A new survey from the financial services regulator reveals staggering difference in the price of motor insurance for drivers in Ireland.
The cost survey by the Irish Financial Services Regulatory Authority (IFSRA) shows that the cost of fully comprehensive insurance for a 25 year-old male can vary from €1,100 to €6,200 depending on the insurer.
The survey requested quotes from insurance for eight different driver profiles with different ages, occupations and living in different parts of the country.
One profile of a 25-year old barworker living in Galway, driving a 1998 Honda Civic worth € 3,000 was quoted €1,102 for fully comprehensive insurance by AIG but €6,212 by Royal Sun Alliance.
A 41-year old factory worker living in Limerick city, driving a 1995 Nissan Micra worth €1,500 was quoted €1,080 by AIG and €4,191 by Quinn Direct for the same comprehensive cover. The cost surveys are the first in a range of independent surveys to be carried out by the Financial Services Regulator.
IFSRA's consumer director, Ms Mary O'Dea, said one the publication of the consumer surveys and the launch of IFSRA's new website, www.ifsra.ie, should help the consumer make informed choices based on independent information.
She added that the surveys demonstrated the benefits of shopping around. "I think it is clear from the surveys that you can have money in your pocket by taking a little time to look at all your options."
The Financial Services Regulator will publish the motor insurance survey every three months and the personal account survey every six months. Other cost surveys, covering credit cards and other financial products, will be produced during 2004.