Drivers insured with FBD are in for shock, as their premiums are set to increase by as much as 10pc.
The higher premiums mean that a vehicle that cost €500 to insure a year ago, is now about €100 more expensive to insure.
Other insurance companies are also hiking motor premiums. According to AA Ireland, premiums have gone up 20pc across the board throughout last year, amounting to one of the highest increases in a decade.
FBD has blamed the price hike to increased claims costs, and what the company refers to as an “increasingly congested and dysfunctional” insurance market.