Motorists can save up to €1,700 by shopping around for car insurance, according to the latest insurance survey published by the financial regulator.
Ifsra's motor insurance survey includes a profile of a 20-year old student with a provisional licence and shows that male drivers could save over €1,600 on third party, fire & theft cover. Female drivers in the same category could save over €1,300 for the same cover.
The survey also details the "excess" with each insurer. The excess is the amount of any claim that must be paid by the policyholder in the event of a claim and can range from €125 to €300.
Ifsra's consumer director, Mary O'Dea, said "while there is money to be saved on motor insurance, it is worth bearing in mind that the cheapest policy may not always be the best for you, as you may be prepared to pay a little more for a policy that includes certain benefits that are important for you."
Ms O'Dea cited the example of a driver with a large no claims discount who may want an insurer that gives the maximum protection for the discount in the event of you making a claim.