The Irish Financial Regulator today publishes 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 between €140 to over €2,000 by shopping around. The survey features drivers in Dublin, Donegal, Louth, Monaghan, Sligo and Waterford.

The most significant savings in the survey are for young drivers, with potential saving of over €2,000 for a 17-year old male student living in Co. Monaghan. The cheapest quote for third party, fire and theft cover for this driver is €3,873, with the most expensive quote rising to €5,887. Women in the same category could save over €500 for comprehensive and €900 for third party, fire and theft cover.

The survey also features a left-hand drive car for the first time. Consumer Director, Mary O’Dea said  “A number of people have contacted us about the cost of insurance for left-hand drive cars and with many people opting to bring cars to Ireland from abroad, we included this profile in this issue of the survey. The profile shows potential savings of between €440 and €1,160 for this driver.”

Motor insurance – dos and don’ts:

Do:

• Do decide first what type of cover and other benefits you want.
• Do get quotes from as wide a range of companies and sources as possible; direct, broker, phone and internet.
• Do take a note of what each policy offers including extra cover and any exclusions.
• Do make sure that you get your renewal notice and details of any no claims discount at least 15 working days before your renewal date. By law you are entitled to this.
• Do be honest about your driving record, including any offences, when applying for cover. Otherwise your policy may not be valid and you may be breaking the law.

Don’t:

• Don’t accept the first quote you get. Bargain with your current insurer or broker if you get a lower quote elsewhere. Your insurer may agree to match or better the quote to keep your business.
• Don’t allow anyone else to use your car unless you are absolutely certain they are insured to drive it – either under your policy or their own. If your car is involved in an accident your insurance record could be affected regardless of who was to blame.