Councillor reveals 18 year old Dundalk man quoted €12,300 for motor insurance

Sinn Féin councillor Ruairí Ó Murchú has described his "astonishment" at personal testimony from people in Dundalk regarding the insurance industry.

The general election candidate for Louth was speaking following a public meeting ‘Insurance – Stop the Rip Off’ which Sinn Féin held in the Imperial Hotel, Dundalk last night.

Peter Boland from the Alliance for Insurance Reform and Sinn Féin Spokesperson for Finance Pearse Doherty TD also addressed the meeting.

Speaking following the meeting, Cllr Ó Murchú said; 

“Insurance costs have become extortionate, ripping off consumers and closing down businesses. I have met with individuals and business owners in Louth who have had to severely restrict their business in order to secure and afford insurance. 

“Since 2016 the government has failed to arrest this problem.  At the same time, insurance companies have seen their profits go up while the people have seen their premiums rise extortionately.” 

“The insurance industry tells us our premiums are going up because of the number and value of claims is rising. But their numbers don’t stack up. 

“Our meeting tonight heard of one 18 year old driver who was quoted €12,300 for insurance on a car worth €2000. 

“Another man flagged up the refusal of insurance companies to take account of a no claims bonus when insuring a business vehicle. 

“A woman said that she was with her insurer for 13 years and despite never having made a claim her insurance jumped from €800 to €3000.

“Unfortunately these are not unique cases and that’s why Sinn Féin wants to take on the industry and end the rip off."

Outlining his party's proposals for insurance reform, Cllr Ó Murchú added:

“Tonight Pearse Doherty outlined Sinn Féin’s plan for insurance reform which would stamp out fraud, protect consumers, ban price discrimination by the industry and reduce premiums for everyone. 

“We want to  introduce the following 5 reforms which would ensure fair play for consumers.

1. Set up a Garda Insurance Fraud Unit
2. Ban Dual Pricing by the Insurance Industry
3. Make Pearse Doherty’s Consumer Insurance Contracts Bill law
4. Abolish Premium Levies and put €230 million back in consumers’ pockets
5. State Intervention to address the Market Failure”