Research by Autonet Insurance found that young drivers are now able to get cheaper van insurance premiums with prices standing at around £2,210 – 13 percent lower than last January.
The study revealed that in January 2011, the average UK van insurance premium for males aged 22 and under was £2,550, but in January 2012, this decreased to £2,210.
Females in the same age category also experienced a 20 percent reduction with their insurance premiums now £500 cheaper, costing them on average £2,000.
Further research showed that males between the ages of 23 and 29 had their costs reduced, paying £1,135 in 2011 and now £1,118 in 2012– a difference of 1.5 percent. Premiums for female van drivers in 2011 also fell by 15 percent from £1,228 to £1,044.
Traditionally, women receive cheaper vehicle insurance than men as companies feel that females are generally safer drivers.
However, in March 2011, the European Court of Justice ruled that this practice amounted to gender discrimination and passed legislation to ensure that men and women pay equal amounts for their insurance.
Although both genders are receiving cheaper van insurance than last year, the legislation comes into effect this December and should make policy prices more even.