Motorhome Insurance Set to Rise
A double whammy of an increase in Insurance Premium Tax (IPT) and a change in the Ogden rate, are set to cause an increase in insurance premiums.
Insurance Premium Tax will increase from 10% to 12% from 1st June, the second such increase in the last year. This rise is likely to be passed straight on to those buying policies, including motor and travel insurance.
The change to the Ogden rate (used to calculate compensation for personal injuries), will result in an increase in the amount paid to settle personal injury claims. It is thought that this will cause an increase of £50-£70 on an average comprehensive motor policy.
Some motorhome owners have already seen increases in their renewal premiums, the advice is not to accept the rise, but to shop around for their new policy.
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