Just like in the US and Europe, the law in Ireland requires a driver to have a car insurance policy under his name. This should also be done if you are named a driver under someone else’s policy.
There are different levels of insurance that can protect you from different types of damages. The rates of these policies will be dependent on the age of the driver, accident history, model of the car and some other factors. The penalties associated with driving without a license can increase the cost of the policy. Such regulations are covered in Ireland’s Road Traffic Act of 1961.
What are different types of car insurance available in Ireland?
You can find three types of car insurance in Ireland. Just like in the US, the minimum requirement is the Third Party insurance. This type of coverage in Ireland will pay for your passengers including for the people in the other car if you are the at fault driver. The coverage will include costs for the repairs of your car.
The second type of insurance is the most popular in Ireland. This is the Third Party, Theft and Fire insurance. This covers what is included in the first type of insurance with extended coverage for instances of total loss due to fire and theft.
The third type of insurance is the Comprehensive policy. This will cover for damages to your car, includes life and death insurance, and other perks such as the cost for hiring a car while your own vehicle is not usable due to an accident.
How much will the insurance cost?
According to the Equal Status Act of 2000, different insurance companies have the capability to charge different motorists different rates for the same type of coverage. The costs of the premiums are based on the company’s own criteria as to risk the driver poses to the company. Insurance companies base their judgment on statistics such as young drivers being involved in accident more than that of experienced drivers. Things such as where you live, where you park, the car you drive and such will have an effect on the rate of your policy.
What will happen if you do not have insurance in Ireland?
If it is your first time to commit the act of not having insurance, the judge can opt to not suspend your license or to suspend your license for less than a year. If you are a repeat offender, an additional fine of €2500 plus the suspension of your driver’s license for two years or more or the judge may decide to put you in jail for a period of six months.
European Motor Insurance Agreement
It was decided in the year of 2008 that Ireland should comply with the European Communities Insurance Regulations.
These regulations amended the Road Traffic Act of 1961 requiring Ireland drivers to carry insurance even while driving in different European countries. This also includes for insurance companies to provide reimbursement should accident happen outside the country.
How to save on car insurance in Ireland
Since car insurance in Ireland is becoming expensive with the passage of time due to the bad investment decisions by different Irish insurance companies, it is now time to make some extra effort on your part to reduce the costs of your policies. Here are some tips that can help you save on your insurance.
- Take good care of your no-claims discount: If you can avoid having to file for a claim, by all means do your best not to. You can build a no claims discount which can eventually save you up to 71% on your Irish car insurance. Most companies offer a no-claims protection policy where you can make a certain number of claims within a certain period of time while retaining your discount. You can also carry over this discount if you plan to change your insurance company.
- Up your excess: Excess is equivalent to deductibles. Getting a higher excess can lower down the cost of your premiums and the savings can be used to purchase a better coverage. If your excess amounts to €200, your insurance will only pay you after you have shelled out the said amount out from your own pocket. The thing is, if you have a higher excess, you will have a lower price for your premium.
- Consider getting a lot of quotes: You will soon find out that the different companies have different rates. The difference can be more than €1000. Do this every year even if you think that your current insurer is already the best in the business. Competition is very fierce that’s why companies find means and ways to give their clients a more competitive price in order to attract more buyers.