Insurance companies will be obliged to give advanced notice to customers of the cost of renewing motor insurance policies, the Government said today.
Minister of State at the Department of Enterprise, Trade and Employment Mr Noel Treacy said he will introduce the regulation after consulting with insurance companies.
Consumers will receive 15 days' notice allowing them to shop around for cheaper policies. A Certificate of No Claims Bonus, showing their years of accident-free driving up to the date of issue, will also be sent to policy holders.
"Many consumers become totally frustrated, as they do not get enough notice of the terms of the renewal of their motor insurance," Mr Treacy said.
"Such late notice is an obstacle to the consumer's ability to shop around," he said.
