Car insurance premiums in Northern Ireland are among the most expensive in the UK, a new survey has found.
Over the last 12 months, the average premium paid by motorists here stood at £530, according to price comparison website Confused.com.
That makes it the sixth highest despite the cost of taking out a new policy falling by £63 – or 11% – compared to the same period last year.
Only inner London, Manchester/Merseyside, outer London, the West Midlands and Leeds/Sheffield worked out more expensive in the latest car insurance price index.
Those living on the Scottish Border fare considerably better; vehicle owners with an address in that region pay £337 a year, followed by those based in the South West (£343).
The average price a British motorist can expect to pay today is £514 thanks to a £97 fall over the last 12 months; that makes it the steepest drop in prices since the beginning of 2014.
With young drivers considered high-risk and more likely to claim, they have to fork out the most, so an 18-year-old can expect to receive a quote for £1,379, with 19-year-olds faced with a £1,255 premium. Those aged 66 and 69, meanwhile, pay an average of £316 and £303.
The research carried out by Confused.com also suggests insurance companies are starting to push their prices up as traffic on our roads return to pre-COVID levels. With that in mind, the CEO of Confused.com is reminding people to shop around for the best deal possible.
“From January there will be some important changes to the way insurers are pricing customers, and the concern is that customers will accept a flat or slightly lower price and simply choose to renew,” said Louise O’Shea.
“However, the saving we’re seeing today goes to prove how competitive insurers are being. And this is reflected in the fact that customers have saved almost £100, on average, by choosing not to settle for their renewal price and shopping around instead.
“It’s likely that prices could start to creep up as people return to work and people are spending more time travelling on the road, which all means the risk of accidents is a lot higher.
“We’re already starting to see this in some areas of the UK. And this will mean that the overall price of insurance will increase, and your renewal could too. It’s important to remember that the FCA ruling doesn’t stop insurers from increasing your price altogether,” she added.
“Unfortunately, we are also seeing a lot of other household bills increase, particularly energy, so it’s more important than ever for consumers to be making savings while they can.”