Motor and home cover could soar after Osborne hikes insurance tax to 9.5% - AAD Consumer Forum

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5corpio started a blog post Motor and home cover could soar after Osborne hikes insurance tax to 9.5%
9 July 2015, 06:41

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Motor and home cover could soar after Osborne hikes insurance tax to 9.5%
......................warns industry

Tax hike represents rise of almost 60 per cent on previous 6% level

Motorists and home owners will be hit hard, says industry

Fresh crackdown on claims management firms is on the way

Buying motor, home and other insurance cover is set to become pricier from November after Chancellor George Osborne announced a tax hike from 6 per cent to 9.5 per cent. The news sparked an instant industry backlash, with warnings it would hit motorists and home owners hard and could put off some people from getting insurance.. The Government also announced a fresh crackdown on claims management companies - including a proposed cap on their charges and increased regulation - amid accusations that their business of encouraging claims adds unnecessary costs to insurance premiums.....Read more here
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