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Report: Price of comprehensive car insurance in NI remains well below UK average

  • September 12, 2022

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

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UK car insurance premiums increase by 6%, industry facing a “raft of challenges”: WTW

  • September 7, 2022

Comprehensive car insurance premiums have increased by 6% (£32) during the last 12 months, with UK motorists now paying £554 on average, according to data from WTW and Confused.com Car Insurance Price Index.

Car lot imageWTW recently warned that UK motor claims inflation was on the rise, as the broker recently revealed that the average cost per claim in 2021 was £5349, up from £5037 the previous year.

Car insurance premiums have now seen consecutive annual increases over the last two quarters, following the implementation of the new FCA pricing rules on 1 January, 2022.

Motor insurance premiums have now also risen for three quarters in a row, with a marginal rise of 1% (£4) recorded in the last three months.

Further data shows that 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 costing £704.

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However, drivers within the South of England benefited from the greatest quarterly drop in prices, with their insurance premiums decreasing on average by 1% to £437.

Meanwhile, Inner London still remains the most expensive region within the UK, with prices now on average £882 having increased in the last quarter by 2% (£18).

Manchester and Merseyside (£701) continues to be the most expensive area outside of the capital (£701), and only marginally less expensive than average premium prices in Outer London (£704).

In addition, the Scottish Borders retains its position as the cheapest region for car insurance, with prices averaging at £366, closely followed by the South West of England (£373).

Moreover, motorists in Enfield, Motherwell and Lancaster experienced the sharpest quarterly rise of 4% taking their average premiums to £730, £490 and £425 respectively.

West Central London (£1,046) continues to be the most expensive

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