Ireland’s Guide To Money And Living

Consumer watch

Consumer watch

Injury claims

We’re all well aware of the issues with spiralling motor insurance premiums in Ireland, with insurance companies maintaining that part of the problem is oversized payouts being made by the Personal Injuries Assessment Board.

This week TheJournal.ie notes that a comprehensive report published by the Board has revealed that the average whiplash injury payout is €15,000, rising to €77,900 in cases of serious injury. Those and other figures are contained within the Board’s new Book of Quantum, which provides guidelines as to the amounts awarded or assessed in personal injury claims.

“The updated guidelines are being published against a backdrop of a lack of data identifying precise causes for increasing motor insurance premiums,” said Conor O’Brien, chief executive, Personal Injuries Assessment Board. “Data gaps across the market remain and we reiterate our call for greater data transparency across the insurance market so the factors impacting premiums can be understood.”

Ireland’s miserable deposit rates

In other news, The Irish Times‘ Fiona Reddan reports that our deposit rates remain the worst in Europe, clocking in at 0.14% on fixed rate deposits. In the Netherlands, that figure is a more respectable 1.8%.

“Over 12 months the best rate on the Irish market is KBC Bank’s 1.15 per cent but this is restricted to the bank’s current account customers. Otherwise the best rate is the bank’s 0.9 per cent rate,” she writes. “Worst of the bunch are AIB and Bank of Ireland, which both have rates of 0.25 per cent on offer.”

The right wheels

Finally, if you’ve read our piece on how to effectively search for a new car and now have the bug, Aidan Timmons (co-editor of Motor Trade Publishers) and Irish Independent motoring editor Eddie Cunningham are on hand to give their perspective on your next set of wheels. Both offer detailed advice in response to a number of consumer queries, and recommend brands, fuel types and engines based on particular needs.

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When not writing about all things personal finance, You & Your Money's editor Conor Forrest enjoys reading, football and getting lost in an ocean of Wikipedia articles.
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