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Dublin: 7 °C Wednesday 1 April, 2020

Are returning emigrants paying more for insurance?

A TD says they are.

"You paid how much?"
Image: Mark Stedman/Photocall Ireland

RETURNING EMIGRANTS ARE being punished with higher insurance premiums, a TD has claimed.

Fine Gael’s Jim Daly says that he has be told of drivers receiving quotes 500% higher than the norm after returning home.

Daly criticised insurance companies for seeking “exorbitant” motor policy premiums from citizens who return to live in Ireland after being abroad for “just a few years”.

Daly said he was aware of people who were quoted five times the normal rate. He said these people had full licences, a claim free history and “there was no justifying their premium rising from €500 in 2012 to €2,600 after they have come home”.

He called on the Central Bank to regulate the industry more tightly.

I am calling on the industry regulators to put in place a fixed set of guidelines that would ensure insurance companies would recognise previous driving experience either at home or abroad and provide reasonable quotations based on the actual risk.

“A driver returning home after a few years abroad with 20 previous years of full licence driving in Ireland is not a greater risk than a teenager with a new licence and should be quoted accordingly.”

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