Sinn F\u00e9in TD for Dublin South West Se\u00e1n Crowe has called on all TDs to support Sinn F\u00e9in\u2019s Bill to end the insurance rip-off, which will be debated in the D\u00e1il this Wednesday, 17th February.<\/p>\n
The Bill will reduce insurance prices by banning the practice of \u2018dual pricing\u2019, used by insurance companies to identify loyal customers and charge them artificially high premiums. The practice affects millions of policyholders, costing many customers hundreds of euro per year on their car and home insurance.<\/p>\n
Teachta Crowe said:<\/p>\n
\u201cIt is time to end the insurance rip-off and reduce prices for customers.<\/p>\n
\u201cThis Bill, which will be debated on Wednesday, will put money back in the pockets of motorists and homeowners by reducing their premiums.<\/p>\n
\u201cIt will stop insurance companies penalising and ripping off loyal customers.<\/p>\n
\u201cInsurance costs in Ireland are far too high and it is time to ensure customers are treated fairly.<\/p>\n
\u201cIn the past decade insurance costs have risen by 35 percent despite the cost of claims falling by 9 percent.<\/p>\n
\u201cInsurance companies are price gouging customers every year using a practice that is banned in twenty US states and is soon to be banned in Britain.<\/p>\n
\u201cInsurance companies use \u2018dual pricing\u2019 to target loyal and vulnerable customers, and then charge them premiums that are higher than the real cost of their policy.<\/p>\n
\u201cThis is the loyalty penalty – overcharging customers by hundreds of euro every year.<\/p>\n
\u201cThis cannot be allowed to continue.<\/p>\n
\u201cThis Bill will finally put an end to this price gouging by banning dual-pricing.<\/p>\n
\u201cIt will require the Central Bank to draw up and enforce regulations that will govern the ban.<\/p>\n
\u201cAny insurance companies that ignore the ban will face heavy sanctions.<\/p>\n
\u201cThe Bill will also require insurers to tell you exactly how your premium has been calculated.<\/p>\n
\u201cIn Britain, the financial regulator estimates that a ban on dual-pricing would cut insurance costs for customers by 10%, saving customers between \u20ac4 and \u20ac13 billion over the next decade.<\/p>\n
\u201cIrish consumers deserve no less.<\/p>\n
\u201cThis legislation will cut prices, increase transparency and reduce the amount of time consumers spend switching and searching for insurance policies.<\/p>\n
\u201cThe insurance industry will fight against this Bill. We must ensure that it passes.<\/p>\n
\u201cI am calling on all TDs from all parties to back this Bill and stick up for customers who have been fleeced by unfair insurance costs for far too long.<\/p>\n
\u201cIt is time to end the insurance rip-off.\u201d<\/p>\n
Note: A copy of the Insurance (Restriction on Differential Pricing and Profiling) Bill 2021 is available at the following link – https:\/\/data.oireachtas.ie\/ie\/oireachtas\/bill\/2021\/1\/eng\/initiated\/b0121d.pdf<\/p>\n","protected":false},"excerpt":{"rendered":"
Sinn F\u00e9in TD for Dublin South West Se\u00e1n Crowe has called on all TDs to support Sinn F\u00e9in\u2019s Bill to end the insurance rip-off, which will be debated in the D\u00e1il this Wednesday, 17th February. The Bill will reduce insurance prices by banning the practice of \u2018dual pricing\u2019, used by insurance companies to identify loyal […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4471","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/4471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/comments?post=4471"}],"version-history":[{"count":2,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/4471\/revisions"}],"predecessor-version":[{"id":4476,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/4471\/revisions\/4476"}],"wp:attachment":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/media?parent=4471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/categories?post=4471"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/tags?post=4471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}