AA warns of soaring costs from June following autumn statement announcement
Car insurance premiums are set to break through the £600 barrier for the first time next year as insurers pass on higher costs and this week’s premium tax hike, experts are warning. On Wednesday the chancellor, Philip Hammond, announced he is to increase insurance premium tax (IPT) from 10% to 12% from June.
This means drivers, now typically paying around £50 a year to the Treasury when they insure their car, will see it rise to above £60. Some young drivers could have to pay more than £250 just in the IPT part of their premium, according to comparison site GoCompare.
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