Cost of car insurance rises by 42% despite an overall reduction in number of claims
Figures showing the average cost of premiums and payouts were released by the Central Bank today.
www.thejournal.ie
Central Bank reports car insurance premiums up 42% while total cost of claims fell by 2.5% between 2009 and 2018.
The overall frequency of claims fell by 40%!
Claims settled through litigation for amounts less than €100,000 had average legal costs of less than €15,000.
I hope no-one would think that legal costs are a barrier to corporate insurance companies to contest fraudulent claims?
The Rip-off culture in this country continues. But at least the picture is becoming clearer and action can be taken to ensure that policy holders, personal and business, can finally get a fair deal on their premiums.