Motor insurers have committed to offering refunds or discounts on premiums to their customers.
It is due to an expected drop in the number of claims as fewer people are on the roads during the Covid-19 pandemic.
Insurance Ireland says the rebates offered by Allianz, AXA, FBD, RSA and Zurich will depend on their claims experience so far.
Minister for Finance, Paschal Donohoe TD urged insurers to be generous with their customers at this time.
“This is an important step by the sector and I also appreciate that these insurers will keep the matter under review to see how best they can serve the needs of their customers," he said.
"Obviously it is for each insurer to look at its own situation and customer base, but I stress the importance for them to take a longer-term perspective and be generous with their customers at this time reflecting the recent profitability of the motor insurance market."