"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 from €552 to its current level."
"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 to €655, a 19% increase since 2022. This rise is attributed to various factors, including changes in legislation and the establishment of a fraud unit. The cost of settling claims has also increased, with damage claims now surpassing injury claims. Despite a decrease in the number of damage claims, the costs remain high, particularly for new electric vehicles. Compensation amounts for claims are similar whether pursued through legal channels or the Injuries Resolution Board.
Read at Irish Independent
Unable to calculate read time
Collection
[
|
...
]