Monday 5 December 2016

Motor insurance firms must explain price hikes

Published 15/02/2016 | 02:30

'It is no exaggeration to say there is a crisis in the crucial business of motor insurance'
'It is no exaggeration to say there is a crisis in the crucial business of motor insurance'

The simple arithmetic tells a very stark story about motor insurance. Many drivers who paid €400 for car insurance in 2014 may well have to stump up €700 in 2016. The issue was raised several times in the last Dáil in recent months - but it is not an election issue.

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It is, however, no exaggeration to say there is a crisis in the crucial business of motor insurance. Anyone who is unfortunate enough to have a claim faces a huge premium hike. This raises the fundamental question of what was the point of them paying for insurance at all - in many cases for years, if not decades.

Older drivers, and drivers with older cars, also face being hit for more money in premiums. A recent AA Ireland survey put the premium rises at up to 50pc for many drivers.

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