Motorists could save €300 by comparing cover
A Central Bank analysis has found substantial differences between quotations offered to drivers with identical risk profiles. Minister Robert Troy welcomed the findings as new transparency measures are rolled out to Irish policyholders.
Irish motorists could potentially save around €300 by comparing insurance quotations, according to a new Central Bank analysis welcomed by Minister of State Robert Troy.
The study examined quotes from eight insurers representing more than 90% of the private motor market and found significant price differences for consumers with identical risk profiles. Some higher-risk drivers could save more, although the amount depends on individual circumstances and the cover selected.
Just 9% of surveyed consumers switched insurer at renewal, while one in five renewed without engaging with their insurer. Troy said: “Consumers deserve to understand why their premiums have changed and what they can do to secure better value.”
The minister said premiums were 37.6% below their 2016 peak and had fallen by 5.4% year-on-year.
The Motor Insurance Transparency Code is being rolled out under the Government’s 2025–2029 insurance reform plan. It introduces premium summary and market overview statements for approximately 2.2 million private policyholders; some firms have begun issuing them, with others expected to follow.
Drivers can find the Central Bank’s guide, Understanding Your Motor Insurance Premium, on its website. The code will be reviewed within 18 months, with the Central Bank reporting to the Minister for Finance on adherence and impact.