Loyalty doesn’t pay for Ireland’s cocooners who could save on car insurance

Loyalty doesn’t pay for Ireland’s cocooners who could save on car insurance

A cost comparison analysis of those over 70s shows there are staggering price differentials across the market when it comes to car insurance.

SOME insurers are charging older drivers triple what is available elsewhere on the car insurance market. This is according to experts at Insuremycars.ie who say they're Over 70s Cost Comparison Analysis reveals staggering price differentials across the market. The online brokers ran the numbers on the back of a noticeable increase in calls from drivers above a certain age this year, particularly when lockdown restrictions were in place across the country.

Jonathan Hehir, Managing Director of InsuremyCars.ie explained their observations, “In the last 12 months, more insurers have taken an interest in the older age categories, and this has driven the prices down a little… but drivers will never benefit from these cheaper prices if they don’t ring around.

During the course of the year, we have found the volume of calls from people in their late 60s and 70s has increased, spiking in particular during the weeks and months that the most severe restrictions were in place across the country. What we are hearing from these customers is that although they’ve had to spend much more time indoors, they have wanted to put the time to good use by saving a few quid. 

One exercise in this regard was to look for better deals on big yearly bills like car insurance. In light of this, we ran some numbers in the hope of alerting other drivers over 70 to the huge differences in the prices offered by insurers across the board. In one case, the dearest insurer was charging €1,000 more than the cheapest on the market. These figures highlight the absolute importance of always shopping around and not just taking the price quoted at renewal”.

Mr Hehir went on to say: “Too often, consumers, particularly older ones, believe that loyalty to a particular insurer will be reciprocated with a favourable price. However, we are always at pains to point out to anyone who’ll listen, when it comes to insurance – loyalty may have benefits in the past, but it does not pay any more! Competition in this market is always changing so you always need to look at all your options”.

Insuremycars.ie have outlined their money-saving tips for all drivers:

Excess: You could possibly increase the excess on your policy, but this should only be done after careful consideration.

Penalty Points: If think you have points, find out exactly when they expire before you ring around for quotes – your renewal date might fall outside the three-year period.

Experience: If you were named on a policy before you had your own policy, make sure to mention this.

Named drivers on a policy and number of vehicles: This can be a big factor. Forgetting to take a younger driver off a policy can mean motorists are paying over the odds but in other instances, actually adding a named driver can make your premium cheaper. If there is a second car in the family spouse/partner can save money.

Occupation: If you have changed job or role over the course of the year then you might find that ticking a new box in the occupation dropdown will have a positive (or negative) effect on premiums.

Policy type: Assess what level of cover you need – in some cases Third Party Fire and Theft will suffice – but in others, you might need Comprehensive.

Car change: Often changing a car should precede a change in an insurer. Every insurer has its own rate for different cars.

More in this section

Sponsored Content