In addition to your own risk factors mentioned opposite, other key factors that can affect your price include:
Insurance Premium Tax (known as IPT) - is the rate of UK Government tax that everyone has to pay on insurance and is included in the price you pay. IPT has increased from 6% in 2015 to 12% in 2017 pushing up everyone’s insurance price.
Fraud - the number of fraudulent claims are on the rise and although the insurance industry is working to reduce this, it’s still a big problem. Unfortunately fraud means insurance companies have to pay out more which increases costs, and means that prices go up across all insurers.
Serious injury compensation (known as the Ogden Rate) - calculates how much compensation is paid out to customers in the event of a serious accident. This has changed recently meaning insurer costs and insurance prices go up.