Thursday, September 19 15:46:34
The National Consumer Agency has today published the findings of its latest home insurance comparison survey which shows potential savings between providers of up to E362 on annual premiums.
The survey, which compared quotes from eight insurance companies, also finds that most companies are willing to negotiate with consumers who present them with quotes from competitors.
The research examined seven profiles based on a range of property types throughout the country. For those profiles where all companies provided a quote, the average potential saving was E318.
It found potential savings of up to E362 on the price of insurance for a 2-bed terraced house in Waterford City. The most expensive quote was E546, whilst the cheapest quote provided was for E184. The average quote for this profile was E278.
The biggest percentage difference in quotes provided, 341pc, was found for contents cover only for a 2-bed apartment in Co. Dublin .The most expensive quote was E389 and the cheapest quote was E88. The average quote for this profile was E181.
Six out of the eight companies surveyed indicated that they would be willing to negotiate with existing consumers on their renewal quote if that consumer had secured a cheaper quote elsewhere.
Speaking about the survey results, Fergal O'Leary, Director of Research and Policy, said: "This research demonstrates that consumers can make significant savings on their home insurance if they are prepared to get a couple of quotes before taking out insurance. It is very positive to note that most of the companies surveyed are willing to renegotiate premiums with existing customers if a customer presents them with a better quote from elsewhere. It is clear that consumers are in a much stronger position if they get quotes from competitors."