Motor insurance costs set to fall from June after changes to payout guidelines
Cheaper car insurance is on the cards.
Motor insurance costs are set to decrease from June of this year, according to Junior Finance Minister Sean Fleming.
The news comes after the Judicial Council - made up of over 160 judges throughout the country - decided last month to reduce insurance payouts for whiplash and smaller car-related injuries where people can make full recoveries.
Speaking to Midlands 103, the Minister said he has met with each of the major insurance companies in Ireland to discuss them reducing their premiums in light of the Judicial Council's ruling.
He told the show: "Most of the insurance companies have said they will start reducing premiums from the second half of the year after June."
While he said the insurance companies haven't given exact percentages on how much premiums will decrease by and that the figures will vary for each one, he added: "It's very good that they are saying there will be reductions.
"We are going to see a reduction now and I believe more will follow."
Fleming also highlighted that a review has commenced around the role of the Personal Injuries Assessment Board (PIAB), stating that "later on in the year, we'll have legislation on that front and that will help as well."
He said: "There's a couple of measures over the months ahead which are going to lead to reductions all round."