Latest Motor Insurance survey reveals potential savings of up to €1,249
March 24, 2015
We have just published our latest motor insurance survey which shows that consumers could make big savings by comparing different providers when buying a new policy. Potential savings vary depending on the level of cover required and the individual’s circumstances, but for comprehensive cover the difference in quotes received was found to be between €156 and €1,249. For third party fire and theft the difference in quotes ranged from €137 to €975. The survey compares motor insurance quotes from eight insurance providers based on nine different driver profiles – which vary in age, location, driver experience and other lifestyle factors.
Findings of our survey
- Getting quotes from more than just one insurer before you buy a policy can mean significant savings. If you get a better quote from another company, it is worthwhile checking if your existing provider is prepared to match or improve on their quote to keep your business but do make sure you are comparing like with like and that you get the cover you need.
- An increase in penalty points can cost you. Our survey found that an increase from two to six points could result in you paying up to 37% more for comprehensive cover and 49% more for third party fire and theft. You may also find it difficult to get cover if you have over six penalty points. Only two out of eight insurers surveyed would provide a quote for a driver with six penalty points.
- Any change in your circumstances, such as if you make changes to your car, move address, change job or change the main driver on the car, needs to be communicated to your motor insurance provider. If you don’t do this, your insurance company may not pay out on your policy in the event of a claim.
- Choosing to pay for your policy by instalments may be a good way to spread out the cost of your insurance but it can cost you. Many providers included an additional charge for this service ranging from 9.5% to 20.1% of the price of the policy.
- Having a higher policy excess may lower the cost of the premium but the excess will have to be paid if a claim is made on the policy. This means you must pay the first portion of any loss or damage to your car. For example, if the excess on your policy is €300 and you make a claim for €1,300, you would only receive up to €1,000 from your insurer if your claim was successful.
- Building up a no-claim bonus will make a significant difference to your premium.
Keep a look out for a bargain
Check to see if you can avail of discounts on your motor insurance policy. Have a look at our motor insurance survey to see some sample quotes. To make things easier for you use our motor insurance shopping around checklist to help you keep track of quotes.Return to News