With many people renewing car insurance in January - we thought it would be a good time to take another look at the results of a comparison of car insurance quotes that was published by the Financial Regulator in October 2012 .
The Oct 2012 comparison showed once again that the price of car insurance premiums can differ by large amounts and households can save significant amounts by shopping around.
Our advice is -when you get an insurance renewal notice – don’t just accept it – get a few more quotes.
Overall – the comparison survey obtained 28 quotes each from 8 car insurance companies. They covered both comprehensive and third party insurance for males and females. We won’t look at the quotes for provisional licence holders – because we wrote about insurance costs for learners back in October 2012 .
In the comparison for comprehensive insurance – RSA Insurance came out the best overall – with the lowest quote in 4 out of 6 cases. Axa had the lowest price in the other 2 cases.
One example was for a 45 year old driving a 1.9l car valued at €4k with 4 years no claims bonus .
RSA Insurance gave the lowest price for comprehensive insurance of €452. Chartis Direct were €379 more expensive at €831 .
Other quotes were : Liberty Insurance €507 ; FBD €530 ; AXA €536 ; Allianz €668 ; Zurich €783 ; Aviva €803.
One other interesting comparsion was the difference 4 penalty points made to the insurance quote. With most insurers it made no difference to the premium (AXA ,ChartisDirect ,FBD, Allianz,Liberty Insurance).
But RSA increased the price from €362 (no penalty points) to €419 with 4 penalty points (an increase of €57).
Aviva quoted €429 for a 50 year old with no penalty points – but wanted €536 if the driver had 4 points.
The survey only used direct insurers. You may well get even cheaper prices from online Brokers such as AA Insurance - they will get quotes from several insurance providers.
Ref – http://www.itsyourmoney.ie/costcomparisons