Despite the Governments attempts to lower motor insurance premiums, the cost of car insurance in Ireland has increased by more than 70 percent since 2013, and while the Central Statistics Office (CSO) would like to have us believe that the cost of car insurance dropped by 12.8% in the past 12 months, many motorists are still seeing an increase in their premiums year after year.
In fact, in a survey carried out by AA Ireland, 56 percent of the 4,000 drivers polled said that their car insurance had increased significantly since their last renewal, while in the Standard and Poor (S&P) Global Ratings Report, it was revealed that the average cost of car insurance in Ireland currently stands at €900 per year.
Why is Car Insurance So Expensive in Ireland?
So why is car insurance so expensive in the Republic? Well, fraudulent claims are on the increase, judges have greater freedom when it comes to handing out large awards at district court, and it seems as a nation, we are simply racking up too many claims for our insurers to deal with. But is it really all our fault?
While we cannot be held responsible for other drivers, we can do more to lower our own car insurance premiums by simply understanding how they are calculated by insurers. In Ireland, car insurance premiums are usually based on key factors such as age, sex, profession, type of car, where you park, and your postcode. However, there are a few ‘secrets’ of cheap car insurance quotes that could help you save a fortune:
Cheap Car Insurance Tips
Shop Around & Switch: It’s time consuming, we know, but if you really want to save money on your car insurance policy, you need to compare quotes. Read the small print – it could save you hundreds of euros, and don’t be afraid to switch to a new provider, its quick, easy and painless.
Choose Your Job Title Carefully: You must always be honest when completing your car insurance application, but the job title you use could have a significant impact on the premium you pay. A chef, for example, will pay a higher premium than someone who lists themselves as kitchen staff. A builder will pay more than a bricklayer, and an office manager will pay more than an office administrator. So why you mustn’t lie, this is one area where you might not want to show off your hard-earned job title.
Add a More Experienced Driver to Your Policy: Car insurance premiums for new and inexperienced drivers can cost thousands of euros each year. One of the easiest ways to reduce this cost is by adding a more experienced driver, particularly one with a clean license and long no-claims history to your policy. However, they must be listed as the secondary driver and not the primary if you are to stay on the right side of the law.
Pay in One Go: While most car insurance providers will allow you to pay for your policy in instalments, they will, in most instances, add interest to each payment. You can save these costs by simply paying for your car insurance upfront and in one go.
Cut Extras: Most car insurance policies come with a list of optional extras such as windscreen cover, breakdown cover, theft of personal belongings, and driving abroad. While nice to have, all these extras can add a significant amount to your premium, and you may well find that you are already covered for these things under your travel insurance, home insurance, AA membership etc.
Raise Your Excess: No one likes to pay an excess, but by simply raising yours to an affordable level, you could secure a cheap car insurance quote. Consider all options before signing on the dotted line, and only go with an excess that you are sure you can cover in the event of an accident.