Young drivers still paying more

MOTOR insurance premiums are down and claims are being settled in less time and at less cost than before, despite an increase in the frequency of road traffic accidents.

A new report published yesterday by the Financial Regulator on Private Motor Insurance Statistics for 2006 indicates that the average cost of a motor insurance policy has also fallen, as has the number of larger claims.

The Financial Regulator’s consumer director, Mary O’Dea, welcomed the findings and said that the results were “positive and encouraging”. However, the National Youth Council of Ireland (NYCI) criticised the failure of the motor insurance industry to pass savings onto younger drivers.