Shop around for insurance - regulator

Drivers can save €100-€1,100 on their motor insurance premiums by shopping around for cover, according to the latest survey of the market by the Irish Financial Services Regulatory Authority.

Motorists who have been named drivers on their parents' policies and are seeking insurance in their own right stand to make the greatest savings, the survey indicates.

A 26-year-old male driver in Dublin, who has been a named driver under his parents' policy for eight years, would pay almost €1,800 for third party, fire and theft insurance if they sought cover from Allianz, but just under €700 if they shopped around and secured cover from FBD.

A 40-year-old male driver with a provisional licence and a one-year no-claims discount could save around €550 on comprehensive motor insurance, the survey found.

Royal & SunAlliance, which sells insurance through brokers, was the cheapest insurer in this category, with AXA the most expensive.

The financial regulator found that drivers of convertible cars might have difficulty getting cover. Two insurers - Allianz and Quinn Direct - would not quote the driver of a 2005 Mini Cooper Convertible, but convertible drivers could still save up to €870 by shopping around.

The survey also found that a 55-year-old wheelchair user driving an automatic car could save between €280 and €330.

"Regardless of your driving experience and age, it really pays to shop around for the best type of insurance policy to suit your needs," said the regulator's consumer director Mary O'Dea.

Copies of the survey are available by phoning the regulator's consumer helpline on 1890 777 777, by visiting www.itsyourmoney.ie or by calling into the consumer information centre at College Green, Dublin 2.