline has reshaped competition in the market. Rates have eased month after month since mid-2024, but insurers are taking very different approaches, with some aggressively cutting while others consolidate.
Frances Luery, product manager at Pearson Ham Group, said the tracker provides insurers and brokers with daily, segmented insights to help them adjust strategies with precision.
Market implications
The sharp drop in van insurance pricing points to heightened competition and signals pressure on insurers’ margins in a segment often seen as more stable than private motor. Carriers competing for share may be absorbing higher claims costs, particularly as repair inflation continues to affect both markets.
For brokers, the volatility highlighted the importance of monitoring rate changes in real time to secure competitive terms for clients. The divergence between van and car insurance also raises questions over sustainability and whether van insurers will maintain these levels or eventually move back into rate-hardening territory in line with wider motor market trends.
