The National Consumer Agency (NCA ) has just published its latest motor insurance cost comparison on www.nca.ie
The latest survey features six driver profiles based in Laois, Dublin, Clare, and Monaghan and includes a driver with a no claims discount earned in the UK, a driver with penalty points and another with a no claims discount earned on a company policy.
Profiles two and three represent the same driver, a 38-year-old office manager from Killester, Dublin 3 driving a 2004 Ford Focus. Profile two has zero penalty points and profile three has six penalty points. All providers quoted for profile two, with quotes ranging from €411 to €584, a difference of €173. When the penalty points are included in the profile, five firms declined to provide a quote. However, while penalty points do affect the number of quotes consumers can get, they may not have a significant impact on the cost of insurance. Quinn provided the same quote for both profiles, FBD quotes increased by up to €25 and AXA quotes increased by a maximum of €166.
Profile five represents a 33-year-old male from Monaghan, driving a 2006 Audi A3. This profile has three years no claims discount, which was earned in the UK. All providers confirmed that they would take no claims discount earned in the UK into account when providing a quote. When questioned further, six out of eight providers confirmed that a no claims discount for driving experience earned in other European Union/ European Economic Area countries would be treated in the same way as if it was earned in Ireland. However, Chartis Direct require driving experience on Irish/UK roads for a quotation and RSA require applicants to be resident in Ireland or the UK for the previous three years. The quotes for fully comprehensive insurance for this profile ranged from €485 up to €1,211, a difference of €726 between the cheapest and the most expensive provider. This represented the highest saving of all the profiles.
Ann Fitzgerald, CEO of the NCA remarked, “With widespread reports of increases in insurance premiums and the prospect of a tough budget in December, every penny counts right now. Our latest motor insurance cost comparison reveals significant potential savings and backs up the findings of our latest consumer research on switching, which showed that more than 80 per cent of consumers who switched their motor insurance made savings. So, no matter what your circumstances, it’s always worth shopping around.”
Profile four represents a recently unemployed driver with six years no claims discount earned on a company car (2005 VW Golf ). All companies took the no claims discount into account and potential savings on this profile range from €213 for a female with third party fire and theft cover to €400 for a male with comprehensive cover. If this driver downsized to a 2003 Opel Corsa (profile six ), their insurance could fall by as much as €273 a year.
The motor insurance cost comparison is available on www.nca.ie, as well as independent information, in plain English, on motor insurance and a ‘shop around checklist’ to help consumers keep track of quotes, discounts, and benefits offered by providers.
