For those returning home to Ireland and overseas professionals taking up new roles the cost of motor insurance is one strong deterrent .

At yesterday’s Cabinet meeting the Government presented the Cost of Insurance Working Group Report on the cost of motor insurance .

The report has advised the Government to make many reforms and has devised an action plan to be implemented over the next 2 years .

The report sets out 71 actions across a number key objectives as follows ,

1 Protecting the Customer

2.Improving data availability

3 Improving the personal injuries claims environment

4 Reducung the costs in the claim process

5 Reducing insurance fraud and uninsured drivers

6 Promoting road safety and reducing collisions

It is hoped that after full implementation of the recommendations that more  fair and less expensive premiums for consumers will be available and that the huge annual increases in premiums will be a thing of the past .

However most consumers are less than satisfied with the timeframe for implementation and do not anticipate any real reduction is premiums until towards the end of 2018 .

There is a strong demand for legislation that will enforce price freezes on Insurers until such time as the 71 recommendations are implemented.

So hold off on buying that 3litre BMW just yet .