Motor insurance could be set to increase in Ireland yet again. Motorists could see their insurance premium increase by over 40 euro.
The High Court ruled today that a fund run by existing insurers should be responsible for claims made against the now defunct Setanta Insurance.
This fund run by insurance companies usually deals with claims worth around 60 million euro a year, which results in an extra cost of 30 euro per premium. Today’s High Court Ruling means that the fund will have to cover claims made against Setanta, which could be worth up to 90 million.
This news follows the AA warning that motorist are in the midst of “the year from hell” with regard to motor insurance.