Will Brexit Affect My Insurance?

We are all guilty of assuming that Brexit is something that is happening to the UK, but what has become increasingly clear in the last few months is that Brexit will have a knock on effect throughout the EU.  With regard to Insurance there are two issues that most people in Ireland are concerned about.  The first is whether they will still be covered if their insurer or broker is UK based, and the second relates to driving in the UK and Northern Ireland.  With regard to cover the Irish Government is putting into place legislation that will allow UK and Gibraltar based companies to continue to offer cover on existing policies here for up to three years in the event of a no-deal Brexit.  However, it is important to note they will not be able to write new business and cover will only continue for pre-existing policies.  With regard to driving the Motor Insurance Bureau of Ireland has stated that Insurers here are preparing a “green card” system.  Green Cards are internationally recognised insurance documents, which act as proof of motor insurance when travelling internationally.  Not having one, if stopped, could lead to difficulties in proving that you are insured to drive.  Essentially what this means is that you will need the correct documentation in place in order to drive your vehicle in the UK or Northern Ireland and you will need to apply to your Insurer giving them adequate notice prior to travelling to ensure you can do so.  Make sure you check with your Insurer or Broker prior to making any travel plans to the UK.  At this time of writing this article this information is correct but for the latest up to date information on all Brexit related developments please refer to https://www.gov.ie/en/publication/a7ba02-brexit-info/?gclid=EAIaIQobChMI4eGuso2T4QIV4r3tCh1tmgaCEAAYASAAEgLrAfD_BwE