Dáil Éireann Debate, Tuesday - 6 February 2018
149. Deputy Éamon Ó Cuív asked the Minister for Finance his plans to regulate or legislate to ensure that it would be illegal to load van and car insurances solely based on a person being 70 years of age or over; and if he will make a statement on the matter. [5880/18]
Amharc ar fhreagraAt the outset, I wish to inform the Deputy that I have no plans to legislate on this particular issue. Neither I nor the Central Bank 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 the risks they are willing to accept.
However, it has been brought to my attention that some policyholders, particularly older persons, are continuing to experience increases in their insurance premiums in spite of the fact that prices are generally in decline. I have received representations on this topic, while there also have also been a number of Parliamentary Questions tabled.
Accordingly, my officials have discussed this matter with Insurance Ireland previously. In response, it indicated that it had not discerned a particular trend from enquiries received through its helpline in relation to this topic. Insurance Ireland has also pointed out that in making their individual decisions on whether to offer cover and what terms to apply, insurers will, aside from the driver’s age, use a combination of other rating factors, which include the age and type of the vehicle, the relevant claims record and driving experience, the number of drivers, how the car is used, etc. In addition, Insurance Ireland has advised 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. They have also pointed out that insurers will price in accordance with their own past claims experience.
The Deputy should note that I have asked my official to engage further with Insurance Ireland in order to try to get a more detailed perspective on this matter.
Finally, it may be of interest to the Deputy that the Competition and Consumer Protection Commission website has an informative section regarding the purchase of car insurance – https://www.ccpc.ie/consumers/money/insurance/car-insurance/ - and one of the key tips listed to help cut costs is to “shop around” and to “always get quotes from several insurance providers when you need to get or renew insurance”.
