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Insurance Companies Will Have To Be More Transparent

Friday, 1 November 2019 14:38

People buying car insurance will have longer to shop around for a better price.

People buying car insurance will have longer to shop around for a better price.

From today, new Central Bank rules mean the renewal notification period is being extended from 15 days to 20.

Insurers must also clearly display the premium the customer paid last year, on the same page as their proposed new quote.

Insurance broker Niall Dempsey from C and E Finance in Edenderry says people won't see a reduction in their policies:

There's been a mixed reaction to new Central Bank rules forcing insurance companies to be more transparent with their customers.

The Alliance for Insurance Reform said the changes were "a tiny amount of reform", but holders of many other forms of insurance will still not get last year’s premium on their renewal notice.

Declan Jackson, Director of Government Affairs at Insurance Ireland, is welcoming the rule changes:

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