The beginning of November saw an increase in Insurance Premium Tax (IPT) from 6% to 9.5%, meaning millions of consumers will see a rise in their annual premiums for policies including home and contents cover, motor policies and private medical cover (Insurance Advice).
With motor insurance being one of the widest affected sectors of the market, the AA has spoken out, stating that it expects most insurers to pass the increase directly onto their customers. Young drivers can expect an average premium hike in excess of £42 while motorists living in London are looking at an increase of around £30 per year.
(The Chartered Insurance Institute, The Journal).
If you would like to speak with one of our Independent Financial Advisors and potentially receive financial advice, please contact us on 0117 923 7652. We are based in Clifton, Bristol but we are happy to service clients from across the UK and we provide free initial meetings at our client’s convenience.
Churchill Wealth Management Limited is located at 13 Alma Vale Rd, Bristol BS8 2HL, United Kingdom.
About Us: Churchill Wealth Management is a team of independent financial advisors/financial advisers (IFAs) based in Clifton, Bristol. We provide independent financial advice, including pension advice, investment advice, inheritance tax planning and protection/insurance advice.