Irish drivers are paying an average €1,067 for motor insurance as competition intensifies across the market, new analysis1 from award-winning data analytics company Consumer Intelligence shows.
But the price difference between the cheapest and most expensive quotes for all age groups can be as much as €500 – 60% higher – with the lowest coming in at €838.80 compared with the highest at €1,339.30.
Up to 14 insurers are competing for business across the market but are increasingly selective about the drivers they want to provide cover to, Consumer Intelligence’s research shows, with Aviva ranked as the most competitive across all age groups.
Other providers which rank among the most competitive include Post Insurance, Allianz, 123.ie, Chill.ie, FBD, SuperValu and AIG.
Consumer Intelligence’s analysis further shows, the most competitive providers for drivers under-30 are particularly selective about who they choose as their customers. Providers typically will not quote for between 42% and 53% of business from under-30s, highlighting the risks they are willing to accept.
Competition for business is most intense in age groups over 30 (30-39, 40-49 and 50+). Consequently, for these age groups, providers are more likely to quote for business, and ‘no quote’ rates drop off significantly (between 3% and 36%).
Neil Hart, Consumer Intelligence Client Services Director said: “Price competitiveness is thriving in a market in which customers largely get quotes and buy directly from insurance brands.
“The clear issue for providers in the Irish market is that with the differences in pricing so marginal, the need for data and insight to inform pricing changes is acute.”
The table below shows the differences between highest quotes and lowest quotes across different age groups – under-30s can pay double for the most expensive quote while the price gap is lowest for those aged 40 to 49.
| AGE GROUP | AVERAGE PREMIUM | HIGHEST QUOTE | LOWEST QUOTE | DIFFERENCE |
| Under-30s | €1,648.70 | €2,185.09 | €1,030 | €1,155.09 |
| 30 to 39 | €1,027 | €1,329.44 | €800.50 | €528.94 |
| 40 to 49 | €851.40 | €1,064.08 | €726.08 | €338 |
| Over-50s | €807.40 | €1,076.08 | €662.04 | €414.04 |
| AVERAGE | €1,067 | €1,339.30 | €838.80 | €500.50 |
Average prices in Ireland are still significantly more expensive across most age groups than in the UK with only the under-30s receiving a better deal than in the UK. Average prices for the under-30 in the UK are £1,608 compared with £1,414 in Ireland.
The over-50s pay £392 in the UK and £709 in Ireland while average premiums between 30 and 50 in the UK are £646 compared to £825 in Ireland.
