Car insurance premiums said to have gone up 70% since 2013
Concerns are being raised about the continued rise in the cost of insuring your car.
Insurance companies are said to be clamping down on the types of drivers and cars that they are willing to provide cover for.
Premiums are reported to have gone up by more than 70% since 2013.
The motor industry has issued a warning saying the rise in costs is showing no signs of easing.
Broker Jonathan Hehir says the sector is haemorrhaging money: “We’ll have to take the reports they give us on face value because they weren’t afraid to publish when they were making money.
“So I went through the reports recently and if we go back to 2007 they weren’t afraid to show profit in motoring insurance of around €500m at that time.
“That figure has gradually gone down over the ten years and the last time they are shown to be making money was back in 2012 and there was a slight profit on it and since then they have shown losses of hundred of millions of losses in the motoring insurance sector.”
