Central Bank of Ireland research shows value of shopping around for motor insurance

Central Bank of Ireland has today published research that shows potential savings of €300 are available by shopping around for motor insurance.

In addition to highlighting the potential savings available to consumers who shop around, the research provides practical advice on how to reduce the cost of cover. It also explains the key factors that influence the premium a consumer is quoted.

Speaking on publication, 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, particularly for people who are seeing very high quotes, so there is benefit to shopping around.

“However, it is not just about price.  Consumers should also compare the level and type of cover provided to make sure they are getting the right cover for them.

“The research we have published today includes practical steps to take that can help reduce your premium."

Key Findings

The Central Bank's analysis of quotations across 16 consumer profiles reveals:

• Shopping around has the potential to deliver significant savings: Quotes for identical profiles — the exact same driver profile and the exact same vehicle — varied across all insurers, with potential savings of around €300 by comparing multiple quotes. Consumers should also compare policy features to ensure a like-for-like comparison.
• Some consumers need to search more widely: 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).  These consumers could explore broker channels or contact insurers directly. 
• Why your quote is different from someone else's: Insurers assess a range of factors specific to you, your vehicle and your cover. While prices vary across insurers, all tend to differentiate between lower and higher risk customers in a consistent way.
  

Practical Steps for Consumers

The guide encourages consumers to shop around each year for the best price and outlines practical steps to help reduce premiums — including driving safely, paying annually, reviewing excess levels and cover, and taking advantage of available discounts.

ENDS

Notes to editors

This is based on an analysis of online new business quotes obtained from eight primary insurers for 16 standardised consumer profiles in June 2026.