New Hike In Insurance Costs To Affect Millions

Families could end up paying £100 more for insurance policies per year, experts have warned – as a tax increase on premiums comes into force from today. The standard rate of Insurance Premium Tax (IPT) has risen from 6% to 9.5%, affecting all policies which have a start date from 1 November onwards. According to the Association of British Insurers, the hike will add nearly £13 to the average comprehensive car insurance policy, more than £10 to the cost of buildings and co