Are there standard car insurance bands?

HI there, I am trying to gain access to the banding that insurance companies use for cars. ie - I keep hearing it's above level five, which is high. How do I get a list with which I can pre-check a car to see what level it is rated by insurers before buying to help my purchase decision.

Thanks in advance, Emmet

11.02.2015

Our answer:

Hi there,

Yes, it would be nice if we could access that sort of information and car insurance in Ireland were calculated on a fair and transparent basis but sadly it's not that easy.

We contacted the Insurance Federation of Ireland with your question and this is the response received:

"When working out your motor premium insurers take a number of factors into account such as your age, claims record, driving experience , type of car etc and the premium is then based on the combination of those factors. Insurers compete with each other based on the claims costs generated by their policyholders. Company A’s claims costs will be different to Company B’s and so the premium for these two insurers will vary, which is why you get a range of quotes when shopping around.

"With regard to type of car, the same principle applies. Insurers each have their own vehicle bandings. However, as a general principle, a lower engine cc would generally be a lower risk than a higher engine cc.

"Our advice is that if you want to get some idea how much it would cost to insure a car you intend to buy, check in advance with an insurer or insurers by phone or on-line first before you close the deal on the car."

Answered by Shane O'Donoghue
02.03.2015

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