Move to tackle rocketing car insurance

Fianna Fáil having put forward a motion to tackle soaring motor insurance costs .

Thursday, 9th June 2016, 1:41 pm
Updated Monday, 13th June 2016, 12:00 pm
Charlie McConalogue, Fianna Fáil (Picture Conor McCabe Photography)

The move comes as it emerged that over the past two years motorists have seen their premiums rise by 60%.

Inishowen TD Charlie McConalogue said: “Motor insurance is one of the fastest rising costs being experienced by personal and business customers alike. And because it is a compulsory cost for motorists, they are bearing the brunt of these price hikes.

“ I am hearing stories every day from people who are seeing their premiums jumping by hundreds of euros and they are extremely worried about being able to afford the cost.”

Mr McConalogue said businesses were also being affected, and in some cases was forcing them to consider their future.

“One taxi firm saw its motor insurance costs shoot up from €7,000 in 2013 to €56,000, despite having an 11 year no claims bonus,” he said.

“Fianna Fáil believes there is an obligation on the State to tackle these soaring costs.

“We want to see the re-establishment of the Motor Insurance Advisory Board to examine all the relevant issues that impact on insurance premiums. The information that is currently available is vague and forces customers to fork out these prices.

“A motor insurance database could compile information from insurance companies about premiums and claims settlements. This would increase transparency in the industry.

“This suite of measures has the potential to open up the insurance industry to ensure that private and commercial customers get a fair deal.

“The price hikes that we have seen over recent years are simply unsustainable and need to be addressed as a matter of urgency”.