Young drivers with expensive cars will enjoy cheaper motor insurance from the Hibernian group this year, but "burdened borrowers" and drivers living in Tallaght can expect to pay more.
Hibernian's chief executive, Mr Adrian Daly, explained that the policy is part of the company's efforts to weed out the "unprofitable" element of its motor insurance book.
For motorists, the strategy means that those deemed to be in the most profitable group could enjoy a discount of up to 10 per cent on their annual motor insurance premium. But those out of favour could be in for a rise of up to 25 per cent, he said.
Hibernian is quoting motor premiums based on an individual's bank balance, lifestyle and address.
Mr Daly said the company has found that young drivers with expensive cars, "typically 20 and 30-somethings sporting three series BMWs", have been penalised for too long and will enjoy cheaper car insurance from now on from Hibernian.
"Burdened borrowers", though, will see little respite. Mr Daly said this category - predominantly young couples with hefty debts - has proved to be "bad news" when it comes to motor insurance. This group tends to have a higher incidence of claims, he said at the company's publication of its annual results in Dublin yesterday.
And where you live will also make a difference. As an example, Mr Daly admitted that the company would quote a more favourable rate to a motorist living in Ballsbridge than in Tallaght.
The rationale for this re-positioning of its business is based on its use of lifestyle techniques in analysing its customer base. It allows the company to take an in-depth look at certain segments of its business and highlights those which tend not to be profitable.
Hibernian insists that it also allows it to look at individual customers rather than to apply a premium rate purely based on age, sex and claims history.
The firm is also moving away from providing third-party insurance to motorists.