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August 20, 2015

A recent report by the Central Statistics Office (CSO) has shown premiums for motor insurance have increased by 16% over the past 12 months.

If you are facing an increase in your motor insurance premiums it is a good time to review your motor insurance cover. We have some tips on how to save:

  • Get a quote from as many sources as you can, either through an insurance company, a broker, online or over the phone and don’t forget to negotiate. If you get a good quote from one company check if your existing insurer is prepared to match it or give you a better price, to keep your business.
  • Remember, when you get a quote from a firm it’s usually only valid for a certain amount of time and varies from one provider to another, so make sure to ask the insurer how long the quote is valid for.
  • Get the quote in writing, rather than verbally.
  • Ask if you qualify for any discounts. If you are over 50 or drive only occasionally you may get discounts on your premium.
  • Keep track of quotes by using our motor insurance shopping around checklist.
  • Think about the type and level of cover that best meets your needs. Don’t just choose the cheapest policy you can get. When reviewing a policy check to see what is included in the policy and what is excluded.
  • Ask about the benefits that the policy offers and find out what, if any, excess applies. This is the first part of any insurance claim that you have to pay yourself and is usually a fixed sum.
  • Take note of exactly how much extra you are paying if you decide to pay your insurance by instalments. By law, you must be told the cost of credit and the APR. The APR allows you to compare the cost of credit between different providers.
  • Insurance providers look at many factors when deciding on the cost of your policy, including what your occupation is. The job categories used can be broad and you may find that you fit into a number of different selections. For instance, if you work in publishing as a writer and put your occupation as journalist you’re likely to pay more than you would if you put down editor, copywriter or even reporter. However, you should never lie about your job, so don’t say you’re a teacher if you’re really a salesperson who is constantly on the road.
  • It might be worth downsizing your car. Cars that are worth less and have smaller engines normally attract lower premiums. If you don’t need a large car yet have one, it might be worth trading your car in for a smaller and more economical one. Find out how to save on your cars running costs.
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