The Financial Regulator has urged consumers to shop around when buying motor insurance after a survey showed wide variations in the cost of comprehensive and third-party cover.
The Regulator's new motor insurance survey found that the price of third-party fire and theft cover for a 22-year-old male driver varied by as much as €3,875.
Similarly, a female driver with the same profile could save up to €2,800 on comprehensive cover by shopping around.
The survey found a 45-year old male driver with penalty points seeking insurance on a convertible car could pay between €1,470 and over €4,500 for comprehensive insurance.
The study - which profiled drivers from Carlow, Clare, Dublin, Galway and Westmeath - found that young drivers often have a difficulty getting quotes.
It found that four out of seven insurers would not provide a quotation for a 22-year-old Honda Civic driver.
The Financial Regulator published today's survey at the publication of a free motor pack containing several booklets to guide consumers through the financial aspects of buying a car.
Consumer Director Mary O'Dea said motorists should take time to consider the costs of buying and insuring the car before even looking at cars on the garage forecourt.
"While much time is spent thinking about the car itself, we find that people only think about the financial aspects like finance and insurance packages after the price of the car is agreed. Sometime, people rush these decisions in their haste to drive the car off the forecourt."
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