Motorists in Northern Ireland have the highest car insurance rates in the entire UK, states a newly released report. The research, conducted by the Consumer Council, recently discovered that motor car insurance for drivers in Northern Ireland is £287 higher on average than the rest of the country’s rates.
For the residents of Newry, Belfast, Londonderry, and Armagh, car insurance premiums are the highest in the country. The next highest regions, after the greater London area, included both the West Midlands and the north west region.
The study did have a recommendation for beleaguered Northern Ireland drivers, however, in stating that if they compared car insurance quotes from a multitude of insurers they could save as much as £260 for their troubles. Additionally the survey also posited that the motor car insurance market in Northern Ireland was currently weathering not only higher costs to insurance premiums but also from inertia and apathy from car insurance customers as well. The report suggested that the lack of any general competitive activity was ultimately responsible for driving prices higher in the region.
Motorists additionally have to cough up more cash for their insurance premiums due to the elevated levels of insurance claim payouts across the region as well, the survey found. Approximately half of the total costs of Northern Ireland’s auto insurance claims were due to the high level of compensation payments made to the region’s drivers.
Additionally the report discovered that payments made to the barristers and solicitors of claimants’ added up to approximately £1 million on a yearly basis.
In related news, the Association of British Insurers recently complained about the incredibly high fees that solicitors have been charging lately, which have been partly responsible for the general hike to car insurance rates the country has been experiencing.