Dáil Éireann Debate, Wednesday - 1 March 2017
103. Deputy Mick Barry asked the Minister for Finance if motor insurance companies can decline to provide a person a quote on the basis of being unemployed or on the basis of suffering anxiety or depression; and if he will make a statement on the matter. [10666/17]
Amharc ar fhreagraAs Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept. This position is reinforced by the EU framework for insurance which expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval of the pricing or terms and conditions of insurance products. Consequently, I am not in a position to direct insurance companies to provide cover to all categories of drivers.
I am advised that insurers use a combination of rating factors in making their individual decisions on whether to offer cover and what terms to apply, including the age, profession, and health of the driver, the claims record, driving experience and penalty points of the driver, the number of drivers, the type and age of car, how the car is used, etc. My understanding is that insurers do not all use the same combination of rating factors, and as a result prices and availability of cover varies across the market. In addition, insurance companies will price in accordance with their own past claims experience.
With respect to the points raised by the Deputy, I understand that insurers do not generally decline on the basis of someone being unemployed. With regard to anxiety or depression, I understand that insurers generally quote on the basis that the proposer needs to have disclosed any medical condition requiring notification to the National Driver Licence Service (NDLS) and, assuming the proposer has done so and has been issued with a licence, insurers would generally provide a quotation.
Insurance Ireland operates a free Insurance Information Service for those who have queries, complaints or difficulties in relation to obtaining insurance. In the event that a person is unable to obtain a quotation for motor insurance or feels that the premium proposed or the terms are so excessive that it amounts to a refusal to give them motor insurance, they should contact Insurance Ireland, 5 Harbourmaster Place, IFSC, Dublin 1, Telephone +353 1 6761820, quoting the Declined Cases Agreement.
