The Irish Financial Regulator today published a new motor insurance cost survey. The survey compares the cost of motor insurance for a range of male and female drivers and shows that drivers can save from €300 to €1,700 by shopping around. The survey also features a special section on motor insurance policy benefits.
Young drivers will find this issue of the motor insurance cost survey particularly useful if they are shopping around for cover. The survey includes a profile of a 20-year old student with a provisional licence and shows that male drivers could save over €1,600 on third party, fire & theft cover. Female drivers in the same category could save over €1,300 for the same cover.
The survey also details the excess with each motor insurance provider – this is the amount of any claim that must be paid by the policyholder in the event of a claim. Policy excesses range from €125 to €300. This cost is a factor that drivers should consider when shopping around for cover, as drivers are required to pay this amount themselves in the event of any claim against their insurance.
Consumer Director, Mary O’Dea, said, “Some consumers have difficulty understanding the various policy benefits that different motor insurers offer. In this survey, we list the main policy benefits given by each insurer with a standard insurance policy. People may also find it useful to read our Motor Insurance Guide, which explains the various benefits in detail.”
Some of the benefits offered by the various insurers include protected no claims discount, extension of your insurance to drive other cars, recovery service, or a replacement or hire car. Mary O’Dea added, “While there is money to be saved on motor insurance, it is worth bearing in mind that the cheapest policy may not always be the best for you, as you may be prepared to pay a little more for a policy that includes certain benefits that are important for you. For example, if you have built up a large no claims discount, you may want an insurer that gives the maximum protection for your discount in the event of you making a claim”.
