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Document Why has my premium increased?

As one of the Uk's leading insurance brokers we feel it's crucial to keep you informed of what's happening with insurance premiums.

As you'll have seen in your renewal invite, there have been changes made by the government concerning the insurance premium tax and Ogden discount rate. We want to make you aware of the changes and how we'd like to help you get the right kind of insurance policy that suits your needs.

 

Carole Nash policy benefits 

We'd like to thank you for being a Carole Nash customer and remind you of some of the reasons why you’ve made a good decision in choosing Carole Nash in the past.

We are dedicated to helping our customers find exactly what they need at a fair price, by reviewing rates and products with our panel of insurers (which include some of the most reputable names in the marketplace).

Our benefits (as highlighted on your renewal invite) are specifically designed to help you get the most out of your policy.

 

What has changed?

According to gov.uk, the standard insurance premium tax will increase to 12% from 1 June 2017. This is the third time the tax has increased in the last two years. This tax increase will apply to all insurance premiums.

In addition, the government has changed the Ogden discount rate from 2.5% to -0.75%. The Ogden rate is a calculation used to help set compensation pay outs when people suffer serious injuries following road accidents. The change will affect the motor insurance industry and cause an increase in premiums - as the cost of claims for those with serious injuries will rise significantly.

To illustrate the impact of these changes, please see example below:

A 20 year old male in motor accident would have received a £5m payout pre-rate changes. With the new changes that claim will now cost insurers approximately £9.9m.

Although the government has made these changes, we’re focused on working with our insurers to help you find the right policy and the best possible price. We’ll also continue to work closely with them to provide you with a fantastic benefits package.

There are a number of other factors that may mean the cost of your insurance has changed, including changes made to your vehicle or moving house.

95% of our customers would recommend Carole Nash for our motorcycle and classic car insurance services. With decades of experience, we are committed to helping you find the right policy. In our UK based call centre we have an expert team ready to answer any queries you may have. Whether you ride a bike, or drive a classic vehicle, we want to make sure you have peace of mind with your cover.

If you do have any queries regarding your policy, please call our team on 0800 298 5511.

 

We look forward to you being a valued Carole Nash customer for another year.

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