Insurance prices are likely to rise on average by up to £6.50 a year following a hike in taxes that is a “raid on the responsible”, according to the Association of British Insurers (ABI).
Insurance life price quote term
The tax last rose on 1 November 2015 when it increased from 6% to 9%.
But while IPT is a tax on insurers, it’s typically passed on to consumers. The ABI explains that because IPT is a tax the Government applies to individual policies, people who have the highest insurance costs – such as young...