Insurance Premium Tax 24th July 2016 Lorry Insurance: costs set to rise from 1 November 2015. In this year’s Summer Budget the Chancellor announced a 58% increase to Insurance Premium Tax (IPT), raising the current rate of 6% to 9.5% with effect from 1 November 2015. The 2015 RHA cost tables detail the average insurance premium for a 44t lorry at £3,675, however depending on the risk profile of the operator and its associated work type such costs could be anything up to £6,000 per vehicle. Operators with say 50 vehicles could well see their annual insurance premiums increase by as much as £10,000. Some suggestions on how to reduce your insurance costs are as follows: Shop around for the most competitive quote using a comparison service. Where your workforce is stable, name all drivers on the policy as ‘any driver’ policies tend to be more expensive. Risk reduction measures such as yard security and alarms/immobilisation devices fitted on the vehicle. Consider a voluntary excess. Drivers with a clean record and over 25 or 30 will reduce the insurers risk and thus the operator’s premium.