EU must question outrageous car insurance premiums – Liadh Ní Riada MEP
Sinn Fein MEP Liadh Ní Riada has hit out at the high cost of motor insurance and called on the European Commission to launch an investigation into the Irish motor insurance market in order to ascertain whether any anti-competitive practices are to blame for recent increases in premiums.
Speaking in Carlow today, Liadh Ní Riada said:
“Motor insurance prices in Ireland have spiked, with reports of up to 50% increases last year. The signs are that they are increasing again this year. The cost of insuring a car is becoming outrageously high, especially for younger drivers. Given the dispersed nature of our towns, villages and countryside, and given the inadequate public transport system, an ability to drive is crucially important to so many people.
“Without access to their own car, a large number of our people would be unable to work, to shop, to socialise, to access medical services or to facilitate their children's education. The high price of motor insurance is a burden on many Irish families, and it is apparent that competition in the market is not working to reduce prices.
“I am concerned that the high cost of insuring a vehicle, especially for younger people, is a barrier to finding and keeping a job, and accessing education or training.
“I have asked the Commission to launch an investigation into the Irish motor insurance market to examine whether it is operating fairly, and to see if any anti-competitive practices are to blame for the continued high prices of motor premiums.”