Shopping around for cover nets results

A few years ago, Bevan Ritchie was paying more than €2,000 a year for his motor insurance. Now his comprehensive cover costs just €460.

Mr Ritchie, who drives a 1997 Fiat Punto, sourced a quote of €460 for a Royal & SunAlliance motor policy through his insurance broker when his renewal date came up last month. The previous year he had been paying just over €600 for cover, but when he shopped around online using www.aaireland.ie, he found a cheaper quote, this time for €480.

He told his broker, who agreed to match the quote.

In the end, the broker bettered it by €20.

"They seemed very eager to keep the business," he says.

Mr Ritchie believes his premium has come down partly because insurance companies are doing what they claim to be doing and cutting premiums, partly because his no-claims discount has remained intact and partly because he is getting older.

"I'm 29, so I think I'm at the stage when my premiums would have started to come down anyway. Around 27 or 28 is the age you need to be before you stop being a high risk in the eyes of insurance companies," he says.

Mr Ritchie, a nurse living in Clontarf in Dublin, has had his full licence for about eight years and an insurance policy in his own name for seven.

Price isn't everything when it comes to motor insurance, he believes.

"On some policies, the excess you pay on claims might be more or you might only be able to insure your no-claims bonus to a limit of €2,000 or €3,000," says Mr Ritchie, who is looking for full protection of his no-claims bonus as part of his policy.

Nevertheless, he plans to do another spot of independent shopping around for lower quotes when his policy comes up for renewal next year.