Shopping around could cut car insurance by 50%

MOTORISTS may be paying up to 50% more on their insurance premiums by not shopping around for a cheaper quote.

A survey by the Irish Financial Services Regulatory Authority (IFSRA) found drivers could save between 30% and 50% on average by ringing different providers and asking for a quote.

For example, a 56-year-old driving a 2001 Toyota Avensis received a quote of €735 from Axa for comprehensive insurance. However, the quote was just €452 from Royal & Sun Alliance a 38% difference. For a 19-year-old student driving a 1999 Opel Corsa, the cost of insurance varied from €343 at Quinn Direct to €480 at Allianz.