Young Irish motorists are being hit twice as hard by insurance premium rises, returning to the bad old days of the early noughties.
As previously reported on Completecar.ie insurance premiums across the board have risen by 25 per cent on average since 2014 but young drivers are seeing premium rises of 50 per cent and in some cases up to 90 per cent leading to quotes of €4,000 for a 1-year policy.
The information comes from a survey conducted by insurance brokers CoverinAClick.ie, which revealed that many young drivers are being forced to search for cover from UK insurers having being priced out by Irish based ones.
"There's much talk about 15- to 25 per cent increases for motor insurance, but young drivers are being hit particularly hard as insurers pull back from this sector of the market," said CoverinAClick.ie Managing Director Jonathan Hehir.
"There's a subtle but quickening trend in the market now to place business with UK-based insurers such as Lloyds because Irish-based insurers simply cannot offer competitive rates at the moment."
The news comes on the back of recent revelations regarding the Central Bank and its urging of Irish insurers to increase premiums to boost profits.