Drivers can save more than €1,800 on their motor insurance by shopping around for cover, the fourth survey of the market by the Irish Financial Services Regulatory Authority (IFSRA) shows.
The comprehensive motor insurance premiums quoted by insurers for sample drivers reveal that some motorists will pay over 2½ times more for cover if they opt for the most expensive insurer rather than the cheapest.
The consumer watchdog found that the differences in premiums quoted by seven insurers for six sample consumers across a range of ages, professions, cars and licence types varied from €190 to €1,824.
For example, a 35-year-old male scrap metal dealer who drives a 2003 Nissan Cargo Vanette and has had a full licence for 12 years was quoted comprehensive cover for €2,913 through AXA, but just €1,165 from FBD.
Four insurers refused to quote the dealer, who did not have a no-claims discount.
The average price difference between the highest and lowest quotes was €651.
The cheapest quotes in almost all categories came from either one of two insurance companies - FBD or Quinn Direct.
The only other insurer to emerge as the cheapest for any of the drivers profiled was Eagle Star, which at €543 gave the lowest quote for a 45-year-old female garda living in Co Kerry.
IFSRA's consumer director, Ms Mary O'Dea, said the regulator's survey once again demonstrated how people could save considerable amounts on insurance.
However, this time IFSRA is warning that the cheapest cover is not always the best.
For example, although younger drivers may look for the lowest quotes, a person who has been driving for a few years may want to pay extra to protect their no-claims discount, IFSRA said.
In most categories, AXA, Eagle Star and Royal & Sun Alliance included a "step back" bonus system in their quotes.
"Step back" bonuses are a partial protection of drivers' no-claims discounts - if they make a claim, they may only lose 20-30 per cent of their discount.
Hibernian and AXA also included no-claims discount protection for fire and theft claims.
At AXA, which was the most expensive insurer for both male and female drivers in three categories, claims for accidental damage do not affect the no-claims discount for third-party claims.
The driver profiles in the IFSRA survey reflect a range of occupations, including an artist, an unemployed person, an IT salesperson and a member of the clergy.
The survey also includes information on the provisions of the Equal Status Acts, which prohibit discrimination in the provision of goods and services on any of the following nine grounds: age, gender, race, marital status, family status, sexual orientation, disability, religion or membership of the Traveller community.
But insurers are free to refuse cover or charge more solely on these grounds as long as they can show that the difference in treatment can be justified by actuarial or statistical data or by their own commercial reasons.
"Individual insurance companies have the right to refuse you cover provided they are not in breach of equality legislation, but they must provide you with a reason for the refusal if you ask for one," Ms O'Dea said.
Drivers who feel they have been discriminated against can lodge a complaint with the Equality Tribunal, she added.
IFSRA's motor insurance surveys can be downloaded from www.itsyourmoney.ie.
Copies are also available from its information centre at College Green in Dublin, or by calling its consumer helpline on 1890 777 777.
