rates – All about car

BIK rates scrapped for EVs in 2020-21 The government aims to promote EV uptake with zero BIK rates HM Treasury has announced Company Car Tax rates up until Financial Year 2022-23, and plans to use reduced rates for zero tailpipe-emission models to boost sales. With new figures, the government aims “to accelerate the shift to zero emission cars, all zero emission models will pay no company car tax in 2020-21, 1% in 2021-22 before returning to the planned 2% rate in 2022-23”. All pure-electric models will pay zero BIK for FY 2020-21, 1% in 2021-22, and then 2% in 2022-23. From there, the ratings are divided between those models registered before 6th April 2020, and those registered afterwards. Company Car Tax BIK Rates April 2020 to March 2023Cars first registered from 6th April 2020 Vehicle CO2(g/km) Electricrange(miles) FY 2020-21%BIK Rate FY 2021-22%BIK Rate FY 2022-23%BIK Rate 0 0 1 2 1-50 130+ 0 1 2 1-50 70-129 3 4 5 1-50 40-69 6 7 8 1-50 30-39 10 11 12 1-50 12 13 14 51-54 13 14 15 55-59 14 15 16 60-64 15 16 17 65-69 16 17 18 70-74 17 18 19 75-79 18 19 20 80-84 19 20 21 85-89 20 21 22 90-94 21 22 23 95-99 22 23 24 100-104 23 24 25 105-109 24 25 26 110-114 25 26 27 115-119 26 27 28 120-124 27 28 29 125-129 28 29 30 130-134 29 30 31 135-139 30 31 32 140-144 31 32 33 145-149 32 33 34 150-154 33 34 35 155-159 34 35 36 160-164 35 36 37 165-169 36 37 37 170+ 37 37 37 Those models registered before that date will see BIK rates frozen for all financial years until 2022-23, while those registered from that date will effectively see BIK rates cut 2% for each band. The reason behind this is that the figures will be based on WLTP data, which a government review has found varies greatly between precious NEDC figures depending on make and model. Data showed CO2 values for cars tested under both protocols varying from 7% to 40%, though an average increase of 20%-25% was found. Cars with smaller engines tended to see above average increases in CO2 figures, and diesel cars were impacted upon slightly more than petrols. Next Green Car will update its BIK rate rules for models as soon as possible, now that this fresh information has finally come through from the government.
Origin: BIK rates scrapped for EVs in 202021

The upcoming hard market for insurance wont be easy on your wallet.Susan Gamble / Sun Media Of all the provinces in Canada, Alberta drivers saw the steepest rise in their auto insurance over the last year, with Ontario and Atlantic Canada not far behind. In the first three months of 2019, rates have climbed 11.2 per cent in Alberta, while they’re up 9.0 per cent in Ontario, and 6.5 per cent in Atlantic Canada, according to online insurance comparison site LowestRates.ca. The site released its Q1 (first quarter) 2019 Auto Insurance Price Index, which tracks the average cost of car insurance each quarter. The site said that the price rise was further aggravated in Alberta and Ontario by the announcements that Esurance and AIG Insurance will leave Canada, and that other companies have said that price caps in those provinces have led to them paying out more in claims than they received in premiums in some instances. In Atlantic Canada, the highest prices are in Newfoundland and Labrador, which the Insurance Bureau of Canada says is due to a lack of limits on minor injury claim amounts, while the other provinces have capped the maximum payout. The report broke down insurance costs for men and women in the first quarter of 2019, when compared to the last quarter of 2018. In Ontario, men paid 9.4 per cent more, while women paid 6.3 per cent more. In Alberta, the rise was 4.7 per cent for men and 2.1 per cent for women; and in Atlantic Canada, rates climbed 0.7 per cent for men and 4.1 per cent for women. Some rate hikes were even higher when compared to the first quarter of 2018, with drivers in all three areas hit with increases as high as 11.6 per cent. The site reports that prices are now in at the highest levels in most markets since it began tracking prices in 2016, even though governments are trying to enact laws that will lower insurance costs for
Origin: Drivers in Alberta saw the steepest hike in auto insurance rates