News
News
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12/01/2011
Continuous Insurance Enforcement !
Following the successful implementation of the Motor Insurance Database in 2005, the Department for Transport is now introducing the Continuous Insurance Enforcement scheme to further reduce the level of uninsured driving.
From this year letters will be sent to registered keepers of vehicles which has no record of insurance on the Motor Insurance Database. If the vehicle remains uninsured the registered keeper will receive a £100 Fixed Penalty Notice, may have the vehicle clamped, and may be referred to court for prosecution with a maximum fine of £1,000.
It is estimated that this scheme, combined with continued police enforcement activity will reduce uninsured driving by 40%, reducing the costs that responsible motorists pay. -
05/01/2011
Insurance Premium Tax Increase
As announced in the June 2010 budget the standard and higher rates of Insurance Premium Tax has now been increased from 5% to 6% and 17 ½% to 20% respectively from 4th January 2011.
The standard rate applies to most general insurance classes although Life and other long term protection products continue to be exempt from the tax. The higher rate, aligned with the standard rate of VAT, generally only applies to insurance sold alongside consumer products, for example, extended warranties and personal travel insurance.
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