Over 64 per cent of motorists have seen their motor insurance premiums increase by at least 15 per cent year on year, according to a recent poll carried out by AA Ireland.
30 per cent of the over 3,000 respondents to a survey undertaken by AA Car Insurance stated that at the time of their last renewal their motor insurance premium had increased by between 15 per cent and 30 per cent. A further 24.8 per cent of those surveyed reporting a year-on-year increase of between 30 per cent and 50 per cent. Meanwhile, almost a tenth of respondents (9.2 per cent) had seen their premiums rise by more than 50 per cent year-on year.
“The AA has been highlighting the issue of rising premiums for a long time now and in November 2015 released a set a simple proposals to help tackle this issue,” AA spokesman Conor Faughnan stated.
”At the start of this year, Minister Eoghan Murphy and the Cost of Insurance Working Group released a report, outlining steps the government will take in response to the current situation.”
What can’t be allowed to happen is that this report winds up collecting dust on a shelf somewhere with no follow up action. With proper legislation and action from government to tackle rising premiums we will wind up with a better insurance industry and, as a result, fairer prices for the average motorist.”
8.3 per cent of those polled stated that the cost of their insurance had stayed approximately the same year on year. Meanwhile, 5.5 per cent of those surveyed had seen a reduction in their motor insurance premiums of at least 5 per cent,” Faughnan continued.
According to the survey, drivers aged between 35 and 46 were the most likely to have seen an increase in their premium, with 87.7 per cent of those within this age bracket reporting a year on year increase in their premium of at least 5 per cent.