iRadio Stock Image

The cost of car insurance could be set to go down.

It follows a landmark decision to decrease payouts for minor injuries.

Last month, the Judicial Council approved guidelines that means payouts for certain injuries will be reduced.

Awards for whiplash will be halved while many other less serious injuries will be reduced even further.

Insurance companies initially indicated this doesn’t mean the cost of insurance premiums would go down immediately.

But junior Finance Minister Sean Fleming has told the Irish Independent he’s been holding meetings with the leading insurers in the market and most are saying premiums will be reduced this year.

He said much of this hangs on the acceptance level of settlement offers made to claimants to the Personal Injuries Assessment Board under the new guidelines.

Insurers have also been helped by lower traffic volumes in the past year.