The car insurance industry here could save €287 million in reduced claims as a result of the Covid-19 crisis. Using data from the National Claims Information Database (NCID) as well as information from individual insurance firms, HelloSafe estimated the likely reduction in claims on a national scale and on a county-by-county level. HelloSafe said the change in driving habits during lockdown modified the risk assumptions used by insurance companies to calculate insurance premiums. “ However, it is likely that customers will question why they continued to pay such high insurance premiums whilst they weren’t able to drive. “Competition between them may be increasing in the coming months, and that means customers should see a slight drop in car insurance premiums – which would be fair given the economic crisis which may catch Ireland in the post-Covid world.”

Source: The Irish Times December 03, 2020 13:08 UTC