TDs attack insurance quote methods

MEMBERS of an Oireachtas committee have criticised insurance brokers who reduced quotes only after clients informed them they had found a cheaper price elsewhere.

Labour TD Kathleen Lynch told the Joint Committee on Enterprise and Small Business yesterday that she had personal experience of her broker reducing her motor insurance premium by €700 upon hearing she had got a much lower quote independently.

Committee chairman Donie Cassidy (FF) said such an incident was “not an isolated example” as he personally knew of several similar cases. The Westmeath TD said such a practice was extraordinary.