Consumers Still Feeling The Pinch Of High Motor Insurance Premiums
On his weekly radio show/podcast Matt Cooper discusses high motor insurance premiums with Jonathan Hehir
Coverinaclick.ie's Managing Director Jonathan Hehir discusses the impact high motor insurance premiums are having on Irish consumers with Today FM's Matt Cooper on his new show 'Stretched'.
The premiums for car and van insurance in Ireland have sky rocketed over the last number of years. While they have begun to level off over the last 12 months or so, many drivers are still feeling the pinch with stories emerging of drivers being forced off the road or worse again driving uninsured. But what has been the cause of these increased premiums? Coverinaclick.ie Managing Director Jonathan Hehir says these sky high prices ultimately stem from a lack of competition in the insurance market. "Over the last few years, a number of the main insurers operating in Ireland have left the market. This was as a result of the Setanta high court ruling which led to insurers being faced with footing the bill if their competitors go out of business".
A number of multi-national insurers were left with the choice to either leave the market or pick up the hefty financial burden if a competitor goes bust. This has ultimately led to a lower level of competition with a knock on effect for Irish drivers regardless of age. Last year alone somewhere in the region of 1200 young drivers were refused quotes outright, so the market potential is there for large insurers. These high insurance premiums have not only deterred motorists from driving they may be having an adverse effect on peoples capacity to make a living. Jonathan Hehir also added that "until competition returns to the market there will be no major change to higher premiums".
Listen to the full excerpt on the link below.
Source: Today FM
Sky high premiums have been a problem for the last number of years, call Coverinaclick.ie today on 01 231 9310 and we'll do everything we can to get you the best price available. Alternatively. fill out a quick car insurance quote form.
