NCA: Shop around and save over €300 on home insurance
Householders could potentially save €362 on annual premiums if they get quotes from several insurance companies and are prepared to haggle the price down further.
According to the National Consumer Agency survey, which compared quotes from eight different companies, most insurance providers are willing to renegotiate a premium with existing customers if presented with a better quote from a competitor.
The owner of a two-bedroom terraced house in Waterford City with rebuilding estimated at €95,000 and contents at €24,000 was quoted €545 by AIG Europe Ltd, with a standard excess of €500, while the cheapest quote was from Zurich with a €184 premium with a €250 excess.
A four-bedroom semi-detached home in Rialto, South Dublin, with contents worth €40,000 and rebuilding costs of €180,000 was quoted €535 by Aviva and €249 by Zurich.
FBD quoted €263 to cover a three-bed semi-detached in Newbridge, Co Kildare, with a rebuilding cost of €145,000 and contents worth €42,000, while AIG Europe Ltd quoted €577.
In Mayo, a three-bedroom terraced house in Castlebar was quoted at an annual premium of €593 by AIG Europe Ltd and €271 by Zurich.
The National Consumer Agency director of research and policy, Fergal O’Leary, said the survey also showed 14% of respondents had switched their home insurance in the previous 12 months and of those, 80% saved money.
“A consumer is in a much better position to choose the best value offering if they take a little time to see what is available to the market and we would strongly urge all consumers to do so,” he said.
“It is very positive to note that most of the companies surveyed are willing to renegotiate premiums with existing customers if a customer presents them with a better quote from elsewhere.”
