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According to auto insurance broker Coverinaclick.ie, the average auto insurance premium guaranteed to customers on renewal has fallen by an average of 8.5% since June 2020 and 24.5% since June 2019.
The drop in premiums reflects the final premium paid, not the initial renewal quote offered by the current insurer, with the online broker warning that drivers who choose to automatically renew their coverage are not seeing savings.
“We have software processes in place to compare each customer’s market with each renewal,†Coverinaclick.ie general manager Jonathan Hehir said.
“Motorists should eventually turn on every two or three years. “
The latest Consumer Price Index from the Central Bureau of Statistics (CSO) shows that auto insurance figures have declined by around 6% in the past 12 months, but this group includes people who have accepted their premium renewal of the existing insurer, Hehir said.
“If one insurer cuts their price, you can be sure a lot of others are doing it too, because it’s become a very competitive market,†he added.
Fragmented product
Coverinaclick.ie said that each insurer’s approach to driver risk profiles varies widely and changes frequently.
“Auto insurance is one of the most fragmented products when it comes to pricing and quotes can vary wildly from person to person and from insurer to insurer. This is why it is absolutely imperative that people do not simply accept the renewal price given by their current insurer.
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