London, UK: The RHA has warned that goods could cost more at the till amid “significant” HGV vehicle insurance rises this year, largely due to increased costs in maintenance for repairing vehicles.
Recent figures by the Association of British Insurers show the overall average premium for motor insurance has risen to £511 – a 21% increase.
The news comes after RHA members reported a 19% hike in the cost of operating a truck last year.
RHA executive director Rod McKenzie told the Sun newspaper that higher premiums would just “add to the headaches”.
“Drivers have small margins of about 2% so these extra costs end up being passed on to the shopper. It all fuels inflation. Insurers are covering the costs of accident repairs but it is creating a vicious cycle.”
