Sinn Féin Councillor Ruairí Ó Murchú has said that the motor insurance industry needs to be radically overhauled to address extortionate premiums which people are being charged.
Councillor Ó Murchú also called into question the practise within the motor insurance industry of charging more to existing customers who renew their policy than to new customers for the same policy.
Councillor Ó Murchú said;
“This practise, known as dual pricing, punishes loyal customers when they renew their insurance. It is unfair, undermines consumer protection and must end immediately.
“I would encourage people to shop around for their car insurance.
“When I went to renew my own policy this year, I was quoted a price of €1,600 for one year. In the previous year with the same company I paid €750.
“I switched providers and in the end paid €1,100
“Many constituents have raised this issue with me. One man had secured insurance for him and his wife for €780. He then tried to insure himself on a second vehicle and was quoted €1,400.
“He too shopped around and eventually secured insurance on the second vehicle for just under €1,000
“There may be better value to be found by accessing insurance online and I encourage people to check out if this could work out cheaper for them.
“In Louth the level of public transport provision is minimal so there is no option but to drive. It is expensive enough to run a car without being totally ripped off by insurers who only want to make a fast profit.”