Motorists seeking car insurance can save up to €4,000 a year by shopping around, according to the latest survey by the Irish Financial Services Regulatory Authority.
The regulator's consumer director, Mary O'Dea, urged motorists to take time to consider the costs of buying and insuring a car before even looking at vehicles in garages.
"People dedicate a lot of time choosing the car they want, from the colour, model and mileage to optional extras such as sunroofs and stereos. While much time is spent thinking about the car itself, we find that people only think about the financial aspects like finance and insurance packages after the price of the car is agreed."
The regulator yesterday launched an information pack to help consumers through the financial headache of buying a vehicle, from how to borrow money to looking at costs of motor insurance.
Ms O'Dea warned consumers that hire-purchase agreements are different to a personal loan. "With a hire-purchase agreement, you do not own the car until you make the last payment, so it is not yours to sell if you need to. Know exactly what you are signing up to and what your rights are, should something go wrong."
The survey showed that a 22-year-old female driver could save €2,800 on comprehensive cover and a male driver with the same profile could save €3,875 for third-party fire and theft insurance.
A 45-year-old male with penalty points seeking insurance on a convertible car could pay between €1,470 and over €4,500 for comprehensive insurance. The survey profiled drivers from Carlow, Clare, Galway, Dublin and Westmeath.
The information pack contains a range of publications including guides to motor insurance and personal loans and credit; cost surveys on car finance, motor insurance and personal loans; a booklet on hire purchase; and factsheets about payment protection insurance and credit rating.
Copies of the new pack are available by phoning the regulator's consumer helpline on lo-call 1890 77 77 77 or by visiting www.itsyourmoney.ie.
