LV= boss warns car costs to rise

DRIVERS should expect to pay more for car insurance next year, the boss of LV= told City A.M yesterday.

Mike Rogers, chief executive of the mutual, said he is worried recent price cuts prompted by a ban on referral fees may have “gone too far”, unless claim levels start to fall.

He was speaking as the business unveiled a 30 per cent fall in operating profits to £43m. LV= is now the UK’s third most popular car insurer but was hit by low margins.