Tom Neville (Limerick County, Fine Gael)
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100. To ask the Minister for Finance his views on a matter (details supplied); and if he will make a statement on that matter. [50744/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept. This position is reinforced by the EU framework for insurance which expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval of the pricing or terms and conditions of insurance products. Consequently, I am not in a position to review individual cases as to the pricing level or terms or conditions that should be applied in those cases. 

Motor insurers use a combination of rating factors in making their individual decisions on whether to offer cover and what terms to apply. My understanding is that the factors include those such as the age and type of the car, the age of the driver, the claims record, driving experience, and the number of drivers, how the car is used, etc. As all Insurers do not all use the same combination of rating factors prices can vary across the market. In addition, insurance companies will price in accordance with their own past claims experience, meaning that in relation to different factors and the availability of cover, different insurance companies will use different thresholds.  

While it is appreciated that the individual, the subject of the PQ, has been unsuccessful in getting a quote from another company, it is I think still worth noting that he Competition and Consumer Protection Commission website has an informative section regarding the purchase of car insurance. One of the tips listed to help cut costs is to “shop around” and to “always get quotes from several insurance providers when you need to get or renew insurance”.  A checklist for “motor insurance shopping around” is also provided.