Motor insurance cost survey reveals savings of up to 50%

The Irish Financial Services Regulatory Authority (IFSRA) has published its second independent motor insurance cost survey, which indicates that some consumers can save between 30% and 50% on their motor insurance by shopping around.

The survey is based on eight new driver profiles that differ to those in the December 2003 survey.

Each issue of the survey will use different driver details so consumers can identify the profile that most resembles their own circumstances.

Insurers have provided their best quote for the profile and have stated whether it is a direct price from the insurance company or through a broker.

A 'shop around' form is also included which will help consumers determine the most competitive motor insurance quote.

Consumer Director, Mary O'Dea, said: "We will continue to conduct and publish this survey every three months and to change the driver profiles each time."

She said: "Although the process does take a little time, I think it is clear from the survey that you can have more money in your pocket by taking a little time to look at all of your options."

The Financial Services Regulator will publish the motor insurance survey every three months for the rest of this year.

Other cost surveys on credit cards, home insurance and personal loans will also be produced during 2004.

The survey can be downloaded from the Financial Services Regulator's website at : http://www.ifsra.ie/consumer/cr_pub_recs.asp