Central Bank of Ireland research shows value of shopping around for motor insurance

For insurers and intermediaries, the immediate message is not a new binding rule but a conduct signal: pricing consistency, transparency and fair value will remain under scrutiny. Compliance teams should consider whether product disclosures clearly explain rating factors and coverage differences, and whether customer journeys support informed comparison rather than price-only decisions. Firms may also need to evidence fair treatment of customers, particularly vulnerable consumers receiving high quotes, and monitor complaints and outcomes.

Practical actions include reviewing quote variability and pricing governance, testing website and broker scripts for clarity, ensuring comparison tools and renewal communications highlight cover levels as well as premiums, and assessing retention strategies for affordability risks. Brokers should document advice and suitability, especially where cheaper quotes may involve reduced cover. Opportunities include differentiating on transparent pricing, enhancing comparison tools and using customer education to build trust and reduce churn.

Overall impact is informational: no immediate deadline, but reputational and conduct risk arises if firms are seen to exploit inertia or obscure cover differences. RegCanary recommends monitoring CBI follow-up and incorporating the findings into product governance and consumer outcomes reviews.