Drivers can save €1,100 by shopping around, says survey

Drivers can save between €100 and €1,100 by shopping around for motor insurance, according to a new survey released today.

The survey from the Financial Regulator compared costs for a range of male and female drivers of all ages in Cork, Dublin, Galway, Kilkenny and Laois.

In one example, the report claimed that a 26-year-old male named driver in Dublin seeking his own insurance for the first time could pay between €700 and €1,800 for third party, fire and theft insurance, depending on what insurer he used.

The survey also found that a 40-year-old male driver with a provisional licence and a one-year no claims discount could save around €550. A female driver with the same age and driving experience could also save up to €500 on third party, fire and theft cover.

The report also pointed out some difficulties faced by drivers of convertible cars. Two insurers surveyed would not provide a quotation, but the more persistent among convertible drivers could still save between €520 and €870 on their insurance costs.

The survey also showed savings in insurance costs for a wheelchair user with an automatic car with hand controls range from €280 to €330.

“Regardless of your driving experience and age, it really pays to shop around for the best type of insurance policy to suit your needs,” said consumer director, Mary O'Dea.

“Many young people find it too costly to get their own insurance in the first few years and are named on a parent’s policy.”