Shop around to save €300 on motor insurance - research

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New research from the Central Bank suggests consumers can save around €300 by shopping around for motor insurance.

New research from the Central Bank suggests consumers can save around €300 by shopping around for motor insurance.

Analysis by the regulator of quotations across 16 consumer profiles revealed significant differences in policy quotes for identical driver profiles across insurers.

However, it said insurers "all tend to differentiate between lower and higher risk customers in a consistent way".

The study noted that some consumers need to search "more widely" in order to achieve a lower quote, because "online quotes are not always available for higher-risk profiles - for example, individuals with limited experience or penalty points or those who use their vehicle for business use as well".

The Central Bank said these consumers "could explore broker channels or contact insurers directly".

The research is based on an analysis of online new-business motor insurance quotes obtained in June from eight of the main insurers, which collectively underwrite more than 90% of the Irish private motor insurance market.

According to the Central Bank's National Claims Information Database (NCID) 2025 report, the average motor insurance premium in Ireland is around €655.

The regulator's consumer research indicates that just 9% of motorists switch insurers, while one in five renew their policies without engaging with their insurer at all.

It also found that most consumers renew with their existing provider, and because they do not compare quotes they "could lose out on a better price or more suitable cover - especially higher-risk consumers, where the savings can be much larger".

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