If you pay by direct debit, ‘last year’s premium’ displayed on your notice may be based on the number of instalment payments for the coming year, so you can compare premiums like-for-like.
For example, if you paid 25 instalments last year, and you have 26 this year, your ‘last year’s premium’ displayed will be based on 26 payments.
This is calculated as: Last year’s premium = Annual premium / number of instalments for upcoming year.