Most motorist are still over paying for their car insurance, despite a legislative requirement for insurers to include the previous 5 year’s premiums on motor insurance renewal notices. That is the view of online motor insurance brokers, Insuremycars.ie, who believe the visibility of the historic premiums may actually be reducing the likelihood of consumers switching insurers for a better deal. 

Jonathan Hehir, Managing Director of Insuremycars.ie warns, “Just because your existing insurer is quoting you a better premium than last year’s, this does not mean it’s the best deal on the market and that shopping around is still as relevant as ever when it comes to securing the best value product on the market”.

Jonathan makes the point that the cost of insurance has dropped over recent years, but many insurers are not passing on savings to existing customers. To highlight the issue Insuremycars.ie cited one recent example where a customer had been dealing directly with an insurer for the last five years, and was about to renew with the same insurer, but decided to seek out some advice first and subsequently saved €144. The customer, an elderly motorist didn’t accept the renewal of €671 from their insurer and called Insuremycars.ie instead. With quotes from 13 other insurers a premium on the same terms of €527 was secured. 

Jonathan adds, “We’re seeing it too often, motorists who have remained loyal to one insurer are invariably being offered a slightly lower premium this year and, thinking they are doing really well, are simply accepting it. Motorists should ultimately be switching every two to three years.” 

Insuremycars.ie acknowledge that the latest Consumer Price Index reports that car insurance figures have reduced by just 8% over the last 12 months but suggest that this is made up of two groups, those who chose to accept whatever renewal premium is provided and so maybe save 2%-3%, and those actively look for a better deal and who could be saving up to 25%.