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