Start a chat with one of our agents for sales and service

Our customer service hours are 9am to 5pm, Monday to Friday and 9am to 1pm on Saturdays.

Start a chat
Chat in the Ticker app

Ticker CEO comments on new motor insurance taskforce for Insurance Times

The government recently announced that it would be forming a motor insurance taskforce. Their aim is to identify areas where insurance costs can be reduced for the hardest-hit drivers.

As Ticker helps drivers facing high premiums find more affordable insurance with telematics, the Insurance Times asked our founder and CEO, Richard King, to share his view on the taskforce.

Other opinions came from chief executives at the Association of British Insurers (ABI), the British Insurance Brokers’ Association (BIBA) and Allianz.

What does UKGI hope will be the action or results arising from Labour’s motor insurance taskforce?

“The government is investigating ways to lean on insurers to solve the problem of increased insurance costs. This was mostly caused by inflation – for which responsibility tends to sit with government.

“An immediate way to reduce the cost of insurance for the worst-hit is reducing Insurance Premium Tax (IPT). A 17-year-old pays three times the average amount of IPT because their premiums are higher.1

“Although Labour haven’t raised IPT in the new budget, thank goodness, it would have been an opportunity to reduce that burden for young drivers right away. It’s a drum that’s been beaten before, but it needs to get louder because we shouldn’t be putting the financial pressure on young people.

“Let’s hope an IPT reduction will be among the motor insurance taskforce’s recommendations.”

Richard King
Founder and CEO of Ticker

Read the Insurance Times Big Question for November

 

1 Confused.com car insurance price index Q3 2024


What’s your policy start date?

29 April 2024 or after 28 April 2024 or before

Cookies

Like most websites you’re used to, we use cookies to make this site work. You can allow all cookies or manage which cookies are active. You can also go to our cookie notice at any time to change your choices.

Read our cookie policy

Strictly necessary cookies

These cookies make things like saving your quote work. As the name suggests, they’re vital for giving you the experience you’ve come to Ticker for. They’re always active, so you agree to them by continuing to use the website.

Functional cookies

These cookies help everything run smoothly. Without functional cookies, things might not work as they should, like chat and FAQs.

Performance cookies

Performance cookies help us analyse how well the website is working so we can keep improving it for our customers.

Marketing cookies

This type of cookie lets us tailor our marketing to you, according to how you’ve interacted with other sites.