Tom Hannon, who delivers employment for eight drivers at Tower Cabs, explained the most affordable quote he received to insure the company’s eight cars was €53,000, from a Uk company.
The supply is €3,000 less than the €56,000 he was quoted to renew his policy with his existing Irish insurance supplier, Liberty.
Speaking at his house in Garryowen, Mr Hannon mentioned he was “flabbergasted” through the skyrocketing selling price hike. He “never had a claim” about the 11-year-old policy.
Mr Hannon, 62, mentioned: “It’s crazy. I’d eight cars insured for €7,000, then it went to €14,000, €16,000, after which last year, it went to €56,000. There was no explanation.
“I rang [Liberty] up, plus they stated to me that is the way in which insurance is gone.”
Mr Hannon stated he did not anticipate to get in small business subsequent 12 months if his company’s insurance premium continued to shoot up.
“I can not see myself during the taxi organization, if it continues like this I’ll really need to let the company go - it is also challenging,” he explained.
“I viewed as the choice of placing eight drivers from organization, but I’m likely to try out and proceed just a little bit and see how this yr goes.”
He mentioned he was anxious and stressed.
“It’s even affecting my overall health. I’m feeling miserable, stressed the entire time, and depressed.”
Mr Hannon, that has thirty years’ trade knowledge, said there have been “loads” of other taxi drivers in related scenarios.
Last week, yet another Limerick cabbie, Alfie Earls, went public with his story right after his insurance coverage premium jumped €2,000 in one particular 12 months with no accident or claims pending. Though Mr Earls known as to get a national protest at increasing insurance expenditures, Mr Hannon known as around the Government to intervene.
He estimated that all over 90 taxi drivers from the Limerick place alone had left the market in the past twelve months.
“I’m working at a reduction this year, in between insurance coverage, licence renewal, tax, support and maintenance, and radios,” he mentioned. “I won’t be building anything at all out of it.”
Mr Hannon is at the moment paying about €2,300 to insure his personal taxi with Axa.
Tony McNamara, the mid- west representative on the Irish Taxi Drivers Federation, explained the increasing price of car or truck insurance for taxi drivers had left the industry in critical decline.
“In my viewpoint, what’s going to transpire is there will not be adequate taxis all-around since drivers can’t afford to spend the insurance,” he said.
“For example, a married guy that has a few children, around the social welfare will consider property nearly €400 a week. For him to produce that €400 in a taxi, he’d need to get in in excess of €1,000, which is pretty, extremely hard to do.”
Mr Hannon would be to seem in a UTV Ireland television documentary tonight discussing his practical experience of the motor insurance coverage industry.