Motor Insurance Premiums Have Finally Fallen For The First Time Since 2014

October 2016 saw the first decrease in over three years

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Motor insurance premiums fell for the first time since January 2013 this October, after a steady and rapid incline since the year 2014.

New inflation figures from the Central Statistics Office show that motor insurance costs fell by 8.2% in October 2016 compared to September of the same year. 

This is in huge contrast to rises of up to 40% during the summer of 2016.

The cost of insuring a car and van has been rising consistently since January 2014.

However, despite the fall in premium rates during the month of October, the cost of cover was up a full 8.5% when compared with October 2015.

Insurance experts have put the reason behind the decrease being that companies have now hiked premiums to such an extent that they may finally be able to break even.

Let's just hope this trend continues...

Huzzah for cheaper premiums!

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Written By

Kate Demolder

Kate is a contributing writer here at Lovin Dublin. You are as likely to see her indulging in some of Dublin’s finer establishments, as well as panic-exercising the day after.

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