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19/02/2016
SF Criticise Over 30% Rise In Cost Of Motor Insurance
The latest Central Statistics Office (CSO) figures have revealed more than a 30% increase in the average cost of car insurance in 2015.
Responding to the figures, Sinn Féin Enterprise Spokesperson Peadar Tóibín criticised the motor insurance industry. He said that it was unacceptable that companies would force such dramatic increases on consumers, especially given that some major companies announced in the past six months that they would not insure older cars.
The Meath West candidate called upon the Government to conduct an immediate review into premium prices.
Mr Tóibín said: "The insurance companies are attempting to stack the deck in their favour. By increasing premium prices across the board and refusing to insure older cars, these companies are causing the cost of owning and driving a car to sky rocket and it simply is not good enough.
"Many drivers are not in a position to take their business elsewhere or will look, quite understandably, with scepticism that any other company will simply engage in the same practices.
"It is unacceptable for companies to boost the cost of car insurance to such a degree. It is only bad for drivers and particularly young drivers, who face being priced off the road as a result of such profiteering.
"Motor insurance is mandatory and as such, the Government must conduct a review of premium prices as a responsibility as legislators. The Government did precious little to help families who were left without flood insurance, but perhaps they will be less apathetic in the light that there are almost two million cars on Irish roads."
(MH/JP)
Responding to the figures, Sinn Féin Enterprise Spokesperson Peadar Tóibín criticised the motor insurance industry. He said that it was unacceptable that companies would force such dramatic increases on consumers, especially given that some major companies announced in the past six months that they would not insure older cars.
The Meath West candidate called upon the Government to conduct an immediate review into premium prices.
Mr Tóibín said: "The insurance companies are attempting to stack the deck in their favour. By increasing premium prices across the board and refusing to insure older cars, these companies are causing the cost of owning and driving a car to sky rocket and it simply is not good enough.
"Many drivers are not in a position to take their business elsewhere or will look, quite understandably, with scepticism that any other company will simply engage in the same practices.
"It is unacceptable for companies to boost the cost of car insurance to such a degree. It is only bad for drivers and particularly young drivers, who face being priced off the road as a result of such profiteering.
"Motor insurance is mandatory and as such, the Government must conduct a review of premium prices as a responsibility as legislators. The Government did precious little to help families who were left without flood insurance, but perhaps they will be less apathetic in the light that there are almost two million cars on Irish roads."
(MH/JP)
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A leading consultancy firm has said car owners should expect to see car insurance premiums jolt upwards by up to 10%. In their annual Motor Insurance Survey, Deloitte said nearly 90% of Irish motor insurance companies said that they expect to increase premiums in 2009.
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The cost of insurance is skyrocketing in a number of sectors, according to new figures. One of the worst affected areas is home insurance, where householders can expect increases by over 20% and up to 40% on their premiums. Insurance company AA Ireland said there were a number of reasons for the price rises.
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