Sunday 23 October 2016

Motor cover up 30pc in a year

Published 19/02/2016 | 02:30

Photo: Getty
Photo: Getty

The cost of motor insurance has surged by more than 30pc in the past 12 months.

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And the upward trend in the cost of motor premiums is expected to be as high as 15pc in 2016.

Overall, spending on all the main types of insurance - motor, home and health - rose by 9.7pc in the year to January, according to new figures.

Brian McNelis of the Irish Brokers Association said the level of increase is no surprise.

He said insurers have been increasing motoring premiums for some time.

However, transport costs were lower in January than a year earlier, falling by 2.5pc due to cheaper petrol and diesel.

A fall in air fares and cheaper car prices also contributed to a reduction in prices.

CSO figures also show that education costs - particularly in relation to third level - were up by 3.8pc.

The figures showed that consumer prices rose by just 0.1pc in January of this year, compared to the same period in 2015.

Clothing and footwear costs actually fell by 4.1pc.

In addition, lower prices were also recorded for various food products such as meat, cheese, milk and eggs.

However, prices in restaurants and hotels rose by 1.5pc, particularly as result of increased accommodation costs.

According to the CSO data, as part of the consumer price index, prices fell by 0.8pc in January compared to the previous month.

Irish Independent

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