Consumers can save around €300 by shopping around for motor insurance, according to new research from the Central Bank.
The regulator analyzed quotations across 16 consumer profiles, finding that insurers provided different policy quotes for identical driver profiles. However, insurers “all tend to differentiate between lower and higher risk customers in a consistent way,” the study said.
According to the Central Bank, drivers classified as higher-risk—such as motorists with penalty points, limited driving background, or vehicles used for business purposes in addition to personal travel—may need to cast a broader net, looking into broker options or reaching out to insurance companies directly since “online quotes are not always available” for them to “more widely” compare.
The research is based on online new-business motor insurance quotes obtained in June from eight of the main insurers. These companies collectively underwrite more than 90% of the Irish private motor insurance market.
Market Premium Realities
The average motor insurance premium in Ireland is around €655, according to the Central Bank’s National Claims Information Database 2025 report.
The regulator’s consumer research indicates that just 9% of motorists switch insurers. One in five renew their policies without engaging with their insurer at all.
Most consumers renew with their existing provider. 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,” the study found.
“It is not just about price,” said Seána Cunningham, Director of Insurance with the Central Bank. “Consumers should also compare the level and type of cover provided to make sure they are getting the right cover for them.”
Consumer Buying Habits
More than half of consumers, or 53%, call their insurer to buy motor insurance. Exactly 20% rely on a broker, 18% acquire policies straight from an insurance provider’s web portal, and a mere 4% utilize comparison sites for prices.
The Central Bank research “highlights the importance of greater transparency in the motor insurance market and the potential for consumers to secure better value,” said Robert Troy, Minister of State for Insurance.
“We have made significant progress in reforming the motor insurance market in recent years, with premiums now 37.6% below their 2016 peak and having fallen by 5.4% year-on-year,” Troy said.
“Consumers deserve to understand why their premiums have changed and what they can do to secure better value,” he added. “That is why we are taking steps to improve transparency across the sector, helping motorists better understand their premiums and compare the options available to them.”
Industry Response
Insurance Ireland welcomed the research. Moyagh Murdock, chief executive of Insurance Ireland, said “there are some very positive messages for consumers in this report.”
“Motor insurance prices are down more than 5% on last year, there is real choice in the market and, importantly, almost eight in 10 customers say they are satisfied with their current insurer,” Murdock said. “We encourage people to compare their options at renewal, but shopping around does not necessarily mean switching.”
Consumers “can speak directly to their existing insurer, seek other quotes online or by phone, or use a broker,” she said. “The objective should be to find the right combination of price, cover and service.”
Murdock also said that it is “important that consumers understand the factors that influence their premium and take practical steps where they can.”
“For learner drivers, progressing to a full licence is one of the most straightforward ways of improving their risk profile,” she said. “Building driving experience, maintaining a safe driving record, avoiding penalty points and developing a claims-free history all matter over time.”
Driver Comparison Options
| Acquisition Channel | Market Share |
|---|---|
| Phone insurer directly | 53% |
| Insurer’s website | 18% |
| Price-comparison websites | 4% |
Motorist Questions Answered
Why are online quotes unavailable for certain motorists?
Online quotes are not always available for higher-risk profiles, such as individuals with limited experience, penalty points, or those who use their vehicle for business use, according to the Central Bank.
How much is the average premium?
The average motor insurance premium in Ireland is around €655, according to the Central Bank’s National Claims Information Database 2025 report.
What proportion of motorists actually switch providers?
Just 9% of motorists switch insurers, while one in five renew their policies without engaging with their insurer at all, the regulator’s research shows.