What Do Insurance Companies Consider?
Age
In Ireland like most other countries insurance companies generally consider young drivers a higher risk and charge larger premiums to cover this risk. If you are a young driver it's well worth your while shopping around as the premiums can often vary quite significantly.
Gender
Most insurance companies believe that female drivers are lower risk than male drivers. This is particularly the case in the under 30's. Insurance companies will often offer female drivers lower premiums.
Type of vehicle
Most insurance companies will consider the engine size of the vehicle, in general the lower the engine size the lower the premium. Some insurance companies will offer a discount if the vehicle is fitted with an approved alarm or immobiliser.
How old the car is
The age of the vehicle and the sum for which you insure your car also affects your premium.
Where the car is kept at night
Many insurance companies will offer a reduction if the car is housed in a garage at night.
Your location
Some insurers have attributed different levels of risk according to location. In general these companies charge urban drivers higher premiums. If you do live in an urban area don't be tempted to give a country address as this may invalidate your policy.
License & years driving
All insurers consider the type of licence and the number of year's driver's experience you have when considering a quotation. If your on a provisionally license it expect to be charged more.
No claims
Insurers put a great weight on this and those lucky enough to enjoy a full no claims bonus find their premiums significantly reduced. It can up to 5 years driving to get a full no claims bonus, however some insurers take driving experience as a named driver into account.
Many insurers allow you to protect your no claims bonus for an extra premium, this means that you can retain your no claims even though you have made a claim.
Convictions and penalty points
If you have been convicted of a serious motoring offence such as dangerous or drink driving you can expect to pay more for your insurance.
Penalty points may also affect your premium depending on the circumstances and the insurance company in question.
Do not risk invalidating our policy by not disclosing information such as penalty points and convictions
Excess
Premiums are lower if you have the type of policy where you pay the first portion of any claim for damage to your own car. This amount, known as the 'excess', varies. The higher it is the lower you pay for your insurance.
What you work at
Many insurers consider people in some occupations higher risk than others and charge higher premiums as a result. For instance all other things been equal someone in sales is charged more than an accountant. If you use your car for business purposes you will get charged more than someone who just uses the car for social, domestic and pleasure purposes.
Who is covered
Extending the cover to named drivers may not result in an increase in premiums. It depends on the drivers named, their age and driving experience. Extending the cover to unnamed drivers, even when restricted to those aged over 25, will always cost more.
Open driving
This means that anyone driving your car is covered by your policy. Insurance companies usually charge extra for this type of policy and may restrict cover to drivers of a certain age.
Driving other cars 'extension'
It may cost more if you want to have insurance cover when driving cars owned by other people. This cover is usually restricted to third-party.
Top tips on how to lower your premium
Don't insure your car for more than it's worth
Remember the lower the engine capacity the lower the premium
Some insurers offer a discount for having an approved alarm or immobiliser system.
Many insurers apply a discount for vehicles, which are stored in a garage at night
Some insurers apply discounts for the successful completion of advanced motoring courses
