Car insurance premiums up 4% last year, says Central Bank

The Irish TimesIndependent🔒Center7 hr. ago

New research from the price comparison website Bonkers.ie reveals that telematics-based car insurance policies can significantly reduce annual premiums for young and inexperienced drivers in Ireland. These policies use devices or apps to monitor driving behavior, rewarding safer drivers with lower rates. Young drivers with full licenses can save thousands of euros annually by opting for telematics insurance, which can cost under €1,000 per year compared to nearly €4,000 for traditional policies. Learner drivers and newcomers to Ireland also benefit, as telematics allows them to access more affordable coverage based on real-time performance rather than past driving records. However, the report cautions that telematics policies may come with higher excesses and specific monitoring conditions that drivers should carefully review.

Bias read (Center): The article presents factual data on telematics insurance and its financial implications for drivers, without overtly favoring any political stance. It focuses on market trends and consumer options, avoiding ideological commentary or biased framing.

RTÉ NewsState / PublicCenter13 hr. ago

According to the Central Bank of Ireland's 2025 Private Motor Insurance Report, the average cost of a car insurance premium rose by 4% to €655 in 2024, primarily due to an increase in damage claims. The report notes that while annual premiums have risen since 2022, there was a slight decline of 0.4% in the latter half of 2024 compared to the first half. Injury claims have seen a decrease in average compensation, down 13% from 2019, and the number of such claims has dropped by 20%. Damage claims, however, have become the largest component of insurance costs, accounting for 32% of premiums, with the average cost per damage claim reaching €197, the highest recorded in the National Claims Information Database. Insurers pay out approximately 60% of all premiums collected in claims, with damage claims contributing significantly to this amount.

Bias read (Center): The article presents statistical data from the Central Bank of Ireland regarding car insurance premiums and claims without overtly favoring any particular political stance. It provides balanced information on the factors influencing insurance costs, including both damage and injury claims, and cites

RTÉ NewsState / PublicCenter13 hr. ago

According to the Central Bank of Ireland's 2025 Private Motor Insurance Report, the average cost of a car insurance premium rose by 4% to €655 in 2024, primarily due to an increase in damage claims. The report notes that while annual premiums have risen since 2022, there was a slight decline of 0.4% in the latter half of 2024 compared to the first half. Injury claims have seen a decrease in average compensation, down 13% from 2019, and the number of such claims has dropped by 20%. Damage claims, however, have become the largest component of insurance costs, accounting for 32% of premiums, with the average cost per damage claim reaching €197, the highest recorded in the National Claims Information Database. Insurers pay out approximately 60% of all premiums collected in claims, with damage claims contributing significantly to this amount.

Bias read (Center): The article presents statistical data from the Central Bank of Ireland regarding car insurance premiums and claims without overtly favoring any particular political stance. It provides balanced information on the factors influencing insurance costs, including both damage and injury claims, and cites