The Central Bank has introduced strict new rules for car insurance.

It says the enhanced measures will increase transparency of information provided to customers.

Under the new rules from November 1st, insurers must provide more information on a renewal of motor insurance - including the premium paid in the previous year.

While the renewal notification period is being increased to give policyholders more time to consider their options.

The rules are part of the amendments to Non-Life Insurance (Provision of Information) (Renewal of Policy of Insurance) Regulations 2007.

Insurers must provide individual policyholders with details of the premium paid for private motor insurance renewals in the previous year.

This information must feature prominently on the same page as the renewal premium.

File photo of a woman driving

The Central Bank is also requiring all motor insurers to provide a quotation for each policy option available to the customer: such as comprehensive, third party fire and theft cover, or third party only.

And insurers must also extend the renewal notification period from 15 to 20 working days for motor, health, damage to property and general liability insurance.

Gráinne McEvoy is director of consumer protection at the Central Bank.

On the new rules, she said: "These new Central Bank rules will help consumers make better informed decisions when shopping around for their insurance policies.

"Motor insurance in particular can represent a significant outlay for many people, so these changes will help people to shop around and make informed choices.

"We are insisting that insurers put the price comparison on the same page of any renewal notice.

"This makes it easy for customers to see if their premium has increased.

"We expect the insurance sector to embrace these rules, in the best interest of their customers."

She added that the Central Bank will closely monitor their compliance.