Motorists can save €1,700 on insurance

MOTORISTS can save over €1,700 per annum on the cost of car insurance by shopping around between insurance firms, according to the latest survey by the Irish Financial Services Regulatory Authority.

The report highlights premium quotes from the seven main motor insurance companies operating in Ireland for six driver profiles. Although motor insurance premiums generally have fallen in the last two years, the IFSRA survey shows more savings can still be achieved by comparing quotes from a number of different insurers.

In one example, it shows a 20-year-old male student with a provisional licence could save over €1,600 on third party, fire and theft coverage in the difference between the dearest and cheapest quotes. A recent survey by Macra na Feirme claimed provisional drivers were forced to pay out €47m more on car insurance than necessary, due to lengthy waiting times to sit the driving test.