Motorists urged to shop around

Motorists could save €2,000 euro on car insurance by shopping around and bargaining with brokers, the financial watchdog said today.

A new survey showed young drivers could make the most significant savings by asking insurance firms and agents to match the best deal they have been offered by other companies.

The Financial Regulator said 17-year-old male students could be in line for massive drops in premiums.

The body said the cheapest quote for these drivers living in Monaghan for third party, fire and theft cover was €3,873. The most expensive quote was €5,887 – a possible saving of around €2,000.

Girls in the same category could save more than €500 for comprehensive and €900 for third party, fire and theft cover.

Middle-aged men and women living and working in the Dublin area could save as much as €200 on comprehensive policies, while a driver in his late 30s living in Donegal could save as much as €400.

The survey also features a left hand drive car for the first time.

Mary O’Dea, consumer director, said: “A number of people have contacted us about the cost of insurance for left-hand drive cars and with many people opting to bring cars to Ireland from abroad, we included this profile in this issue of the survey.

“The profile shows potential savings of between €440 euro and €1,160 euro for this driver.”

The study, which features drivers in Dublin, Donegal, Louth, Monaghan, Sligo and Waterford, also offered a list of dos and don’ts when renewing insurance policies.

The Regulator said motorists should be honest about driving records and offences or policies may end up invalid.

The body also suggested drivers decide first what type of cover and other benefits they want, get quotes from as many companies and take a note of what each policy offers.

The Regulator warned drivers not to accept the first quote they get. The body said to bargain with current insurer or broker to see if they could get a lower quoteelsewhere.

And the Financial watchdog insisted motorists should never allow anyone else to use their car unless they are certain they are insured to drive it – either under the motorist’s policy or their own.