According to the most recent Carzone Motoring Report, almost half (47 per cent) of motorists claim their insurance premium has increased in the last year.
Nearly a third (30 per cent) of the 1,516 Irish motorists surveyed by Carzone opted to switch insurance provider over the past 12 months, while 40 per cent have remained with their insurance provider for over three years.
The research also highlights other financial concerns for motorists which include the cost of fuel (17 per cent) and general maintenance (10 per cent). Four in 10 (41 per cent) Irish motorists confirm an increase in running costs for their car over the past year, with 35 per cent of motorists spending an estimated €200-€300 a month on running costs for their car including insurance, tax, servicing and fuel.
When it comes to purchasing a car, the report reveals that Irish car owners change their car regularly with 31 per cent buying a new car every two to three years. Over half (58 per cent) of Irish motorists would consider buying a car from the UK, with perceived better value (82 per cent) being the main reason to do so.
Despite this, car buyers are still cautious about purchasing a car from the UK with63 per cent saying that buying a car in the UK is too much hassle. Other doubts include the risk involved (35 per cent) and worries about Vehicle Registration Tax (35 per cent).
Commenting on the latest report, Karl Connolly, audience manager Carzone said: “Our latest Carzone Motoring Report is our eleventh edition, where we examine trends and changing behaviours of Irish motorists. The research highlights the financial concerns of Irish motorists and confirms that insurance premiums are still a top concern, with half of the respondents seeing their premiums increase in the year.”