Waterford motorists face 'fleecing' uphill drive on car insurance
Deputy McGuinness said motorists are being "fleeced" by insurance companies
The Government is standing idly by while motorists in Waterford and across the country are being "fleeced" by a 9% insurance hike.
That's the view of Sinn Féin TD for Waterford, Deputy Conor McGuinness, who commented on the issue to Waterford News & Star.
"Waterford motorists are being fleeced as the Government stands idly by and allows the insurance industry to drive up costs," he said.
His comments came in the wake of the latest Central Bank figures which indicated the average price of motor insurance rose by 9% between 2023 and 2024, reaching €623.
Deputy McGuinness said that the figures confirmed what drivers, families and small businesses across Waterford already knew — that despite Government promises and reforms, insurance companies are pocketing savings and pushing up premiums.
“The Central Bank’s latest report shows that the average cost of motor insurance has jumped by 9% in the past year," he said.
"This comes at a time when people are already struggling with the soaring cost of living, from food to fuel to rent, and it is clear that motorists are being fleeced," he added.
“This is happening because Government has allowed it to happen," said the Sinn Fein Deputy.
"They have sat back while insurance companies make excessive profits that bear no relation to the actual cost of claims," he added.
"This is profiteering, plain and simple, and it is happening under the Government’s watch.”
Deputy McGuinness said his party had "led the way" on reforming the insurance industry and holding it to account.
“Sinn Féin successfully introduced legislation in 2019 to strengthen consumer protections and to end discriminatory practices where insurance companies penalised loyal customers," he said.
"Yet even after these changes, prices are still rising," he added.
"The purpose of reforms such as the Personal Injuries Guidelines was to bring down costs for customers and small businesses - not to boost industry profits.”
He went on to comment: “The solution is clear. Sinn Féin’s Judicial Council (Amendment) Bill would force the insurance industry to report to the Central Bank and show, euro for euro, whether they have passed on savings to customers. It would allow the Dáil to hold the industry to account and apply real downward pressure on prices.”
He added that the issue is being felt particularly hard in rural and coastal communities across Waterford.
“In rural areas, where people rely entirely on their cars to get to work, school or healthcare, these price hikes are hitting hardest," he said.
"Whether it’s in Lismore, Bonmahon, An Rinn or the Comeragh, insurance costs are punishing families and small businesses that have no alternative transport option," he added.
He said Government indifference to the situation was another example of how disconnected they are from rural life.
“The Government has protected the profits of big insurance companies instead of protecting ordinary motorists," he said.
"It’s long past time they backed Sinn Féin’s legislation, stood up for consumers, and forced the industry to cut its prices.”
