car insurance

[NickThePartsGuy]

nice little read

https://www.independent.ie/business/...-38215319.html

[CitizenKane]

It is interesting but I am not sure what the answer is. I am as free market libertarian as they come , but the difference with insurance is they have a captive market - they are selling a product that it is illegal for us not to buy - so the normal market rules don't really apply to them.

Maybe the solution is to reduce barriers to entry for other EU insurers into the Irish market to increase competition?

[IRISHD M3]

It is interesting but I am not sure what the answer is. I am as free market libertarian as they come , but the difference with insurance is they have a captive market - they are selling a product that it is illegal for us not to buy - so the normal market rules don't really apply to them.

Maybe the solution is to reduce barriers to entry for other EU insurers into the Irish market to increase competition?

My feel on the subject is that the government should provide a standardised minimum level third party insurance product. It will be the legal minimum required and have absolutely no extras. Insurance companies can then pick up all the comprehensive business with their add-ons and variations. Anyone who is legally entitled to drive should have the option to buy the base level insurance subject to a claims limitation clause that effectively bans repeat careless/dangerous drivers from holding insurance and therefore keeps them off the road.