In November 2015 Insurance Premium Tax for general insurance products in the UK was increased to 9.5%. From 1st October 2016 this increased to 10% (remaining at 20% for Travel insurance). As we explained at the time of the last increase in tax, increases are applied by the government and this element of your premium is passed on to them in its entirety.
This change affects all insurers. It is likely that the change will result in an increase in the total premiums paid for insurance this year but we would like to remind you that at Sherwin insurance we have access to a wide range of comprehensive and competitive insurance products, for both the personal and business markets. If you would like to discuss with us the impact of IPT on your insurances or any other aspect of your insurance requirements then please contact us either via the Contact Page or on 01332 372387.
November 18, 2016
All general insurance products in the UK attract insurance premium tax currently at a rate of 6%. From 1st November 2015 this will increase to 9.5% (remaining at 20% for Travel insurance). We regret that this increase has been applied by the government and would ask you to remember that this portion of your premium is a pure tax and no portion is kept by your insurers or ourselves. This is likely to result in an increase in the total premiums paid for insurance this year. However we would like to remind you that this will affect all insurers and at Sherwin insurance we have access to a wide range of comprehensive and competitive insurance products, for both the personal and business markets.
January 27, 2016
Motor Insurance has been a legal requirement and an essential part of good motoring for decades now but the way driver approach their motor insurance has begun to change over the past few years. It used to be that drivers looking to insure went straight an insurer to arrange their cover, or perhaps to a broker to help them search the market. While drivers still do this, today online comparison sites are just as popular. It’s easy to see why this is as online comparison sites allow driver to quickly enter their details and receive a number of quotes from different insurers and then choose the cheapest. This is undoubtedly an invaluable tool for motorists to have access to and it makes finding cheap cover far easier than it used to be. Of course, comparison sites aren’t without their drawbacks and one common problem is that while they may help drivers find cheap cover, they aren’t nearly as good at helping drivers find the right cover. What this means is that while drivers may save money on their premiums, they may also be buying cover that doesn’t give them the protection they expect – something they will only realise if they need to make a claim. The reason for this is that most comparison sites are automated and find cover based on a few simple question fields filled in by the applicant. While this can be all many motorists need to find suitable cover, it can also leave may others with cover that doesn’t adequately meet their needs. This is something that is particularly true for people with unusual circumstances – be it a rare or modified vehicle or an atypical driver history. It’s also the case that insurance found on price comparison sites isn’t necessarily the cheapest. Some insurers don’t appear on price comparison sites while many of those that do, have products that are not easily available to the public. This is where an insurance broker such as Sherwin Insurance comes in. An insurance broker will listen carefully to your needs and then search the market for cover that will definitely suit you and give you the level of insurance protection you expect. What’s more, they’ll often have access to exclusive polices, or ones that are unavailable on the open market which means they could save you money or secure you better cover for the same price. As such, it’s always worth talking to your local broker as you never know how they might be able to help you. To find out if we could save you money on your motor insurance, or provide you with a superior level of cover, simply get in touch with our friendly and experienced brokers today.
January 27, 2016
Employers’ liability insurance is a hugely useful insurance that should be considered essential by all businesses for the practical cover it offers alone. But beyond this day-to-day usefulness, employers’ liability insurance is actually a legal requirement and failure to have it in place could result in disaster for your business. Read More
January 27, 2016
Flooding is a surprisingly common risk faced by business, and one that can be hugely disruptive and expensive, especially if you don’t have adequate flood insurance in place. Though flooding is a risk more commonly associated with seaside or riverside areas, the truth is that it can unexpectedly strike many businesses. In 2013 for example, the UK suffered the wettest Winter on record with Read More
January 27, 2016