Motor insurance costs can vary by €2,000 - Ifsra

Motorists can save between €140 and €2,000 by shopping around for their motor insurance, according to the latest cost survey by Ifsra, the financial regulator.

The most significant savings to be made by shopping around are available to young male drivers, who were charged quotes that varied radically by insurers.

A 17-year-old male with a provisional licence and no no-claims discount was charged €3,873 for third-party, fire and theft cover by FBD, but €5,887 by Royal & SunAlliance. Female drivers in the same category could save over €900 for the cover.

The cover was based on the 17-year old being a named driver under a parent's policy.

Four insurance companies - Royal & SunAlliance, Allianz, AXA and Hibernian Direct - refused to give a quote for comprehensive cover to either the male or female 17-year-olds, who were described as living in Monaghan and driving a 1.6 litre 1998 Opel Vectra.

The latter three insurers refused to quote for third-party, fire and theft cover.

Left-hand drive cars were included in the regulator's survey for the first time, following a number of inquiries to the regulator from people bringing cars to Ireland from abroad.

A 26-year-old living in Sligo and driving a left-hand drive Toyota Corolla could make savings of at least €440 by shopping around for cover. The biggest potential savings were for male drivers looking for third-party, fire and theft cover, where premiums varied from €1,207 at Quinn Direct to €2,368 at Allianz, a difference of €1,161.

Only one insurance company, Eagle Star, would not offer a quote in this category.

Elsewhere, Quinn Direct provided the cheapest comprehensive cover for a 52-year-old receptionist living in Dundalk, while AXA quoted the highest premiums for these drivers. The two insurers also came out top and bottom for a 50-year-old clerical worker living in Dublin and a 45-year-old nurse living in Waterford.

But unlike Quinn Direct's cover, AXA's policies include enhanced protection for no-claims discounts and the discount is not affected by fire, theft or windscreen-related claims. Quinn Direct does not cover damage to windscreens.

The regulator reminded consumers that they are by law entitled to their notice of renewal at least 15 days before their renewal date, giving them time to shop around for alternative insurers.

The financial regulator's cost survey and a guide to motor insurance is available to download by logging onto www.itsyourmoney.ie; by phoning its consumer helpline on 1890 777 777, or by calling into its consumer information centre at College Green in Dublin 2.