If car owners in Ireland would just take the time to look, they may save a lot of money from car insurance premiums.
According to the Competition and Consumer Protection Commission (CCPC), car owners may save up to €1250 off their annual car insurance premiums simply by shopping for the right provider. This is not conclusive, though, as possible savings still depend on the type of coverage and other insurance details. Findings from the CCPC showed that quotes for comprehensive coverage may have a difference of €1,249 between companies, while third party fire and theft coverage may differ by up to €975 between providers.
The law requires you to have auto insurance if you drive a motor vehicle in the country. Driving without insurance is considered a criminal liability, which could cause you penalty points, heavy fines, and possible driving disqualification.
Types of Coverage
There are three basic types of coverage provided in Ireland—comprehensive cover; third-party, fire, and theft cover; and the third-party cover.
Comprehensive insurance is the most extensive type that covers all possible situations. Usually applied to new vehicles, coverage under this type of insurance varies between providers, but it typically pays you for repair and breakdown services, whether the claims were made by you or a third party. It also pays for theft and stolen items inside the car, as well as damage to property, whether yours or a third party’s.
Meanwhile, a third-party, fire and theft policy typically pays you for losses from fire or theft, as well as personal injury claims from another party. A third-party cover, on the other hand, is the most basic auto insurance type that only provides for losses of other drivers or property owners. When you get into an accident involving other vehicles, and you admit fault, a third-party coverage can pay for the other parties’ expenses, but not your own.
Most motor insurance policies have an “excess” clause that obliges the insured to pay a portion of any claim, mostly up to a hundred euros. The excess amount also helps determine premium cost. The lower the excess, the higher the premium, and vice versa.
On the provider’s side, a number of factors are considered when presenting car insurance quotes, including the driver’s experience, previous driving convictions and penalty points, and the main use of the car.
Those looking for insurance should bear in mind that different providers could offer different rates, even with the same factors considered, so it pays to shop around. The best insurance brokers like Simply Insure have user-friendly online tools that make it easy for shoppers to compare rates and find the coverage that suits their needs and budget.
Sources:
Savings of €1,250 by shopping around for car insurance. Irishtimes.com
Car insurance. Consumerhelp.ie
