Relief all around as steps taken to reduce insurance costs

CAR INSURANCE NEWS ROUNDUP: 7 DAYS ENDING 24 JULY 2013:

It’s so rare that I get to talk about some good news for a change, so here goes: car insurance rates are finally receding across the UK!

First up, I just found out that drivers in Northern Ireland – one of the regions in the UK where car insurance companies charge their customers an arm and a leg – are likely to get better deals very soon, thanks to the NI Consumer Council’s efforts to manage costs. Premium prices in NI have been galloping along, increasing by nearly 73 per cent on average over the past 24 months, but younger motorists have had it even worse; there’s no cheap car insurance for young drivers available in Northern Ireland when the average quote has gone up by more than double over the same period of time.

However, if the Office of Fair Trading grants the Council permission to go over Northern Ireland’s insurance market, this could change and in a big way. I can only hope and pray that the OFT listens to the council and the countless number of people living in Northern Ireland that have signed online petitions in support of the Council’s efforts!

Meanwhile, overall premium prices across the UK on average have actually gone down by quite a bit, if a new research study from a major insurance comparison site can be believed. The site said that it’s now only £678 for comprehensive cover on average, which is an improvement of 15 per cent over last year’s average of £797.

Still, much like their counterparts in Northern Ireland, it’s still hellishly expensive for younger drivers across the UK to secure comprehensive cover. You’d be hard-pressed to find any insurer willing to ask for such a modest premium payment from someone under the age of 25, for instance; you’re more likely to find price quotes closer to double that figure.

This is a shame, if you ask me, as this makes it incredibly hard for our nation’s younger drivers to get on the road. It’s especially hard to find and keep a job without your own car if you live somewhere far from public transport links, and with youth unemployment being so high we should be making it less expensive for British youth, not more so! Can’t we cut these young kids a deal or something?

© 2018 All rights reserved. Reproduction in whole or in part without permission is prohibited. See our copyright notice.

What do you think?

Please note that email addresses are not visible on approved comments.