Frank O’Rourke TD has welcomed the Central Bank rules requiring insurers to give customers more information when renewing their policies which come into effect today
However Frank said more needs to be done to reduce the cost of insurance.
“Insurance companies will now have to provide details such as the premium paid the previous year with an upfront comparison. They will have will also have to provide the cost of different levels of cover, a comprehensive quote, a third party fire and theft quote, and one for third party only cover.”
“Insurance companies also must now give consumers 20 days notice of the renewal, up from 15 days, giving consumers more time to shop round.”
“This is all part of the recommendations on working group on the cost of insurance. It will increase transparency. However, it has taken far too long for this relatively small step to be put in place.”
“The government needs to understand that failure to tackle the insurance crisis facing certain sectors is costing jobs. Motor Insurance is higher here than in other EU countries and we need the Government to bring greater focus on the implementation of recommendations from the working group on Insurance.”
“I will continue to raise the high cost of insurance in Ireland. With my colleague Michael McGrath TD, we continue to raise the issue on the floor on the Dail until we make further progress.”