Fianna Fáil Spokesperson on Transport Timmy Dooley has said he is very concerned about impact of major increases in the cost of motor insurance for drivers, up 16% in the past year.
The Competition and Consumer Protection Commission has conducted a survey which shows premiums being quoted varied by over €1200.
Deputy Dooley commented: “Drivers need a greater sense of stability and certainty in their motor insurance costs. When an annual premium is due for renewal drivers who pay their insurance for the year upfront will get a big shock when they see their quote. Meanwhile motorists who pay for their cover on a monthly basis, and who already pay over the odds for doing so, will be even more out of pocket. The latest information from the CSO shows motor insurance costs were up 2.5% in February alone but jumped by almost 16% in the last 12 months.
“The survey from the Competition and Consumer Protection Commission also highlights worrying differences in the insurance market, there are huge variations being quoted to drivers and this can cause significant confusion for customers. I am also concerned that many older drivers who don’t shop around and renew their policies automatically for convenience could be left seriously out of pocket given the scale of variations in quotes.
“I think there is scope for the Oireachtas Transport Committee to do more work in this area and I will be raising this matter with the committee. There needs to be further engagement with the insurance industry to understand the significant increases in premium quotes but also the wide variations in quotes being given by different insurers.”