Monday 20 November 2017

Shock fall in cost of insuring your car

(Stock photo)
(Stock photo)
Charlie Weston

Charlie Weston

The cost of motor insurance has fallen for the first time in years. New figures from the Central Statistics Office (CSO) show average motor premiums were 2.6pc lower in April compared with a year earlier.

Premium rates were flat in January, February and March.

But the stabilisation in motor pricing comes after three years of rises which have seen the cost of the average policy shoot up by 60pc.

The last time the cost of motor insurance fell was in December 2013, according to additional information obtained from the CSO.

But higher costs of alcohol, petrol, diesel and health insurance saw overall inflation rise by almost 1pc in the year to April, according to the latest consumer price index. Air fares have also gone up.

However, food prices have gone down in the last year, as a weaker sterling against the euro has made imported groceries more price competitive.

Clothing is now cheaper due to sales, the CSO said.

A public outcry has meant car insurers have come under huge pressure to stop hitting drivers with large hikes in insurance costs. At one stage last summer premiums were rising at a rate of close to 40pc.

The average motor premium is now €478.

Irish Independent

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