Home Insurance Comparison 2015

Home Insurance is not compulsory – but if you have a mortgage your lender will insist on buildings insurance being in place.
Even if you don’t have a mortgage , it is wise to have home insurance so you can claim  to repair or replace buildings, contents and valuables if there is a burglary, fire or other damage.
The Competition and Consumer Protection Commission  carried out a recent house  insurance price comparison –  and the results show once again that some insurers are much cheaper than others.

The small  comparison involved getting quotes from 8 different insurers on 8 different properties.
Axa and FBD came out well in the comparison – with FBD giving the lowest quote in 4 cases and Axa giving the lowest price in 3 of the sample properties.
Overall – AIG came out as the most expensive in every one of the sample  quotes.

Big Differences
The differences in insurance quotes were substantial in some cases. The worst case was a difference of €421 – AIG quoted  €700 a year and Axa quoted €279 for the same property.  ( Buildings and contents insurance on a -3 bed bungalow in  Co. Cork with  rebuilding cost of  €200,000 and contents  worth €50,000.)

Higher Insurance because of Previous Claims :
Quotes were requested for a property where there had been  a previous claim for €8,000 following damage caused by a defective water tank in 2012.
Five of the eight insurers would not even quote on this example.
The  3 insurers that dis provide a quote were:-  Axa, FBD and Liberty.
The FBD price was the same, regardless of the previous claim.  The Axa price was  €60 higher because of the prior claim and Liberty Insurance quoted  €305 more where there had been a previous claim .

Liable to Flooding:
None of the insurance companies would provide a quote for one property that was liable to flooding and where a flood damage claim was made in 2010.
Contents Only
Tenants will only need to insure the contents of their home  – and one of the comparisons was for contents only insurance on goods valued at €8000. The best quote for this was from FBD at €72 a year (€10,000 minimum value applied). Other similar prices were €80 from Zurich and  €86 from Allianz … all with a €250 excess. The  worst deal was quoted by  Axa at €158  with a €350 excess

The insurers involved in the price comparison were:  AIG, Aviva, Axa, Allianz, FBD, Liberty , RSA  and Zurich    Ref: http://www.consumerhelp.ie

The comparison mainly used direct insurers – but sometimes a broker might be able to get a better deal for you.  The AA are insurance brokers amongst other things.

See figures from a 2014 house insurance comparison here.

More of our Money Saving Tips Here




Lowest Mortgage Rates in Ireland

We always  try to keep potential homebuyers up to date on the best mortgage rates offered by lenders in Ireland. Doing a comparison of  mortgage rates  is slightly easier in 2015  than it was a few years ago –  because there are fewer lenders operating in Ireland and a lot less mortgage products.

See our lists of the Lowest Mortgage Rates here.  (For new customers)

Most of the  best rates are only available if you have a 40% or 50% deposit. PTSB are still offering  the lowest rate for new customers at the moment with their  1 year fixed rate mortgage at  3.49% . You need to have a deposit of 20% to get this rate.
You can get 3.8% fixed for 2  years with an LTV of 90% at AIB .

The best 3 year fixed rate is 3.65% from Ulster Bank with a maximum LTV of 60% – so a 40% deposit is required.
One of the best  variable mortgage rates for new customers is from KBC at  3.89% with a maximum LTV of 80%.

If you can only manage a deposit of 10% – the lowest variable rate is  from PTSB  and EBS  at 4.2%. PTSB will give you €1000 towards legal fees also.

Bank of Ireland are offering to pay new customers  1% of the  mortgage amount back to them   . On a €200,000 mortgage this would mean a  handy cashback of €2000.  More Details Here.

See the Lowest Mortgage Rates here


Car Insurance Prices Compared

Car Insurance – is one of those things that all drivers need to buy every year . Many people just accept the renewal quote from their current insurer and sign up for another year without checking if they can get cheaper insurance elsewhere.
A recent car insurance price comparison carried out in Ireland by the Competition and Consumer Protection Commission –  highlighted some of the big differences in the prices  from various insurers.

Overall , Allianz came out as the best – as they gave  the lowest quotes in 6 out of the 9 quotes obtained for fully comprehensive insurance.
In terms of percentage differences – the worst example was a 290% price difference. This was for a 47 yr old with 19 years no claims history driving a 2 litre Toyota Avensis. The cheapest fully comp quote obtained was from Allianz at  €255 with the highest quote almost 3 times bigger at €742 from Zurich

Provisional Licence
In one example the price difference between the lowest and the highest quote was a hefty €1249 a year.
This was for a 47 year old driver  of a 2.0 litre Toyota Avensis worth €15000 with a named driver on the policy who has only a provisional licence. The highest quote for this scenario  for comprehensive insurance was from Aviva at €3178 a year .  The lowest priced quote for this example was from  FBD Insurance  at €1929 .  Allianz, Liberty and Zurich wouldn’t provide a quote at all.
Without the named provisional licence holder – the same owner could get  comprehensive insurance for just €255 a year from Allianz. So  – adding the learner driver to  the policy could end up  costing as much as €2923 extra  for a full year.

Penalty Points: It was intersting to see that having 2 penalty points didn’t seem to increase the cost of the insurance quotes – but having 6 penalty points resulted in refusal to quote from 6 of the 8 insurers. The increase in price because of the extra 4 penalty points from the 2 insurers that did quote was €44 from FBD ( €450 v €406 (FBD) and €261 from Axa (€606 v €305)

New Drivers  : Only 2 companies would provide a quote for a newly qualified driver in a 1.2 litre car worth €3000. The  best quote obtained was  €2325 from Axa – with Liberty quoting €3238  (€913 more).

The insurance comparison figures are from February 2015 :  Ref:   http://www.consumerhelp.ie