Reduced motor insurance premiums are on the way after a landmark ruling.
Today’s Irish Independent reports that insurance premiums could be cut by as early as June, following a Judicial Council vote on personal injury awards.
The Judicial Council voted in favour of new guidelines last month to decrease payouts for minor injuries in particular.
Payouts for ‘bumps, bruises and mild, fully recovered whiplash injuries’ are to be significantly reduced in line with other European countries.
The new guidelines will be used by both the Personal Injuries Assessment Board and the Judiciary and are set to bring more consistency, reduce litigation and reduce awards, which are major drivers for insurance costs.