Fianna Fáil TD for Roscommon-Galway Eugene Murphy says Government departments must take urgent action to tackling extortionate motor insurance costs, following the passing of a Fianna Fáil motion in the Dáil last week.
The motion called for the re-establishment of the Motor Insurance Advisory Board on a time limited basis, greater disclosure around policy renewal notifications, action on the settlement of cases and dealing with false and exaggerated claims.
Deputy Murphy commented, “The passing of this motion is the first step in a process, which will hopefully clamp down on soaring motor insurance premiums. Over the past number of years consumers have been hit with extortionate renewals – with the latest CSO figures revealing that the annual rate of increase in motor insurance hit a record 35.5% in May of this year.
“We want to ensure that consumers get a fair deal and have put forward a series of measures, which would reduce these inflated premiums. The establishment of a taskforce to look at all the factors which are leading to these massive issues is a key element of our package of measures.
“Following the passing of our motion in the Dáil, we will continue to press the Government to take action on this issue.
“The Fianna Fáil motion includes a number of practical measures we believe can be undertaken alongside the work of the Motor Insurance Advisory Board. These include,
– The establishment of a motor insurance database;
– Enhanced disclosure around policy renewal notifications;
– Ensure greater consistency in court awards in personal injury cases;
– Robust action on false and exaggerated claims;
– Legislation to clearly define the roles of Motor Insurance Bureau of Ireland and the Insurance Compensation Fund;
– Action to strengthen road safety enforcement.
Eugene Murphy went on to say “The Government must act without delay. I am calling on the Ministers for Finance and Jobs, Enterprise & Innovation to take the necessary steps to ensure that consumers are protected from rip-off insurance rates, and bring forward a credible, transparent system which guarantees a fair deal for personal and business customers”.