Motorists could save up to €1,700 on car insurance by shopping around for a good deal, a report said today.
The Financial Regulator today published its new motor insurance cost survey which compares the cost of insurance for a range of male and female drivers, including students on provisional licences.
It also details motor insurance policy benefits such as protected no claims discounts, recovery services, and replacement cars.
The survey found that male drivers could save more than €1,600 on third party, fire and theft cover, while women in the same category could save more than €1,300.
But consumer director for the regulator Mary O'Dea said: "While there is money to be saved on motor insurance, it is worth bearing in mind that the cheapest policy may not always be the best for you, as you may be prepared to pay a little more for a policy that includes certain benefits that are important for you.
"For example, if you have built up a large no claims discount, you may want an insurer that gives the maximum protection for your discount in the event of you making a claim."
The survey also looks at the excess - the amount which must be paid by the policy holder in the event of a claim - which can range from €125 to €300 between different insurers.
Copies of the Motor Insurance Cost Survey are available by visiting www.itsyourmoney.ie or phoning 1890 77 77 77.
PA