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Home Insurance - Increases after claim and tax
Legacy_user
Posts: 0 Newbie
I have just made a home insurance claim. I am trying to work out how much my insurance will increase and how the Budget 2015 increase in insurance tax, will affect the cost.
Does anyone know how insurance tax forms part of the insurance premium?
I will "guess" the premium increase due to my claim as the helpdesk are unable to tell me.
Does anyone know how insurance tax forms part of the insurance premium?
I will "guess" the premium increase due to my claim as the helpdesk are unable to tell me.
0
Comments
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It's an extra £3.50 of tax for every £100 of premium that you pay. It was 6% so £6 per £100 it will go to 9.5% so £9.50.
If you only know the total you paid last time the divide this figure by 1.06 (takes the tax off) add your guess then times this total by 1.095 (adds the new tax).
The guessing bit is the problem, run some quotes in one of the comparison sites.0
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