Unlock a Secret €300 Windfall: How Smart Shoppers Are Slashing Their Car Insurance Bills Today

Unlock a Secret €300 Windfall: How Smart Shoppers Are Slashing Their Car Insurance Bills Today

Ever wonder if a little extra legwork on car insurance could really fatten your wallet by up to €300 a year? Turns out, it can—big time. But hold up, before you dive into comparing prices, here’s the kicker: it’s not just a numbers game. The Central Bank of Ireland’s latest scoop reveals that while rates swing wildly from one insurer to another for the very same driver and vehicle, the real savvy moves lie in unearthing what’s actually tucked inside those policies. After all, you don’t want to snag a “bargain” only to find you’ve got less coverage than you bargained for. And for those on the riskier side of the road, online quotes might play hard to get—sometimes dialing up insurers directly is the truer path to savings. So, ready to outsmart the system and keep that extra €300? Let’s dig in. LEARN MORE

Shopping around for car insurance can save drivers up to €300 a year, a new report shows.

However, the research by the Central Bank of Ireland warns motorists to check the cover insurers are offering as well as the price.

Central Bank director of insurance Seána Cunningham said: ‘Our research shows that the price consumers are quoted for motor insurance can vary significantly from one insurer to the next for the same driver and the same vehicle. There are potential savings of around €300 available by comparing multiple quotes.

‘However, it is not just about price. Consumers should also compare the level and type of cover provided.’

It is advised that some consumers need to search more widely. Online quotes are not always available for higher-risk profiles; these consumers could contact insurers directly.

Insurance
The Central Bank of Ireland in Dublin. (Pic: Sasko Lazarov / © RollingNews.ie)

The Central Bank report says: ‘Claim costs are typically the largest component of your premium, accounting for approximately 60%. This is generally based on your individual risk profile – how likely you are to make a claim, and how expensive that claim might be.’

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