Comprehensive car insurance in Northern Ireland on average is far below the UK as a whole, according to a new survey.
he average price of insurance per year here is £496, according to the confused.com insurance price survey.
The highest average price across bands here, running from young drivers to the oldest, is £540 while the lowest is £451. The company would not immediately give region-specific details or on the different bands.
According to the survey, the average price of insurance across the UK is £554, up from £522 a year ago, a 6% increase.
Premiums increased by £32 in the last 12 month across the UK, according to the survey, carried out in association with WTW, an advisory and broking company.
Motor insurance premiums have risen in the last three quarters, but there was only a small rise of one per cent, or £4, in the last three months.
The index is based on price data compiled from over six million customer quotes per quarter.
Tim Rourke, of WTW, said: “A combination of rising accident frequency after the pandemic lull and surging inflation sees upwards pressure on insurance prices coming from claims costs and repairs.
“These challenges are compounded by insurers also having to respond to the FCA’s pricing reforms, effective from January, which bans renewal prices being higher for existing customers than for new business.”
From April to June 2022, the cost of comprehensive car insurance increased the most in Outer London, where drivers saw a quarterly rise of 3%, £17, with average premiums now at £704.
Drivers in the South of England saw the steepest quarterly drop in prices, with their insurance premiums decreasing on average by one per cent to £437.
Inner London remains the most expensive region, where prices are now on average £882, having increased in the last quarter by two per cent, £18.
Manchester and Merseyside, £701, continues to be the most expensive area outside London, only marginally less expensive than average premium prices in Outer London.
The Scottish Borders is the cheapest region to buy car insurance, where prices average £366, closely followed by the South West of England, £373.
Female drivers aged between 17 and 20 saw the highest quarterly increase of just over three per cent, £32, taking their premiums to £1,076.
Male drivers aged 71 and over, now paying on average £404, also saw the largest increase over the last three months of three per cent or £11.
Male drivers aged between 17 and 20 are still paying the most of any demographic, now paying on average £1,511, while female drivers aged between 66 and 70 have the lowest annual premium at £273.
Louise O’Shea, CEO at confused.com, said: “While they may not be the most expensive prices on record, we are now seeing some of the highest car insurance premiums in close to two years.
“This was to be expected, after a period of extremely low prices during Covid-19. However, with the current economic situation being faced by both businesses and consumers, I have no doubt we have another turbulent period ahead of us.
“There is an opportunity now for insurers to be as competitive as possible with their pricing, as consumers look to make savings wherever possible. And it’s important that as an industry we are helping our customers to find these savings.”
