Motor Insurance drops by 14% – but more work to do yet

Cork based Senator, Tim Lombard, reservedly welcomed the new figures from the Central Statistics Office (CSO) which show a 14% drop in the cost of motor insurance (comparing August 2016 and 2017).

“This decrease in insurance costs is undoubtedly good news, but there is more work to be done for motorists here in Cork and wider Ireland.

“While this 14% decrease is encouraging we realise that costs still remain high and there is much more work to do to make motor insurance more affordable for people across Ireland.

“Fine Gael recognises that it is possible for the State to play a role in helping to stabilise the market and deal with factors contributing to the cost of insurance.  For this reason we established the Cost of Insurance Working Group in 2016.

“The initial focus of the Working Group was the issue of rising motor insurance costs and its Report on the Cost of Motor Insurance was published in January 2017.  

“There is a commitment within the Report that the Working Group will prepare quarterly updates on its progress and the first such update was published in early May.

“As everybody is aware, the cost of motor insurance is an important issue that has a significant impact on society as a whole.

“Motor insurance is, after all, an essential requirement for daily living and this decrease shows us that the measures introduced by the Government to lower insurance costs are beginning to work.”