YOUNG DRIVERS can save over €2,200 by switching insurers when renewing cover, according to a cost comparison by the National Consumer Agency.
FBD Insurance was the most expensive insurer in 12 of the 16 quotes for four different driver profiles, while Chartis was the most expensive in the other four quotes.
Quinn Insurance provided the cheapest quotes in five cases, Aviva was cheapest for four, and FBD and RSA for two each.
The biggest variation was found for a 19-year-old female student seeking comprehensive cover for a 2003 Opel Corsa. FBD quoted €3,161 and Aviva quoted €928, a difference of €2,233. Aviva operated an excess of €600 on this policy, compared to €350 for FBD.
Two insurers would not quote for this profile. The variation for a male driver of the same age with the same car was up to €2,089.
The survey showed large variations in costs of renewing a policy after a claim was made. It revealed big variations in interest charged by different insurers where a customer opted to pay a policy in monthly instalments instead of annually. These rates varied from over 19 per cent with Zurich and Quinn, to 4 per cent with FBD.
The variations in premiums for older drivers were less marked – €338 for a 46-year-old woman and €663 for a 66-year-old woman.