Drivers to face 30% rise on insurance premiums

Drivers to face 30% rise on insurance premiums

Drivers are facing insurance premium hikes of up to 30%.

Mistakes by insurance companies, an increase in cars on the roads and the involvement of lawyers as well as their expensive legal fees in claims are partly to blame.

However, personal finance editor with the Irish Independent, Charlie Weston, has said the main reason is market under-pricing which is led by RSA.

"That company engaged in undercutting everybody else, all the other foolish insurers followed it down and the result of that was a massive accounting scandal at RSA. It had to be bailed out to the tune of €400m by the British parent company," said Weston.

"Just years after this happened with Quinn (Insurance) we've seen the same thing happen again."

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