Young drivers can save thousands by shopping around
The Financial Regulator motor insurance survey highlights the wide variations in policy charges between different companies.
The biggest saving to be made was in the case of a sample 17-year-old male living in Monaghan driving a 1998 car worth €2,000. In the first instance three companies Allianz, AXA and Hibernian Direct did not provide a quote for third party, fire and theft.
Among those which did offer cover, Royal & Sun Alliance would have charged €5,887 with no extra benefits. For more than €2,000 less €3,873 FBD offered to cover the driver, including a number of extra benefits.
A female driver in the same situation could save up to €500 for comprehensive and €900 for third party, fire and theft cover. For either policy, Quinn Direct offered the lowest quote, Eagle Star quoted the highest for comprehensive and Royal Sun & Alliance had the highest premium for third party, fire and theft.
The survey took profiles of six sample drivers, each with a different age, occupation, address, car make, age and value, with quotes for a male and female in each case.
The narrowest variation was between €310 quoted by Quinn Direct and €450 from Royal Sun & Alliance for a 50-year-old female clerical worker from Co Dublin driving a 2004 VW Bora worth €19,000.
"Some firms quote different prices based on the risk they associated with a particular category, determined by their own claims record," said a Financial Regulator spokesperson.
She said it is important not to accept the first quote you get.
"Bargain with your current insurer or broker if you get a lower quote elsewhere. Your insurer may agree to match or better the quote to keep your business," the spokesperson said.
Drivers were reminded to make sure they get their renewal notice and details of any no-claims discount at least 15 working days before their renewal date, as this is a legal entitlement.
The sample drivers also include the owner of a left-hand drive car to reflect growing numbers of people bringing cars to Ireland from overseas. For these drivers, the survey highlights savings of between €440 and €1,160 available by shopping around.
Details of the motor insurance survey are available at www.financialregulator.ie
