Mary Butler (Waterford, Fianna Fail) | Oireachtas source

In tabling this motion, Fianna Fáil wishes to highlight the crippling costs of insurance for home owners, individuals and businesses. Motor insurance costs are putting immense pressure on households and businesses and for many SMEs, insurance costs have risen by 15% or more. Motor insurance premiums are still on the rise despite assurances from the Government that people would see premiums start to fall as we progress through 2017. While there are early signs of stability in the market, many worried motorists are still contacting me. I was contacted by a taxi driver from Tramore who was setting up a new business, providing the first wheelchair accessible taxi in the lovely seaside town of Tramore, County Waterford. He got an insurance quote for €10,500, which almost put him out of business. This man got up and set up a business but his insurance costs amount to €200 per week, before he pays back any of his car loan or puts a drop of diesel into his vehicle. The cost of insurance is having a huge effect on small businesses.

I would also like to point out that insurance costs are causing enormous difficulties for young people and I say that on the basis of personal experience. My 24 year old son had a budget for a car and insurance of €5,000. Unfortunately, as insurance cost €2,000, his car had to cost €3,000.

If the insurance policy had cost €1,000, he would have been able to buy a car for €4,000. The budget was there, but the cost of insurance determined the type of car he could buy. That is exactly what we are listening to day in and day out. Insurance companies do not want to insure younger or older drivers or taxi drivers. They certainly do not to insure anyone with an older car. That is making it very difficult. An open market is needed to ensure fairness for all. We have constantly highlighted the need for action by the Government at policy and legislative levels. The Minister of State urgently needs to review the action points which should have been completed by now. I ask him to do this. I compliment my colleague on bringing this issue to the fore. We are living with it day in and day out. As I said, one appreciates the scale of the problem when one meets someone who tried to open a small business and insurance costs almost caused him or her to fail before he or she even started.

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