With purse strings growing increasingly tighter Irish motorists are looking at other ways to save the pennies and according to the latest AA Motor Insurance study up to a quarter of motorists have considered downgrading their insurance cover.
However, while nearly 25 per cent have looked at the possibility only five per cent have actually gone through with dropping their cover from fully comprehensive to third party insurance.
For many the price gap between the different levels of cover has not been worth the loss of peace of mind while for others the 'fear factor' of not having fully comprehensive cover in place should the worst happen has been enough to sway them.
However, it would appear that the adage of shopping around could pay more dividends than taking the possibly risky move of dropping insurance cover.
"You could well make the savings you're looking for (by shopping around) without jeopardising your level of cover," says John Farrell, Director of The AA Insurance.
While the prospect of saving money without the hassle of switching providers may be appealing, by downgrading cover you could leave yourself open to extra costs in the event of an accident or other damage and as John Farrell points out: "If you're struggling with your premiums chances are you'll be hard pressed trying to cobble together the money if your car needs a major repair."