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Mo Money

Here's how you could save a fortune on your car insurance

It’s a bad idea to sign up to the first company whose flyer drops in your letterbox, that’s for sure.

AS THE SAYING goes, it pays to shop around. Particularly when it comes to car insurance, it would seem.

A motor insurance comparison the Competition and Consumer Protection Commission released today has revealed some drivers could save over €1,200 on their policies simply by getting multiple quotes.

It compared prices for nine different “consumer profiles” and quotes from eight insurance companies and found there was an “enormous difference” in the amounts charged by each firm.

The commission’s consumer help director Fergal O’Leary told RTÉ’s Morning Ireland there was a significant variation in the prices quoted for all driver groups.

“I can’t say that a particular insurer is cheaper than all the others in all cases, that isn’t the case,” he said.

What it does mean is if people spend 15, 20 minutes – maybe half an hour – and get two or three quotes when they are taking out insurance or when they are renewing insurance they stand to save a lot of money.”

RIAC Classic Cars Shows Try getting insurance for this... Mark Stedman Mark Stedman

Big savings

In the most extreme example, the prices quoted for a 47-year-old physiotherapist from Trim in Co. Meath driving a five-door Toyota Avensis – who also wanted to insure their 19-year-old child on a novice licence – varied by €1,249 for a comprehensive policy.

FBD produced the cheapest quote in that example, while Aviva had the highest price, O’Leary said.

It’s a huge amount of money, but I guess the really important thing … is that whatever circumstance you’re in there seems to be a good variation in quotes so don’t simply just go with what drops through the letterbox,” he said.

Policies also varied significantly when it came to the excess drivers were expected to produce out of their own pocket for any claim.

The full results of the survey can be found here.

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