Pandemic factors result in drop in cost of motor insurance

New data published by the Central Bank of Ireland shows motor insurance premiums dropped by 7 per cent on average from 2019 to 2020

Emmet Ryan

Technology Correspondent @emmetjryan
16th November, 2021
Pandemic factors result in drop in cost of motor insurance
There was also a 26 per cent drop in the frequency of claims in 2020 compared to 2019. Picture: Getty

Pandemic factors have driven the cost of motor insurance premiums down significantly on a year on year basis, according the Central Bank’s Private Motor Insurance Report of the National Claims Information Database.

Overall, the average premium decreased by 7 per cent from 2019 to 2020, however the overall cost of premiums remains up by 26 per cent since 2009. There was also a 26 per cent drop in the frequency of claims in...

Subscribe from just €1 for the first month!

Currency

What's Included

With any subscription you will have access to

  • 971569B3-2C5E-4C45-B798-CEADE16987A8

    Unlimited multi-device access to our iPad, iPhone and Android Apps

  • 099C8662-C57C-42F2-9426-F2F90DF17C8F

    Unlimited access to our eReader library

  • 198AE43B-B9CF-4892-8769-D63C2104BA08

    Exclusive daily insight and opinion seven days a week

  • D8F37B78-25E4-4E4A-A376-4F5789B1564A

    Create alerts to never miss a subject that matters to you

  • B15F2521-37CD-4E02-B898-730A20D39F7F

    Get access to exclusive offers for subscribers on gifts and experiences

  • A564FE02-1AB8-4579-AF9D-BA32A2E5ACA7

    Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine

Related Stories

Data on insurers’ payout deductions won’t be published this year

Fleming to examine if British insurers’ pledge can be replicated in Ireland

Insurers asked to repay state money they deducted from awards to pandemic-hit firms

Taxpayers lose as insurers keep millions in state funds cut from Covid payouts