The Insurance Premium Tax (IPT) will increase by 2 per cent: In June 2017, the IPT, a tax on general insurance premiums, will increase from 10 to 12 per cent.
The Association of British Insurers called the increase a ‘hammer blow for the hard-pressed’. It looks likely to add about £10 per year to the average car insurance premium. We would caution that younger drivers and those living in London will bear the biggest burden, potentially making vital cover unaffordable. The IPT has now doubled in less than 18 months and most recently increased on 1st October 2016.
If you are worried about how the increase will affect your premium in the coming months and how we can assist, contact us using the form below.
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