07 Oct 2022

Dail moves to tackle rising motor insurance costs

Dail moves to tackle rising motor insurance costs


Rising insurance costs were firmly on the political agenda last week as finally the message hit home to politicians that this is a major issue for motorists.

 The Dáil passed a motion on the urgent need to tackle soaring motor insurance premiums.

The move came hot on the heels of confirmation from the CSO that the year-on-year rate of increase in motor insurance has hit a record 35.5% in May of this year.

Local TD Robert Troy said that the motion, which was moved by Fianna Fáil, calls for the re-establishment of the Motor Insurance Advisory Board on a time limited basis, greater disclosure around policy renewal notifications, action on the settlement of cases and dealing with false and exaggerated claims.

“The passing of this motion is a very significant development for Irish consumers. It sets out a clear path for tackling this significant issue,” Robert Troy explained.

“Key to this is the establishment of a taskforce to examine all the factors which are contributing to these huge increases. This is a motion which I was very keen to work on and bring forward as this is a measure which will benefit motorists directly and tackle this problem into the future."

Other practical measures included in the motion are the establishment of a motor insurance database; enhanced disclosure around policy renewal notifications; and a plan to ensure greater consistency in court awards in personal injury cases.

There are also plans to take robust action on false and exaggerated claims.

 Furthermore there are pla ns to introduce legislation to clearly define the roles of the  Motor Insurance Bureau of Ireland and the Insurance Compensation Fund.

The motion also proposes that action be taken  to strengthen road safety enforcement.

“The onus is now on the Ministers for Finance and Jobs, Enterprise and Innovation to give effect to the will of the Dáil on this issue and ensure that motorists get a well-deserved break from seemingly relentless increases in motor insurance premiums. Action needs to be taken now and we will ensure that the government are not sitting on their hands when it comes to this issue," concluded Deputy Troy.

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