FBD Insurance hikes premiums for motorists but farmers escape rise
But car insurance quotes will rise as share price takes a battering
Farmers are likely to escape any surge in insurance rates on farmyard premiums but car insurance costs are expected to surge as FBD fights to restore profitability.
Shares in FBD, in which thousands of farmers across the country have an interest, plunged sharply yesterday, with shares down by 50pc so far this year.
FBD interim chief executive Fiona Muldoon confirmed that premium rises are on the way, but stressed that the struggling company is mindful of its agri customers - the company's core customer base.
"We're very mindful of our farm customers," she told Farming Independent. "They have already seen premium increases of an average of 4pc to 5pc."
Ms Muldoon said that more public and employer liability claims have been made by farmers. "I think all people will pay more, including the farmers," she said.
But an FBD spokesman confirmed that farmers should only expect to be paying more for their general car insurance in coming months, rather than shouldering any hikes in other farm-related premiums offered by the company.
Ms Muldoon also stressed that rate increases for farmers are likely to be "more modest" than those that its other customers can expect.
"We have always insured farmers' cars. We will continue to insure farmers' cars, their tractors, commercial vehicles and whatever else they drive," she said.