Car insurance prices in the north accelerate for first time in 18 months
THE price of car insurance in the north has accelerated for the first time in 18 months, new figures show.
Confused.com’s latest car insurance price index shows the average annual premium in the north now stands at £939, following a 5 per cent increase (£45) over the past year.
It is the first price jump recorded in the local market since late 2017
Car insurance prices in Northern Ireland have been fluctuating over the past six months, but are now showing signs of accelerating. According to the data, the average cost of car insurance in the region has increased by £33 (4 per cent) in the past three months alone.
The overall UK car insurance market also reported a 5 per cent (£37) increase in price over the past year to an average of £789 - 19 per cent less than the rate in the north.
Amanda Stretton, motoring editor at Confused.com said the latest figures do not make good reading for local motorists.
“We hate to be the bearer of bad news but it seems car insurance prices in Northern Ireland are really starting to accelerate. In fact, we’re seeing is one of the steepest price hikes in 18 months," she said.
“We should be shopping around for the best deal, whether we are a new driver or renewing for the tenth year, as there is always another insurer out there willing to offer us a better deal."
According to the survey, nearly half (47 per cent) of UK drivers, who received their renewal notice in the past quarter said their price had increased by £50 year-on-year.
The data also shows that men are paying more than women for insurance, with the difference between the two almost £90, on average.
The cost of car insurance for men has increased by £34 (4 per cent) over the past year to £827, on average, while women reported a 6 per cent hike and are now paying £741.
Meanwhile the average price of car insurance for 17-year-olds across the UK accelerated by £158 (8 per cent) in the past year, making the average cost of a policy for drivers £2,047. It marks the first time premiums have exceeded the £2,000 mark since early 2018