There are fears that the cost of motor insurance is spiraling out of control with young drivers in particular experiencing huge difficulties getting reasonable insurance quotes.
In a special report in this week’s Longford Leader one young driver explained that he had been quoted €11,000 to insure at 1.1L 06 Opel Corsa.
Seventeen-year-old David Kiernan, who is currently preparing to sit his driving test, revealed the staggering insurance quotes he has been offered.
“The highest one I got was €11,100 for a 1.1 litre 06 Opel Corsa,” revealed the Ballinamuck native, who added that he has also been offered quotations of €9,000 and €7,000.
“Who is going to pay that kind of money?”
Meanwhile Mike Winters of Longford town insurance brokers Abbey Murphy acknowledged that the situation is very difficult for drivers and said that it depends on the individual.
“It's moving by the day,” he confided. “It depends but the prices are mental.”
He pointed out that many companies are getting out of the Irish markets as they believe they have become overexposed.
According to the Central Statistics Office, insurance premiums have jumped by over 30% in the past year.
Drumlish man Dean Cosgrave is another young Longford driver facing into a financial quandary over soaring motor insurance premiums.
The retail employee had been forced to cough up €1,800 last year for insurance, a figure which has more than doubled 12 months on.
“I'm up for renewal this week, but the quote I got off the insurance company was just over €4,000,” he said.
“There were other ones (companies) that were coming in between €5,000 and €8,000.
“It's crazy high.”
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