Brokers not disclosing cheapest motor cover

INSURANCE brokers who fail to tell people searching for the lowest motor cover that the quote may not be the cheapest are breaking the law, a consumer watchdog has warned.

Dermott Jewell chief executive of the Consumers’ Association of Ireland (CAI), said most people do not realise that many insurance brokers do not have access to the entire database of companies providing cover which means the quote they are providing is not the cheapest.

Unless the broker informs the customer that they have provided the cheapest quote from the pool of companies it has access to, then the advice would be in breach of the Investment Intermediaries Act 1995, he said.