The announcement that Margrethe Vestager is to investigate the Irish car insurance cartel is good news. She is the same commissioner who hit Apple for €13 billion in back taxes.
Irish drivers are being ripped off. Young drivers are hit for exorbitant fees. The average premium charge to young men with a full licence is €1,701.
Drivers of older cars are charged an extra fee. There are 250,000 cars on Irish roads which are over 15 years so you can imagine how much extra profit the insurers make.
Every year, the car insurers quote outrageous prices – and then do a small write down if you haggle.
The Canadian province of Manitoba has had a public not-for-profit insurance company since 1971 that provides cheap third-party insurance.
People Before Profit wants to follow this example:
- Create a national not-for-profit Irish Public Car Insurance company to provide basic third-party insurance at the cheapest rates.
- Those who want additional insurance can apply to the private insurance industry.
- Make it illegal to discriminate against young drivers or charge extra for older cars.