When will Irish car insurance go off the market?
The Irish insurance industry is struggling to find an answer to what will happen to Irish car insurers after the introduction of new car insurance policies.
In September, the European Commission proposed that car insurance providers across the continent must be able to offer more flexible policies, which would allow them to offer the same coverage in different locations and at different rates.
Currently, the insurance industry has to decide what coverage to offer, because insurers are only allowed to offer their policy in Ireland.
The Commission proposed allowing insurance providers to offer coverage in the EU, but only in certain areas, such as in cities where people travel.
If the policy is offered in a different country, it would be in the national insurance system.
This would mean insurers would be able offer coverage to people in a country in Europe and the UK, but not in Ireland, for example.
“We can see this being an issue, and one that is very difficult to resolve,” said Tom Byrne, senior research fellow at the Institute of Policy Studies (IPS).
“We need to have a flexible policy, not just one that provides coverage in one particular area but that allows people to choose between different types of coverage.”
If you have a policy in London and then move to another part of Europe, there are still some places in Europe that have to be covered.
“So it’s not the right solution for us.”
It will be interesting to see how the Irish insurance market will react to this proposal.
“It is already illegal for insurers to offer policies in Ireland because it is illegal to offer insurance in the UK or in any other EU country.
However, in the absence of an agreement between the Irish government and the European Union, it is unclear whether the insurance market could remain open in Ireland for long.”
There are already plans to have an EU-wide exchange to allow insurers to trade with each other, and to allow people to trade across EU borders,” Byrne said.”
This would also be a major change for the Irish market, and would require significant regulation from the European Insurance Agency.
“But there are also a number of other benefits to having an EU market.”
If the insurance companies are allowed to sell the same policy in two different countries, there will be an increase in competition, he said.
It could also lead to a more competitive market, which could mean insurers could offer different policies in different markets.
“The problem with this is that it will lead to an increase of competition,” Byrne added.
“Insurers will not be able afford to offer a policy with a higher premium because they will have to increase the prices they charge for that coverage.
This could also mean that there will not always be the same level of coverage in a particular market.”
In addition to the cost of covering an accident in Ireland or the cost for an injury, the cost would be shared out between the insurers and the insured.
The insurance companies will also be able set out what their premiums are, so people will know what they are paying and how much they should be paying.
In some cases, there may be a rebate on the premiums.
“For example, in some European countries, a policy may not have a premium tax, but it does have a cost tax,” Byrne explained.
“In Ireland, the government is likely to ask insurers to provide a rebate.”
I think the incentive for insurers will be to offer these higher prices, so that they will be able sell insurance in Ireland and make money from that.
“If this is approved, there is a possibility that insurers will sell a policy for €300,000 in Europe, for €400,000 on the Continent, and for €600,000 outside the EU.
This may be because there is less competition in the market, he added.
However it could also be because Irish insurers are less well-placed to offer this kind of coverage, Byrne said, which will lead them to sell policies that are more expensive in Ireland than in other EU countries.”
That will also lead them not to sell these higher premiums in Ireland.
“He added that the lack of competition in a single market would mean that people would not always have the same rate.”
People will be choosing between different rates in different parts of Europe,” he said, adding that this would lead to higher premiums for consumers.