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Turns out there are savings of up to €362 to be had in the home insurance market

Huge differences have been found in quotes offered by insurance companies, in a survey carried out by the National Consumer Agency.

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THE LATEST HOME insurance comparison survey from the National Consumer Agency has shown there are differences in quotes of up to €362 being offered by providers.

The research examined quotes based on seven property types throughout the country. In the instances where all eight companies asked provided a quote, the average potential saving was €318.

The figure of €362 related to a two-bed terraced house in Waterford City: the most expensive quote was €546, whilst the cheapest was for €184.

The biggest percentage difference – at 341 per cent -was for contents cover only for a two-bed apartment in Co Dublin: the highest quote was for €389, and the cheapest quote was €88.

Additionally, six out of the eight companies surveyed indicated that they would be willing to negotiate with existing customers if that customer had secured a cheaper quote elsewhere.

“This research demonstrates that consumers can make significant savings on their home insurance if they are prepared to get a couple of quotes before taking out insurance,” Fergal O’Leary, Director of Research and Policy for the NCA said.

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“It’s very positive to note that most of the companies surveyed are willing to renegotiate premiums.”

“It’s clear that consumers are in a much stronger position if they get quotes from competitors.”

The agency found that 14 per cent of consumers had switched their home insurance provider in the last year.  Of those, 80 per cent saved money.

The providers included in the comparison were Aviva, RSA, AIG, Allianz, Axa, Liberty, FBD and Zurich.

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Daragh Brophy

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