By Robbie Byrne
Vehicle insurance premiums are likely to drop in the second half of 2021.
This positive move is inevitable according to Junior Finance Minister Sean Flemming who has been meeting with a number of providers.
It's after the Judicial Council approved fresh guidelines that will mean pay-outs for personal injury claims will be slashed.
Insurance companies initially suggested this didn't mean the cost of insurance premiums would go down immediately
However, Junior minister Sean Fleming says insurers have now indicated that premiums will decrease from June of this year, with insurers having also been helped by lower traffic volumes in the past year.
"The cost to the insurance companies will now go down and that should be passed on to the public", he said.
"They've all said they will start doing it early in the second half of this year after June and I'm hoping that will be the start of further reductions to come when the new reduced payouts... fully take hold over the months and early into next year."
Photo by Kaique Rocha from Pexels
