Guidelines see big fall in motor insurance payouts

The average compensation following litigation was €22,473 but the average legal costs came to €17,813.

The average cost of injury claims settled under the guidelines was less than the average cost of claims settled under the Book of Quantum during 2020.

Revised personal injuries guidelines have resulted in a large drop in the cost of motor insurance settlements but injury claims still account for over half of all payouts, a new report by the Central Bank of Ireland shows.

According to the Central Bank’s mid-year Private Motor Insurance Report, in the first six months of 2022, there were 67,000 motor insurance claims made - of which 94% were for damage and just 6% for injuries.