Car insurance cost differences revealed

A new study has poured cold water on claims Dublin is the most expensive city for motor insurance.

In some age categories, drivers in Cork, Waterford and Limerick pay more than their counterparts in the capital.

A study shows significant differences in premiums, depending on their home county.

Female drivers in Cork and Waterford, aged 27, with fully comprehensive insurance and driving a Ford Focus, enjoy the cheapest car insurance premiums countrywide. The figures vary as much as €91 less than a Limerick counterpart and €89 less than similarly-aged women in Meath and Dublin.

The first AonInsure.ie car insurance pricing index also highlights major differences in the 35-year-old male category. Those who drive a Toyota Avensis with fully comprehensive insured and have spouse insurance pay between €318 in Waterford and €414 in Limerick — a difference of €96.

And male drivers aged 27 and driving a Volkswagen Passat, can expect to pay significantly higher premiums ranging between €844 in Cork and €950 in Limerick — a difference of €106.

Commenting on the findings of the study, chief executive of AonInsure.ie, Declan Cahill said the car insurance pricing index was a tool which could be used in the future to track trends in premium prices across geographies, genders and age.

“As one of the largest intermediaries in the country, we have extensive data at our fingertips and we are using our insight and expertise to create a snapshot each quarter of average prices paid.

“While a wide range of risk factors are considered when an individual’s car insurance premium is being calculated, we felt it would be very useful to create an index which would help inform drivers throughout the country about what the ‘average’ premium price is,” he said.

An EU Gender Directive due to come into effect in December of this year, will ban companies from charging different insurance rates to men and women.

According to Mr Cahill, the directive is already having an impact on prices in the market

“We do not expect that providers are going to wait until just before the directive comes into law to make changes to pricing. Instead, we expect them to gradually make changes.

“In fact we are already beginning to see some providers in the market closing the gap between males and females by slowly increasing female costs and bringing down male costs.

“It is something we will track closely in the weeks and months ahead and will highlight when we publish the index next quarter.”

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