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1 in 3 motorists would have tracker installed to reduce insurance premium

Half of people who took part in the survey said they had seen their insurance bill increasing over the past year
Half of people who took part in the survey said they had seen their insurance bill increasing over the past year

One in three motorists here said they would consider having a tracking device installed on their car to monitor their driving habits if doing so would reduce the cost of their insurance.

A survey of a thousand people here carried out on behalf of Peopl Insurance found that one in four would be prepared to undergo driver refresher training while just over 20% said they would limit their mileage.

Half of people who took part in the survey said they had seen their insurance bill increasing over the past year.

This is despite official figures showing a fall in the average cost of motor insurance in recent months and years.

The inflation figures for February published by the CSO show car insurance premiums had fallen by on average over 7% in the year.

It was one of the few categories recording price deflation.

Only about one in seven participants in the Peopl survey - 14% - said their car insurance bill had fallen over the last twelve months.

One in three reported that their car insurance bill had "stayed pretty much the same".

"With more than half of motorists reporting increases in premiums, it's unsurprising that six in ten said they would take some form of action to reduce costs if the option was available to them," Paul Walsh, CEO of Peopl Insurance said.

He pointed out that despite efforts to reduce the cost of insurance, it was clear that not all drivers were benefitting from reduced premiums.

"We believe the high inflation of the last two years could be one reason many consumers are facing pricier car insurance premiums. It is well documented that soaring inflation has led to shortages of labour and car parts worldwide and that this in turn has driven up the cost of car repairs," Mr Walsh explained.

"While outside factors undoubtedly have a role to play in the increase experienced by some drivers, not shopping around at renewal will always mean that people pay over the odds for their premium," he added.