Drivers urged to shop around for cheaper car insurance

Shopping around for car insurance could save you more than €1,000, the Financial Regulator promised today.

A major cost survey, which compared the cost of coverage for a range of male and female drivers, showed big savings for drivers nationwide, it said.

Consumer Director Mary O’Dea said regardless of driving experience and age, it really pays to shop around for the best type of insurance policy.

“This survey features drivers of all ages, from 26 to 75 years of age. We try to vary the profiles we use in the surveys as much as possible so that they are relevant to different groups of people each time,” she said.

“Many young people find it too costly to get their own insurance in the first few years and are named on a parents’ policy so in this issue we feature the costs for someone with eight years driving experience and looking for their own insurance for the first time.”

The main findings of the survey, which features drivers in Cork, Dublin, Galway, Kilkenny and Laois, include:

:: Named drivers seeking their own insurance for the first time can make considerable savings on their insurance costs. A 26-year-old male driver in Dublin, who has been a named driver under his parents’ policy for eight years, could pay between €700 and €1,800 for third party fire & theft insurance.

:: A 40-year-old male driver with a provisional licence and a 1-year no claims discount could save around €550 on his motor insurance. A female driver with the same age and driving experience could also save up to €500 on third party, fire and theft cover.

:: Drivers may have more difficulty getting quotes for convertible cars. Two insurers surveyed would not provide a quotation, but convertible drivers could still save between €520 and €870 on their insurance costs.

:: The survey also shows insurance costs for a wheelchair-user with an automatic car with hand controls. Savings for this driver range from €280 to €330.

Copies of the Motor Insurance Cost Survey are available by phoning the consumer helpline on lo-call 1890777777, by visiting www.itsyourmoney.ie or by calling into the Consumer Information Centre at College Green, Dublin 2.