How to save on your car insurance premiums
Insurers are getting better at saving on their premium, as they are trying to make sure they don’t fall behind when it comes to covering drivers.
The latest statistics show that the average cost of insurance is €30,859 for a one-year policy in 2016, compared to €39,072 for a two-year coverage, according to the National Insurance Institute.
The institute said that the number of policyholders who have the same annual premium as a one year policy is now less than 1 percent, while the number with two- or three-year policies is less than 5 percent.
“It’s clear that insurers are now doing more to protect drivers from falling behind and that they are being more transparent with this data,” said Ilaria Di Parma, senior insurance analyst at the institute.
“We also see the industry becoming more transparent about what the premium is and what types of policies are being offered.
This is good news for the consumer.”
The number of drivers who had no insurance for the whole year was 4.7 percent in 2016.
“More and more drivers are getting insured for the first time, which means there is more and more pressure on the insurer to provide the best possible coverage to their customers,” said Di Pama.
“This trend will continue, but at a lower rate than the previous years, as insurance premiums are starting to fall again,” she added.
According to the Insurance Institute of Ireland, a total of 3.2 million Irish drivers have at least one policy.