Dáil Éireann Debate, Tuesday - 26 April 2022
510. Deputy Matt Carthy asked the Minister for Finance if his attention has been drawn to the difficulties encountered by private companies securing insurance cover for company owned electronic vehicles; if he proposes any measures to address this issue; and if he will make a statement on the matter. [20368/22]
View answerAt the outset, it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive) which expressly prohibits Member States from doing so. Consequently, I am not in a position to direct insurance companies as to the pricing level or terms or conditions that they should apply in respect of particular categories of drivers or vehicles, nor can I direct insurance companies to provide cover to specific individuals or businesses.
In order to be as helpful as possible, my officials contacted Insurance Ireland in relation to the Deputy’s query. Insurance Ireland indicated it is not aware of any specific difficulties for private companies securing insurance cover for company owned electronic vehicles, nor has is received any queries through its Insurance Information Service in relation to this matter.
Broadly, Insurance Ireland advised that its members do offer cover for these types of vehicles, whether company or individually owned and that in general the same standard acceptance criteria applies for electric vehicles as for fuel vehicles. However, Insurance Ireland noted that there can be differences between insurers, for example, whether such cover is only available through fleet insurance. I understand that this would be the same for all company cars, whether electrically or conventionally powered.
Insurance Ireland highlights that different insurers can have different approaches to how this cover is offered for company owned vehicles and recommends that businesses should seek to get more than one quote. The Competition and Consumer Protection Commission (CCPC), on its website, also recommends that consumers get quotes from a number of insurance companies, including their current one. I believe that this advice applies to businesses as well as individuals.
Separately, work is continuing across Government to complete the Action Plan for Insurance Reform in order to improve the affordability and availability of cover for all groups, including motorists. Achievements to date include the creation of an Office to Promote Competition in the Insurance Market. The aims of the Office include working to further competition in the Irish market in order to increase the availability of cover, both by encouraging existing insurers to expand their risk appetite, and exploring opportunities for new entrants.
Finally, it may interest the Deputy to know that the free Insurance Information Service operated by Insurance Ireland is for those who have queries, complaints or difficulties in relation to obtaining insurance, and can be accessed at: feedback@insuranceireland.eu. In addition, Brokers Ireland can be contacted at insurancequeries@brokersireland.ie.
