Motor sport in Ireland struggling with rising insurance costs
Motorsport Ireland has said that it has been hit with increases totalling 202 per cent for insurance to cover its rallying and racing events in the past two years taking the sport to the brink of whether it can survive.
“Our insurance costs have spiralled out of control over the past couple of years. Our premium increased by 140pc last year and then another 26pc this year. These increases are unsustainable and almost forced us to cancel the season — there was nearly no motor sport in Ireland this year,” Alex Sinclair, Motorsport Ireland ceo, said.
Motor clubs and drivers have been agreeing to pay a levy on entries for events to cover the increased costs for the past two years, but Sinclair warns that they cannot continue to do this.
“It means that the cost of entering an event such as the Corrib Oil Galway International Rally has risen from around €500 in 2015 to more than €1,100 this year. That kind of increase is unsustainable,” Sinclair commented.
“Motor sport can’t face another increase like this. We have upwards of 10,000 drivers, marshals, volunteers and fans involved in motor sport every weekend and they need to know that they will be able to continue enjoying the sport they love in the years to come,” he said.
The news comes as consumers face rising car insurance costs. A recent survey from the AA Insurance found that one in eight parents admit insurance “fronting” to reduce the insurance premiums faced by their children.