Insurance broker reveals ‘staggering price differentials’ for individuals aged over 70 in Ireland
Policyholders aged over 70 and living in Ireland could face “staggering price differentials” when it comes to their motor insurance, reported Independent.ie.
Irish insurance broker Insuremycars compared motor insurance charges for those aged 70 or over and found that there could be as much as €1,000 (£873.08) premium difference between insurers for this demographic.
The firm’s analysis found that a driver in their early 70s, living in Ballincollig, Cork, and driving a Toyota Corolla 1.4 could get cover from €429 (£374.55) a year, however the most expensive price for the same driver is €912 (£796.25).
Alternatively, a driver of this age living in Dunleer in Co Louth, who owns a Peugeot 208 1.2, could expect to be quoted between €534 (£466.22) and €1,594 (£1,391.69).
Insuremycars managing director Jonathan Hehir said: “These figures highlight the absolute importance of always shopping around and not just taking the price quoted at renewal.
“Too often, consumers, particularly older ones, believe that loyalty to a particular insurer will be reciprocated with a favourable price.
“However, we are always at pains to point out to anyone who’ll listen, when it comes to insurance – loyalty may have been beneficial in the past, but it does not pay any more.
“Competition in this market is always changing so you always need to look at all your options.”
Irish charity Age Action added that those aged over 70 are experiencing “inflated premiums” – it said there is no indication that being medically certified as fit to drive reduces motor insurance prices.
The charity’s head of advocacy and communications Celine Clarke told Independent.ie: “Age Action has previously asked for actuarial data regarding the setting of insurance premiums for older drivers from Irish insurance companies.
“In response, we have been told that it is commercially sensitive.”
In September last year in the UK, the FCA published its report on price walking – this recommended a series of measures to ensure insurance firms “offer a renewal price that is no higher than the equivalent new business price for that customer through the same sales channel.”