Drivers will be priced off the road by 30% hike in car insurance – Tóibín
Sinn Féin Enterprise Spokesperson Peadar Tóibín has strongly criticised the motor insurance industry in response to the CSO’s Consumer Price Index for the past twelve months. The figures released show a 30.5% increase in the average cost of car insurance in 2015 over the previous year. He said that it was unacceptable that companies would force such dramatic increases on consumers, especially given some major companies announcing 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.”