Motor Insurance drops by 14% - but more work to do says Senator O’Reilly

New figures from the Central Statistics Office (CSO) which show a 14% drop in the cost of motor insurance has been welcomed as good news for local motorists, says Senator Joe O’Reilly.

CSO figures show the cost of motor insurance was broadly steady in the month of August, but is now down 14% compared with the same month a year ago.

Senator O’Reilly said: “This is undoubtedly good news, but there is more work to be done for motorists here in Cavan.

“While this 14% decrease is encouraging we realise that costs still remain high and there is much more work to do to make motor insurance affordable for people across Ireland.

“Fine Gael recognises that it is possible for the State to play a role in helping to stabilise the market and deal with factors contributing to the cost of insurance. For this reason we established the Cost of Insurance Working Group in 2016.

“The initial focus of the Working Group was the issue of rising motor insurance costs and its Report on the Cost of Motor Insurance was published in January 2017.

“There is a commitment within the Report that the Working Group will prepare quarterly updates on its progress and the first such update was published in early May.

“As everybody is aware, the cost of motor insurance is an important issue that has a significant impact on society as a whole.

“Motor insurance is , after all, an essential requirement for daily living and this decrease shows us that the measures introduced by the Government to lower insurance costs are, slowly beginning to work,” Senator O’Reilly said.