The party’s over: insurance rates are going back up

VAN INSURANCE NEWS ROUNDUP: 7 DAYS ENDING 17 OCT 2014:

So much for good times: it looks like cheap insurance rates are coming to an end, thanks to a number of ‘perfect storm’ issues in the industry.

When it comes to car insurance costs, they’ve been down lately for the most part – and that’s a good thing. Whether you’re just commuting to and from the office every day or you get behind the wheel of a van to make deliveries or travel to work locations, you’ve got to keep your vehicle on the road. Paying your car insurance or van insurance is just one of those things you’ve got to do, and thankfully it’s been rather cheap lately – but now an insurance comparison sit says that the cost of comprehensive cover increased by £56 last month alone.

That might not seem like much, but keep in mind this rise took place over the a very short period of time. This could easily mean more steep rises in the future, and that means we’ll all be feeling the heat soon enough. So what caused the rate hike? Well industry experts say that insurers got themselves embroiled in a price war that ended up slashing premium prices unsustainably low – though insurers themselves like to blame fraud activity instead.

Insurance companies absolutely love to point the finger at scammers trying to get away with murder, and there’s some evidence of that this week as well. Apparently there was a spate of fraud perpetrated in County Tyrone that victimized some 40 people.

What happened? Well someone was selling false insurance certificates to area residents in order to turn a tidy profit. This is particularly egregious because there could be countless motorists driving around without proper insurance – and guess what happens to you if they end up pranging your Ford Transit whilst you’re trying to make a delivery!

I hear that someone’s been arrested under suspicion of being involved in the widespread scam, which makes me happy. If it turns out that he was the bastard behind the scam, there are about two score County Tyrone residents that would like a piece of him – and I don’t mean that figuratively. I’ll wager the fraudster will get torn limb-from-limb, and I honestly can’t say that I would feel bad for the bloke.

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