Discover How to Transfer Your No-Claims Bonus and Control Insurance Costs After Rebuilding
According to Marian Ryan, the consumer tax manager at Taxback, the State maternity benefit, which provides a weekly rate of €262 for six months, has been subject to taxation since July 2013. Your tax payment depends on your yearly earnings and the payroll arrangements while on maternity leave.
You don’t need to personally handle the tax payment. The Revenue Commissioners will adjust your tax credits and rate band to ensure the correct taxation of your maternity benefit.
Your employer will deduct the applicable taxes from your State maternity benefit. However, these adjustments only apply during the payment period and are reevaluated once the Department of Social Protection stops making payments, as stated by Marian Ryan.
Should your tax credits and rate band be insufficient to cover the entire amount owed and you file taxes jointly with your spouse or partner, the Revenue will collect the remaining balance by reducing your spouse or civil partner’s tax credits and rate band.
Q I have been driving a car for five years and now require a van for work. However, my insurer claims that my no-claims bonus (NCB) is only applicable to car insurance and cannot be transferred to the new van insurance. How can I secure more affordable van insurance? I have never been involved in a car accident and possess a clean driving record.
A Contact a specialized van insurance broker and inquire about transferring the NCB you earned on your car to your van policy. Some providers allow this transfer, resulting in more affordable van insurance, according to Jonathan Hehir, the managing director of Insuremyvan.ie.
Additionally, opting for a lower level of cover, such as third-party, fire and theft cover (TPFT) or third-party only, can make your van insurance more affordable. However, if feasible, comprehensive cover offers the best protection, as advised by Mr. Hehir.
Consult your broker to determine if you qualify for any discounts that could make comprehensive cover more affordable.
Q I received a letter from my insurer warning about the risks associated with having insufficient home insurance and advising me to review my coverage. I’m certain that I checked my sum insured within the past two years. Can I disregard this letter?
A No, you should not disregard the letter, according to Billy Shannon from Aviva Insurance Ireland. Rebuilding costs have been steadily rising, leaving many homeowners at risk of being underinsured and lacking full protection under their current policy.
In the event of a claim, inadequate coverage means you may not receive the necessary funds to repair your home, requiring you to cover the remaining costs yourself. Aviva has seen an increase in such cases of underinsurance in claims received, as stated by Mr. Shannon.
The Society of Chartered Surveyors Ireland (SCSI) has adjusted the rebuild rates in September 2022, with an average annual increase of 21% due to rising inflation and material and building costs. This contradicts previous rate increases published by the SCSI, which ranged from 4% to 8%.
Although the increased rates are significant, it does not necessarily mean that premiums will increase by the same amount. Mr. Shannon urged all homeowners to review their home insurance coverage and make the necessary adjustments to ensure full protection.
You can find a free house rebuild calculator on the SCSI’s website, allowing you to adjust your coverage at any time without waiting for renewal.
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