Car insurance premiums up by as much as 300%, damning report finds

Car insurance premiums have risen by as much as 300%, according to an Oireachtas report.

Insurance companies are heavily criticised by the report, which says their “closed mentality” and unwillingness to share data is a contributory factor in recent motor insurance hikes.

On average premiums have gone up by 37%. The report also finds that 70% of claims are settled privately by insurers.

It also criticises the state institutions who are in charge of protecting car owners against insurance premium hikes.

Tougher laws forcing insurance companies to reveal details of claims, awarding greater powers to the Personal Injuries Assessment Board (PIAB) and tougher penalties for drivers caught speeding or on their mobile phone while driving are among some of 76 key recommendations in the report.

The findings are contained in a joint Oireachtas committee on finance’s report on the rising costs of motor insurance, which is due for publication next week, and was seen by the Irish Examiner.

Additional reporting by Daniel McConnell.

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