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
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 2020 compared ...
