Consumers could save 50% on insurance

CONSUMERS could save more than 50% on home insurance if they go to a traditional high street broker instead of an online insurer.

The Financial Regulator yesterday published a survey showing savings to be made on home contents and building insurance policies.

Seven of Ireland’s leading insurers were surveyed, comparing prices charged by the firms direct and at the traditional high street broker. They found that consumers could save a minimum of 30% and as much as 55% by getting quotes from a broker as well as online or on the phone.

Of eight types of property insurance nationwide, the regulator found high street brokers gave the best deals in five cases.

For contents and building insurance for a sample two-bedroom cottage in Co Monaghan, insurers quoted between e301 and e158.

The highest quote came direct from Allianz, but through a broker, they could have got cover for e158 through Royal & Sun Alliance, saving 47.5%.

Insurance brokers are not tied to one firm so they traditionally offer policies from a range of different insurers to suit client’s needs.

A householder living in a one-bedroom apartment in Limerick can get contents cover for e15,000 of property through a broker for e81 a year or e153.

The cheapest deal at the brokers is from FBD and represents a saving of 47.1% on the costliest policy, which comes from AXA.

The regulator’s head of consumer information, Sharon Donnery, said householders looking for a good deal need to ensure they get the right policy for their needs.

“The cover and benefits included in each policy are different so ask your insurer or broker what exactly is covered,” she said.

* www.itsyourmoney.ie

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