Éamon Ó Cuív (Galway West, Fianna Fail) | Oireachtas source

The cost of motor insurance, as well as insurance in general, is one of the largest burdens on individuals and companies. To deal with this issue, as was recommended, we need a comprehensive package of actions. The delay in implementing actions to deal with this problem is certainly exacerbating it. We need much more data on what is being paid out by insurance companies. We need much more transparency as to how one’s premium is calculated. I do not go along with the theory that Ministers go on with about shopping around. If an insurance company can suddenly drop the price because a rival is giving a better price, it means the company was overcharging in the first place. In my view, that is worthy of examination. Many people are not great at haggling and do not have the wherewithal to get involved in it. There needs to be the same price for everybody for the same risk from the one company.

People over 70 years of age are getting loaded because of age, even though there is nothing in their record to say that is justified. We also need to face up to the fact that one cannot have it both ways in insurance. There are certain savings companies could make and much that could be done by more transparency. The other issue we must face up to is that if one pays out enormous sums in claims, then one is going to wind up with high insurance premia. There are other savings but, at the end of the day, what is paid out has to be collected in premia. Accordingly, we have to deal with the issue of the legal costs associated with claims. We also need a much better book of quantum to justify this.

With that, I will pass on to the next speaker. Unfortunately, we never have enough time to debate these issues in detail.

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