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Insurance Renewal Transparency

Red Tape

New rules came into force on 1st April 2017 compelling insurers and insurance intermediaries to provide you with an easy way to compare the renewal premium that they are offering with the premium that you paid last year. We have always sent a copy of the previous year’s schedule, which shows the premium you paid, along with a renewal invitation letter showing this years proposed premium so the new rule has made very little difference in our case.

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Compensation Rates

Signing Document

Some motor insurers are more exposed to this increase in compensation than others, depending on the types of drivers and vehicles, that they insure and very few motor insurers are currently making much profit. There is no room for motor insurers to absorb the increased costs and the only place it can come from is increased premiums.

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Insurance Premium Tax

Chancellor Philip Hammond

Insurance Premium Tax to rise to 12% in June 2017

In his Autumn Statement 2016 the Chancellor of the Exchequer, Philip Hammond, announced an increase in Insurance Premium Tax, IPT, from 1st June 2017 to 12% from the previously increased rate of 10% which came into effect on 1st October 2016. This means that the tax will have doubled from 6% since October 2015.

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Relax and let us take care of your insurance.


Caravanwise Limited

Caravan Insurance Intermediary
100 Ringwood Road, Walkford, Christchurch, Dorset BH23 5RF
Registered in England No.3560388
Authorised and regulated
by the Financial Conduct Authority.
Our FCA Register number is 304081.

 

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