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Experts predict a hike in insurance rates ahead of budget announcement

Experts predict a hike in insurance rates ahead of budget announcement

Experts are predicting a rise in insurance rates ahead of tomorrow’s (Tuesday’s) budget announcement from the Chancellor, George Osborne. Insurers are bracing themselves for the worst as many fear the rate of tax which applies to personal insurance policies could be about to double from its current rate of 5% to raise an extra £2 billion for the Government. If the hike in insurance tax goes head, it will be yet another blow for motor insurance policyholders who are still coming to terms with the 22.5% increase in the cost insurance premiums which occurred in the last year to April 2010. The huge increase saw the average cost of comprehensive car insurance rise from £503 a year to £616. However The Association of British Insurers has warned the government against taxing insurance policies as they believe it will lead to an increase in the number of uninsured drivers on the road. With many motorists already struggling to keep up with the cost of cover for their vehicle given the recent surge in the insurance rates, an increase in the tax on these policies could be enough to prevent certain motorists from taking out cover on their car as they simply won’t be able to afford it. The emergency budget is due to be delivered tomorrow, June 22nd by the Chancellor, George Osborne.

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