Car owners could save up to €300 on their motor insurance, according to research from the Central Bank.
The analysis was based on online new business quotes obtained from eight primary insurers for 16 standardised consumer profiles in June 2026.
It found potential savings of around €300 by comparing multiple quotes, from various insurers while using identical driver and vehicle profiles.
The bank also recommended consumers should compare policy features for a like-for-like comparison.
Speaking on the publication, Director of Insurance Seána Cunningham said there is benefit to shopping around, particularly for people who are seeing very high quotes.
According to the National Claims Information Database (NCID) 2025 report, the average private motor insurance premium in Ireland is around €655.
The Central Bank found your actual premium might be very different, depending on who you are, what type of car you drive, and the cover you choose.
“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,” noted Ms Cunningham.
“The research we have published today includes practical steps to take that can help reduce your premium,” she said.
The Central Bank’s guide recommends consumers shop around each year for the best price.
It recommends people drive safely, pay their premiums annually, review excess levels and cover, and to take advantage of available discounts to help reduce their premiums.
