VAN AND CAR INSURANCE INDUSTRY TO BE LOOKED INTO MORE
An investigation into the private motor insurance industry is underway and many within both the private and commercial motor industry have spoken about how the enquiry could have benefits for all involved.
The motor insurance industry has had an initial investigation carried out by the office for fair trading, with a further investigation set to be carried out by the Competition Commission. The reason for the intervention by the competition commission has been commented upon as being due to ‘the dysfunctional way that the industry operated', which could push up driver's premiums by over £225 million per year.
Should rules be introduced to combat any wrong doings within the industry, it could have a very positive impact for commercial van drivers across the world. Commercial and fleet companies share insurance and premium price hikes, so any changes with either industry is due to help the other, especially in these financial times.
So if you drive a commercial van, such as a Transit van or other new Ford vans, you could soon see some changes happening within the insurance industry.