A price hike in business motor vehicle insurance may be on the cards, according to the National Association of Bodyshops (NAB).
It predicts that a report by the Competition Commission, due to be published in September, will attempt to keep the cost of private car insurance down, leading insurers to recoup their losses elsewhere.
“The Competition Commission’s investigation could end up costing consumers by pushing up vehicle insurance costs for businesses,” warns NAB boss, Frank Harvey.
“We have said from the outset that this investigation is flawed because it focuses only on private car insurance. If insurers are faced with reduced profits from consumers, they’ll inevitably try to recoup margins elsewhere.
“Vehicle insurance cost increases for businesses are a likely outcome”.