Irish drivers stick with fully comp insurance in spite of recession

Despite the economic downturn, Irish people are not skimping on car insurance, according to an AIB survey that found more than 80% of people are sticking to fully comprehensive insurance.

The survey found that only 13% of people were opting for third-party, fire, and theft insurance, and 4% have third-party, with the remaining 83% paying for fully comprehensive insurance.

Respondents said that, rather than the cover they got for their premiums, it was no-claims discount that was the most attractive feature of car insurance.

The vast majority of poll respondents said they had never made a claim on their insurance and also cited protection of a no-claims bonus as important to them when it to choosing an insurer.

The survey was released as AIB announced a new partnership with Axa Insurance as its new car insurance underwriter.

Brian Buckley, business development manager of AIB Insurance Services, said that AIB’s research had shown how important no-claims bonuses are to customers.

“We wanted to launch an offering that addresses our customers’ needs and from our research it was clear that 81% of respondents wanted to be rewarded for careful driving,” he said. “AIB offers a 75% no claims discount for drivers who are claims free for five years or more.”

Colm McGrattan, executive director of sales and distribution with Axa Insurance, said they were delighted to be partnering with AIB.

“We’re delighted to be extending our relationship with AIB. Their decision to select Axa as both their motor and home underwriter is a very positive endorsement of Axa and our support services.” he said.

To celebrate AIB’s new partnership with Axa, the bank is offering a 20% discount for all new customers who take out car insurance through AIB until Oct 7.

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