A leading insurance broker has insisted motor premiums are falling, despite others saying there is little evidence of cheaper cover.
Broker CoverInAClick.ie said average premiums had fallen by 8.5pc in the past year, and by 24pc since June 2019.
This is translating into savings of up to €200 per policy.
The broker measured the average premiums it secured for customers for the month of June this year, in June last year and the same month in 2019.
Jonathan Hehir, of the brokerage, said the exercise had been carried out across thousands of policies nationwide, reflecting the final premium it secured, and not the initial renewal quote offered by the current insurer.
Figures issued last week by the Central Statistics Office indicate that motor insurance costs were down by 6.1pc in the year to June.
However, both the Consumers’ Association of Ireland and the Alliance for Insurance Reform say their members have yet to see premiums falling.
CoverInAClick.ie said some motorists were seeing only a small reduction in their renewal premiums.
Mr Hehir advised these drivers not to auto-renew just because they got a small cut in the renewal quote. He insisted they could do better if they checked out the market.
“The overall market has become far more competitive, so shopping around is generating greater savings than ever.”
Mr Hehir said brokers could usually secure a better deal.
“Unless their current insurer offers a better deal than we can secure with one of the other 13 insurers, then we simply advise the customer to switch cover to the insurer offering the best value.”
He said motorists should switch provider every two to three years.
There have been calls for cuts of between 20pc and 30pc in premiums after Tánaiste Leo Varadkar said last week that payouts for minor injuries by the State’s Personal Injuries Assessment Board (PIAB) fell by 50pc in the past two months.
It comes after a move by judges in April to accept guidelines on the level of damages that can be awarded in personal injuries cases. They recommended award levels be slashed by around 50pc.
PIAB has being using the new guidelines since April.