More than two thirds of Irish motorists have seen their insurance premiums rise by at least 15% year-on-year, with some experiencing rises of over 50%, a new study shows.
While recent CSO figures suggest that the cost of motor insurance is falling for the first time in three years, a study by AA Car Insurance reveals almost one third of motorists (30.48%) had to pay between 15% and 30% more for cover.
A further 24.82% of those surveyed reported a year-on-year increase of between 30% and 50%. Almost one in 10 had seen their premiums rise by more than 50% year-on-year.
“While it’s impossible to predict what the future holds for insurance prices, the AA has been highlighting the issue of rising premiums for a long time now and in November 2015 released a set of simple proposals to help tackle this issue,” said Conor Faughnan, AA director of consumer affairs.
“Thankfully, at the start of this year, Minister Eoghan Murphy and the cost of insurance working group released a report which contained many of the AA’s original proposals.
“However, what can’t be allowed to happen is that this report winds up collecting dust on a shelf somewhere with no follow-up action. With proper legislation and action from government to tackle rising premiums, we will wind up with a better insurance industry and, as a result, fairer prices for and treatment of the average motorist.”
While the majority of motorists have seen an increase in their premiums, the AA survey also found a significant number avoided a rise in the cost of insurance. Just under 9% of those polled stated that the cost of their insurance had stayed about the same while 5.54% had seen a reduction in their motor insurance premiums of at least 5%.
“It’s interesting to see that, even in the wider context of rising premiums, quite a sizeable percentage of motorists have seen no increase or a reduction in their premiums,” said Mr Faughnan.
“As with any insurance policy, our advice is to always shop around to ensure you are getting the best deal.
“Instead of simply accepting a renewal quote from your current provider, shop around to find the best option or even call your current insurer and advise them of any circumstances, since you originally purchased cover that may have changed which could lower your premium.”
According to the survey, drivers aged between 35 and 46 were the most likely to have seen an increase, with 87.69% in that age bracket reporting a year-on-year rise.
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