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Motor insurance premiums soar by over one-third

The Central Statistics Office (CSO) has released its consumer prices for June and the cost of mot...
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Newstalk

10.50 15 Jul 2016


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Motor insurance premiums soar...

Motor insurance premiums soar by over one-third

Newstalk
Newstalk

10.50 15 Jul 2016


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The Central Statistics Office (CSO) has released its consumer prices for June and the cost of motor insurance is once again leading the way when it comes to increases.

Motor insurance leapt 38.6% in June, when compared to the same month in 2015. This pushed goods and services up by 5.9% on an annual basis.

Consumer prices rose for the fifth straight month overall, up 0.7% on May's numbers.

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Educations costs have increased 3.8% over a 12-month period, the hospitality sector rose by 2.9% and healthcare costs climbed 2%. The cost of alcohol has dropped 2.8% since June 2015, while tobacco prices are up 7.4%. 

Car sales have fallen by 3%.

Mairead McGuinness, Fine Gael MEP and vice-president of the European Parliament, confirmed earlier this month that the European Commission is to review insurance companies who are not rewarding motorists with strong track records.

McGuinness said that under existing EU law, the Motor Credit Directive is intended to ensure consumers receive the benefits of having no claims bonuses.

“After all, the EU internal market is based on a principle of mutual recognition of goods and services. In the area of car insurance, premiums should be reduced if the driver has a low-incident or accident-free driving record,” she said.

“Policyholders do have the right to request, at any time, a statement of their third party liability claims and insurers must provide such statements within 15 days of the request.”


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