this post was submitted on 03 Mar 2024
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Same here, last years premium was £442, this year Hastings upped it to £992, they called it an insurance premium tax. This is on a 1.0 Ford Ka+. I used a comparison site and managed to get it to a little cheaper than last years quote.
When I called Hastings to make sure auto renewal didn't go through they reckoned they could probably match last year's quote, I refused and explained that I didn't like they idea they were taking the piss so just cancel it.
Thats odd. (I work in insurance, backend software dev).
Insurance Premium Tax (IPT) is specifically 12%, its a bit like VAT for insurance. Them saying the tax is causuing it to almost double its absolute bullshit.
100 Premium = 12 tax, total of 112. If your premium is was to double “because of tax”, either they messed up on the tax calculation (say 120% instead of 12% tax would “double” the total)
There was also a change in the last few years regarding “premium walking” where your first year is basically an undercut price, and each year after the premium increases. Now they have to offer the same price to new and existing customers.
Actually I did get last year's quote wrong, last year I paid 583 which is considerably less than I said (my memory is going)
It went upto £998. Still seems excessive to me, I'm bang on 50, never claimed, never had an accident & have all my no claims.
At the bottom is a message “this years quote includes IPT..” would you mind showing the full message?
No worries,
No optional extras.
Thanks - I was expecting it to say “last years price didn’t include tax but this years price does”
But its not, both include IPT. Honestly insurance pricing is mad, even from the inside
They often want to reduce the coverage they offer to achieve this. They will try to reduce millage, the amount of listed drivers, increase excess etc. This gives you a quote that is not comparable to the insurance comparison websites.