A price comparison survey of insurance companies has found significant differences in quotes for motor insurance.

The Competition and Consumer Protection Commission published its Motor Insurance Comparison Survey today.

The difference in quotes received by the commission was found to be between €156 and €1,249 for fully comprehensive insurance.

The survey compares motor insurance quotes from eight insurance providers based on nine different driver profiles.

Potential savings were seen across all of the profiles surveyed.

There was over €170 in the difference between the lowest and highest quote for cover for a 67-year-old motorist, driving a Ford Fiesta in Dublin.

In one case the commission found a potential saving of €1,249.

It is advising motorists to shop around for cover.

Fergal O'Leary, Competition and Consumer Protection Commission

The survey found penalty points have serious implications for securing motor insurance. Just two of the eight insurers surveyed provided a quote for a driver with six penalty points.

It also found that an increase in penalty points from two to six points resulted in an increase of 37% for comprehensive cover and 49% for third-party fire and theft.