Young driver car Insurance is where the largest savings can be seen
The Financial Regulator has identified huge differences between premiums being charged by a number of insurance companies after carrying out a survey.
Of the quotations wanted as part of the research for a range of driver profiles, disparities of as much as €1,800 were discovered between the cheapest and the most expensive insurance companies.
Insurance experts have concluded that the evidence provided highlights the need for people to shop around thoroughly for the best value deals and the correct policy before committing to one Insurance Company.
Although car driver’s car insurance showed the greatest difference, older motorists also faced wide distinctions in the premiums they could be offered.
Novice drivers and those under the age of 25 years old usually face higher insurance premiums because this is the age group that is involved in the most number of car accidents in Ireland. The Financial Regulator research, which compared driver profiles from a number of Ireland’s cities, showed a
significant difference faced by motorists, particularly young ones.
For example, a driver aged 19 years old who has held a full driving licence for one year and owns a 2002 Open Corsa which is covered for social and domestic use was quoted €3,449 for comprehensive cover by one insurer, compared with €1,633 by another, a huge overall difference of €1,816.
The excess also differed with the highest quote being €500 and the lowest on offer at €200.
The study showed the variations and savings that exist for motorists in other age groups and other driver profiles too.
A 27 year old office worker, who has had a full licence for three years, would be offered premiums from €1,663 going down to €955 for comprehensive cover of a 2003 Ford Focus.
A 38-year-old civil servant driving a 2006 Volkswagen Touran valued at €16,000 and is not being used for work purposes, would be offered quotes ranging from €840 to €426 for comprehensive cover.
Finally, a 46-year-old male engineer driving a €8,000 Renault Megane Saloon can see savings of €188 through shopping around. The highest quote on offer being €440 compared to the lowest of €252.
About the Author
Rochelle Martinez, Freelance Web Content Article Writer for three years. Some of her articles are about http://www.quinn-direct.com.
|
|
Driving Range: the Cost of Car Insurance for Young Drivers in Northern Ireland … |
