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 11 out of the 18 quotes obtained for fully comprehensive and third party 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 €1630.  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 interesting to see that having 2 penalty points didn’t seem to increase the cost of any 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 6 penalty points from the 2 insurers that did quote was €44 from FBD ( €450 v €406)  and a massive  €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 were  from February 2015 :  Ref:   http://www.consumerhelp.ie