Relief over low van insurance rates to be very short lived

VAN INSURANCE NEWS ROUNDUP: 7 DAYS ENDING 18 APRIL 2014:

If you’re feeling relieved that your car insurance or van insurance rates have dropped recently, better enjoy it while you can – they’re on their way back up.

Isn’t it always the way that someone comes by and completely ruins your good mood by pointing out how the best news you’ve got right now is going to be here and gone? It’s a dirty job, but someone’s got to do it – and that someone is me. Sure, insurance costs have dipped down to a four year low according to one insurance comparison website, but there’s much more sinister news looming on the horizon – especially for commercial van insurance policyholders.

So what’s going to bring about the death of good insurance rates? Believe it or not but it’s the Competition Commission! It’s painfully ironic that an organisation investigating unfair pricing practices could end up making things worse for consumers, but here’s what’s going on: the Commission is only investigating private insurance. If its investigation warrants regulatory changes that insurers have to abide by in order to keep prices low, it will only be private insurance that is affected by this – and guess where insurers will look to regain their lost revenue afterwards?

Did you guess that the commercial insurance market is going to get the short end of the stick? Well if you did congratulations: you’re now realising the same thing I did this week. It’s bloody ridiculous, especially considering that the economic recovery effort is bolstered so much by small business owners and particularly those that have their own van or truck to visit clients, yet nothing seems to be happening in order to rectify the issue in any way shape or form. It’s incredibly frustrating to see this begin to unfold and, despite the fact that you’re shouting at the top of your lungs that things need to change before it’s too late, nobody in power is listening.

Then again what else is new? The Government is one of those fantastic organisations that has the most selective hearing loss you can think of. I suppose it could be worse. Don’t ask me how it could though – I’m as flummoxed as you on at this point.

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