Drivers in Northern Ireland pay car insurance rates that are on average twice what someone with a similar motoring history would pay if they lived in the south of England, industry insiders report.
It’s much more difficult to get discount car insurance quotes in Northern Ireland than in anywhere else in the UK, one Consumer Council report recently found. The least expensive quote for a Belfast woman of forty years of age was £1.400. However, with all other details remaining the same besides changing to a Buckinghamshire postcode, premium prices dropped by half.
Similar research findings found that a Belfast man sixty years of age was given an average quote of £800, yet submitting a Buckinghamshire postcode likewise halved his premium quote. The survey also discovered that young male drivers, from not just Belfast but around the UK, are all given incredibly high premium pricing.
Launching a campaign to reduce the price of insurance in Northern Ireland, the Consumer Council revealed that those living in the province had to pay an additional £282 more than those residing in other regions of the UK. With more than 200 signatures just hours after announcing its online petition, the campaign is off to a roaring start.
The Consumer Council said that one of the primary reasons behind the higher premium prices is that Northern Ireland’s insurance market is much smaller than other regional marketplaces, which results in less competitive rates overall.
However, some insurance experts in Northern Ireland disagree with the Consumer Council’s assessment. The number of insurers trading in Northern Ireland has gone up since 2002, which has led to competition driving prices down overall.
However, consumers seem to have a diminished number of choices when it comes to how many car insurance companies operate out of Northern Ireland. The province has three times fewer insurers offering car cover than others in the UK.