There maybe further bad news for motorists in the coming year ahead as insurance premiums are set to see an increase of 10 to 15%.
According to Standard & Poor’s the further hikes will come on top of the recent increase meaning motorists could be forced to pay in the region of €130 on top of their policy in 2017.
The agency also say the Government is one of the main reasons as to why premiums are seeing a massive hike, claiming the states backing to allow the circuit court to handle higher-value claims results in high inflation on all premiums, due the expiated value of such claims.
They also claim extremely high legal costs and the length of time it takes to settle personal injury claims were the main reasons for premium hikes.
The news of further increase’s will surely come as a blow to the public as the current average cost of a premium ranges from €900 to €1,800 depending on driver experience, although some motorists have received quotes that are double if not treble the cost of their premium this time last year.