The Society notes that insurance premiums have risen by more than 71pc since 2013, and by 38.6pc in the last 12 months alone.
"Our experience of previous periods of high insurance costs suggest that car maintenance will reduce, thus increasing the risk of accidents," says SIMI's Director General Alan Nolan.
The motor industry is calling for the re-establishment of the Motor Insurance Advisory Board which previously delivered significant reductions and greater transparency on insurance costs.
"The Society also feels that the Competition and Consumer Protection Commission should undertake out a general review of motor insurance premiums seeking to highlight the issues, including underlying costs, which give rise to the current high level of motor insurance premiums, and to make recommendations to the Minister in order to ameliorate the situation," Mr Nolan says.
He notes that recent reviews of insurance costs in the UK, has seen their motor insurance premiums fall to levels that are now lower than three years ago.
