You will most likely be one of the millions of people who could see a rise in insurance bills following changes which came into effect on Thursday (June 1).
This is because there has been another rise in Insurance Premium Tax (IPT) which will impact everything from your home and motor insurance to insurance cover for your pets.
The Mirror reported that those who already pay more will be hit the hardest by the rise, including people who live in homes at risk of flooding.
The British Insurance Brokers' Association (BIBA) has raised concerns regarding the latest tax hike, and has said it will affect millions of people across the county.
The latest increase in the rate of insurance premium tax (IPT) saw it rise from 10% to 12%. It means the rate of tax paid on most insurance policies has doubled in less than two years.
Who will be affected by the increase?
BIBA says the increase will affect:
20.4 million home owners/renters with contents insurance;
20.1 million drivers with motor insurance;
3.2 million home owners with mortgage protection;
1.9 million people with private medical insurance;
3.4 million pet owners.
Steve White, chief executive of the BIBA, said: "This rapid increase is unprecedented - between 1997 and 2015, a period of 18 years, there were only two rate rises, taking the rate from 4% to 6%."
He called for a freeze on the tax to be imposed for the term of the next Parliament.
The tax is payable on most general insurance policies including home, motor, pet, private medical insurance, and cash plans taken out by individuals, as well as commercial insurance taken out by businesses.
Will people be put at risk?
Recent research by the BIBA found 90% of insurance brokers anticipated that a further rise in the IPT will mean clients reduce their insurance protection or go without cover.
According to calculations from the Association of British Insurers (ABI), the latest IPT increase could add an extra £47 to the average household's annual general insurance bill.
It said that, overall, the new rate of IPT at 12% could now be adding an extra £283 a year to a typical household's annual insurance bill.
Driver's could beat the tax rise
The ABI estimates that a typical 19-year-old driver could see their annual motor premium increase by £20 following this latest rise.
Younger drivers tend to pay higher premiums due to the higher likelihood of their age group being involved in accidents. However, telematics or "black box insurance", which involves a small monitoring device being installed in the car, enables insurers to reward good driving with cheaper premiums.
Kevin Pratt, consumer affairs expert at MoneySuperMarket, said: "Telematics offers a cheaper alternative to traditional policies if the driver can demonstrate he or she is a lower-risk proposition than the statistics for their demographic suggest.
"Black boxes also make the roads safer by incentivising good driving habits."
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