Confused.com insurance highlights risks of raising IPT

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Confused.com insurance highlights risks of raising IPT

Raising income premium tax (IPT) could have a negative effect, according to Confused.com insurance, since it may lead to more people being under-insured.

This is the opinion of product director at the website Simon Lamble, who made his comments regarding speculation that cost increases of up to 17.5 per cent could be applied to insurance policies as a result of changes to IPT levies.

He suggested this could lead to a false economy, since consumers may decide to "gamble" with non-compulsory insurance policies, leaving them open to significant expense if something goes wrong.

"Cost-cutting consumers may choose to decrease their level of cover in order to keep their overall premiums the same, rather than absorb the increase in IPT," explained Mr Lamble.

This month, Confused.com insurance advised younger drivers they can save money on their policies by having a car with a small engine, such as a Ford Ka or a Vauxhall Corsa.

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