pwinsurance
Yes it’s true – thanks to the recent increase in insurance premium tax (IPT) on the 1st of October 2016, we will all be seeing a hike in our motor insurance premiums. This is the second rise this year and sees the tax rising from 9.5% to a full 10%.
Using a motor insurance comparison must be the number one tip for cash-strapped drivers. So make a cup of tea, get online and consider visiting helpful websites such as P & W Insurance. Aided by the professionals, you’ll quickly find friendly advice on how best to minimise these costs, save your precious cash for the things you actually want to spend it on!
But without doubt, one of the best methods to bring down your insurance premium is to research what deals may be available to you. In these busy times, it’s all too easy to simply renew with the same company. But doing that easy option will almost certainly cost you more.
This may all sound depressingly familiar, but let’s pause one moment and see if there is anything we can do to reduce the impact of this unwelcome assault on our wallets. First things first, when applying for a new policy, consider some simple adjustments such as parking your vehicle in a garage, which insurers appreciate. Next, choosing a slightly higher policy excess is also a wise move to make that premium drop a little. Thirdly, have a think about your annual mileage. If it is less than the average driver, it may be worth asking your broker or insurer about ‘limited mileage’ policies. Other tips include adding a named driver, or paying annually.
For those who might already be suffering the effects of high premiums, due for example to their young age or previous driving convictions, this tax will hit rather hard. Fortunately, if you pay your premiums by instalments, the amount you owe will not change until you next need to renew. However, when that time does come, you need to brace yourself for that chunky 10% rise.
