Seemingly the IFSRA have recently conducted a study that shows how motor insurance quotes can vary greatly from one company to another. Personally I was amazed at this study. No, no not the findings but the fact that they actually took so long to conduct it on information that could have been obtained from two phone calls and has been known for years. They are asking people to shop around and on RTE radio yesterday the differences were explained by each insurers experience of the market…
…rubbish!! The differences are purely explained by the want and unspoken agreement between insurers who profiteer in certain focus areas. How many insurers actively insure young drivers without legal threats under the Equal Status Act, the same goes for aged drivers these days too. There are also certain insurers that specialise in insurance for females and others that actively pursue those with claims or convictions to offer them a quote that nobody else would. The insurance market is divided purely on how best to share and make the profit and it is not shopping around that the consumer needs, it is regulation! Motor insurance in Ireland is required by law and as such should be regulated by government. A published scale should exist and should be enforced, linked to driving experience not age and no claims bonus benefits, so that we don’t have the scenario were safe young, three years behind the wheel without an accident Mike aged 23 pays Eur 4000 and no experience Joe aged 40 pays Eur 600. Regulate the market, stop the profiteering and get a grip on what the public outcry has been about. It’s a simple task! source: Irish Times