New figures reveal car insurance premiums have fallen - Today with Claire Byrne
Reports from the Central Bank of Ireland have shown that car insurance premiums are falling in price. However, the Motor Insurers Bureau of Ireland (MIBI) have claimed motorists are paying up to €175 extra in their premiums to compensate for uninsured drivers.
Daragh Cassidy, Head of Communications at bonkers.ie, appeared on RTE’s Today with Claire Byrne, to discuss these findings, as well as Ireland’s expensive electricity.
Listen to the interview above or look at the main points discussed below.
Main points from the interview
Car insurance
- The Motor Insurers Bureau of Ireland (MIBI) revealed that over 10,000 claims have been made since 2018 for accidents caused by uninsured and untraced drivers. They claim this is adding up to €175 extra in their premiums to compensate.
- The Central Bank has also revealed that the price of motor insurance cost 5% less in the first half of 2022 compared to the 2021 price.
- However, Daragh claims that premiums may have actually fallen by more than this figure, pointing to Central Statistics Office (CSO) data showing that the cost of car insurance fell by 12% last year.
- Daragh also expects premiums to continue falling, as reforms in the insurance sector trickle down to customers.
Electricity prices
- On electricity prices, Daragh discussed recent findings that Ireland’s electricity is some of the most expensive in the EU. He also pointed out that Ireland’s electricity has been above average even before the energy crisis due to our dependence on gas for electricity generation.
- Daragh has called for an investigation into the causes of Ireland’s relatively expensive electricity.
- He also pointed out that you can save money by switching your energy supplier, which you can do easily and for free on bonkers.ie.
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