Drivers can save between 30 and 50 per cent on their motor insurance by shopping around, a new survey on insurance costs claims.
The latest survey on insurance costs published by the financial services watchdog, IFSRA, is based on eight driver profiles on which insurers were asked to provided their best quote.
The profile of a Dublin-based cleaner aged 30, driving a Fiat Punto, was quoted €1,565 from Axa and €804 from FBD for fully comprehensive cover.
A fictional 36-year old teacher living in Cavan driving a Renault Laguna was quoted €898 from Axa and €526 from FBD. A 52-year old civil servant in Longford driving an Opel Astra was quoted €1,150 from Axa and €616 from Quinn direct.
The survey also found that direct quotes from insurance companies were the most expensive in all eight profiles submitted for a quote. Only one case saw a broker give the cheapest quote: The profile of a 56-year old Dublin dentist driving an Avensis was quoted €735 by Axa directly and €452 by Royal and Sun Alliance through a broker.
Consumer Director Ms Mary O'Dea said the survey's results again demonstrate the benefits of taking time to shop around. "Although the process does take a little time, I think it is clear from the survey that you can have more money in your pocket by taking a little time to look at all of your options."