The average price of car insurance in Ireland is sky high and it’s set to increase significantly
Bad news for motorists.
The price of car insurance in Ireland is set to rise by up to 15 per cent by the middle of next year, according to a report by Standard and Poor’s Global Ratings about the insurance industry in Ireland.
The report, referenced in the Irish Times, found that the average price of car insurance in Ireland currently stood at €900 after a year in which premiums have increased by an average of 28 per cent and as much as 50 per cent in some cases.
The rising cost of insurance in Ireland has been a bone of contention amongst motorists over the last year or so, with many taking part in demonstration outside Leinster House in the summer.
A cross-departmental working group was set up by the Government earlier this year in an effort to tackle the rising cost of car insurance premiums.
They show no sign of stabilising in the immediate future, although the longer-term forecast is slightly more positive, according to the S&P report, with price hikes expected to slow to ‘sustainable levels’ of approximately 5 per cent in the latter half of 2017