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 emerged as the most expensive insurer in 12 of the 16 quotes obtained over 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 in four quotes and FBD and RSA were cheapest for two quotes each.
The biggest variation was found in the case of a 19-year-old female student looking for 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 declined to quote for this driver profile. The price variation for a male driver of the same age driving the same car was up to €2,089.
The survey showed large variations in the cost of renewing a policy after a claim had been made. It also revealed big variations in the 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 charged by Zurich and Quinn to 4 per cent charged by FBD.
The variations in premiums for older drivers were less marked but still amounted to €338 for a 46-year-old woman and up to €663 for a 66-year-old woman.
NCA chief executive Ann Fitzgerald said the results showed that it was in consumers' interests to shop around. It was up to consumers to weigh up the cost of paying for minor damage themselves, rather than risk losing their no-claims bonus.
