The past 12 months has seen insurance prices rise across the board, with home insurance increasing by 17 per cent, health cover up by 21 per cent and car insurance up by 13 per cent, yet seven out of 10 households have faced a drop in income over this same period.
This unavoidable rise has lead to many people in Ireland choosing to stop insurance payments across a range of different policies.
Four in 10 customers have admitted that making their mortgage re-payments are their main priority, with 45 per cent of people fearing that they or their partner may lose their job.
Women have seen the largest drop in income and families with children have reported being worse off financially compared to people without kids.
It comes as no surprise then that thousands of people in Ireland are preparing to take a massive risk in cancelling their car insurance as they try desperately to make savings.
Research has shown that more than one in 10 insurance customers, 13 per cent, have decided to cancel a variety of different policies including life, travel, home and income protection policies.
A spokesperson for the company who carried out this research said, "The results of this research are quite alarming."
Cancelling an insurance policy may appear to be a good way in cutting costs and save money, but it could lead to huge bills in the long term should anything go wrong.
More ominously, for the motor insurance market though, is that one in four of the policies that have been stopped are for car insurance.
Finance experts have warned people that by choosing to do this means that they are taking a massive gamble and are leaving themselves exposed to prosecution if they are caught driving without the correct insurance cover, which is a legal requirement in Ireland.
Of the people who have chosen to abandon paying one or more of their premiums in the last year, 27 per cent had cancelled travel insurance, and one in four people had scrapped their life insurance.
This unavoidable rise has lead to many people in Ireland choosing to stop insurance payments across a range of different policies.
Four in 10 customers have admitted that making their mortgage re-payments are their main priority, with 45 per cent of people fearing that they or their partner may lose their job.
Women have seen the largest drop in income and families with children have reported being worse off financially compared to people without kids.
It comes as no surprise then that thousands of people in Ireland are preparing to take a massive risk in cancelling their car insurance as they try desperately to make savings.
Research has shown that more than one in 10 insurance customers, 13 per cent, have decided to cancel a variety of different policies including life, travel, home and income protection policies.
A spokesperson for the company who carried out this research said, "The results of this research are quite alarming."
Cancelling an insurance policy may appear to be a good way in cutting costs and save money, but it could lead to huge bills in the long term should anything go wrong.
More ominously, for the motor insurance market though, is that one in four of the policies that have been stopped are for car insurance.
Finance experts have warned people that by choosing to do this means that they are taking a massive gamble and are leaving themselves exposed to prosecution if they are caught driving without the correct insurance cover, which is a legal requirement in Ireland.
Of the people who have chosen to abandon paying one or more of their premiums in the last year, 27 per cent had cancelled travel insurance, and one in four people had scrapped their life insurance.
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