This year I learnt to my horror that, despite 26 yearsâ€™ no-claims bonus, my car insurance premium had jumped from â‚¬440 a year to â‚¬1,100. My predicament is not an isolated one.
Why is the Irish motorist being fleeced in this way when all cars must undergo an NCT test and when annual excise revenues from petrol and diesel exceed â‚¬2.4 billion?
It works like this: judges determine the level of compensation a claimant gets for a broken toe, dislocated shoulder or gash on the head and so on. When the annual national level of compensation is added up â€” surprise, surprise â€” it exceeds the insurance companiesâ€™ revenue. Then the price of insurance per vehicle owner goes up so that insurers can balance their books andâ€¦