Car and home insurance costs can differ a lot depending where you live

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New research has discovered that people living in some areas of Ireland are being asked to pay a significant amount more for home and motor insurance compared to other parts of the country.

The study first looked into the price of home insurance based on two couples from Co Louth and Co Dublin. Both were in their 40's and living in a three-bedroom semi-detached house that costs €220,000. Both had 20 per cent contents insurance and had made no claims in the past five years.

The findings showed that the couple from Louth would be asked to pay €658 a year for home cover, which is an amazing €314 more than the couple living in Dublin who would pay just €344.

Co Westmeath was the second highest area to get home insurance for the same type of house, with a premium of €540 a year, whilst Kilkenny city was the cheapest place where it would cost a couple €297 a year to insure a similar home.

Residents of Dublin seem to get a good deal for insuring a three-bedroom semi-detached home compared to the rest of the country, with most expensive area of the city being Dublin 4, where occupants pay on average €400 a year. The cheapest quotes were for Dublin 20 residents in Chapelizod and Palmerston who were asked to pay €347 a year.

One home insurance expert said of the findings, "Insurers have very sophisticated geo systems that track things like crime, flood and storm damage. Certain areas of the country would be a write-off in terms of even getting insurance due to flooding risk, like Clonmel in Co Tipperary and parts of Co Galway."

Next, car insurance prices were investigated with similar differences in the level of quotes being offered.

The study was based on a female driver aged 40 years old who drove a 2008 four-door Ford Focus LX 1.4L worth €15,000. She was fully comprehensive insured, with no claims made or points on her licence. She drives less than 10,000 km a year, has five years no claims bonus with full bonus protection and has on-street parking.

Dublin residents who fit this description were found to be paying a huge amount, with the dearest insurance in Ireland imposed on those from the Dublin 7 area, who would pay €714 a year. It was revealed that other areas of the city were paying hefty car insurance costs too.

Outside of Dublin, the next most expensive was Co Louth at an average €705 a year, then Co Longford €677 and Cavan at €660.

The cheapest areas were Dundalk, where residents would pay €654 and Drogheda, which saw those matching the woman in the study's description being quoted just €505.