Starting September 1, 2023 you might see your car insurance premium going up due to some recent changes that have been made regarding insurance premiums and discounts.
The Central Bank has made changes to the way insurance premiums are priced. The regulations previously allowed a 50% discount on insurance premiums for individuals with accident-free records when renewing or getting new policies within specific categories including those who were paying ‘minimum premium’. Minimum premium is the lowest possible insurance premium a customer could pay and it is set by the Central Bank.
This means insurers are no longer able to provide discount to customers who pay ‘minimum premium’ as from 1st September 2023 despite years of No Claims Discount (NCD) or years of driver experience. This means those who used to pay the minimum premium could see their renewal premiums increase if they were previously receiving a discount.
Please keep in mind that these changes are effective from 1st September 2023 and apply to all insurance companies, agents, and brokers.