Research published by the Competition and Consumer Protection Commission has revealed that consumers can save up to €1,249 by getting quotes from more than one vehicle insurer.
The Motor Insurance Comparison Survey identified savings between €156 and €1,249 for comprehensive cover. For third party fire and theft the difference in quotes ranged from €137 to €975.
The survey compared motor insurance quotes from eight insurance providers based on nine different driver profiles – which varied in age, location, driver experience and other lifestyle factors.
The research also highlighted;
- Potential savings were seen across all of the profiles surveyed, for example for a 67 year old, driving a Ford Fiesta in Dublin there was over €170 in the difference between the lowest and highest quote.
- For one of the profiles an increase in penalty points from 2 to 6 points resulted in an increase of 37 per cent for comprehensive cover and 49 per cent for third party fire and theft (the difference relates to the average of the quotes provided).