Cost of average motor insurance premiums up by 100 in last three years despite reforms

"The average cost of cover was €655 in the first half of last year, which is up 4pc when compared with the first half of 2024. The cost of cover has been climbing steadily since the second half of 2022, with the average premium rising by 19pc in less than three years."

"Since 2023, damage claims have overtaken injury claims as the largest component of claims costs. This is despite a 4pc fall in claims costs in the first half of last year, and a 24pc fall in claims costs since the pandemic."

"The average compensation for litigated injury claims in the first half of last year was €19,400, while the average compensation paid out by the State's Injuries Board was €18,000. Legal costs closely match the average award amount at €18,400 for litigated claims."

The average cost of car insurance has risen by €100 over the past three years, now averaging €655. This represents a 19% increase since the second half of 2022. The cost of settling claims has also increased, with damage claims now surpassing injury claims as the largest component of costs. Despite a decrease in the number of damage claims, the expense of repairing new cars, especially electric vehicles, remains high. Compensation amounts for claims are similar whether pursued through legal channels or the Injuries Resolution Board.

Read at Irish Independent