Car Insurance Price Index: Northern Ireland
25/07/2024
UK motorists experienced a dramatic rise in the cost of their car insurance premiums during 2023 – with the average car insurance policy costing £885 in the final quarter of 2023. Luckily for motorists, this seems to have been the peak for car insurance premium costs. Recent data for car insurance premiums for the first quarter of 2024 suggest that car insurance costs may be stabilising. Northern Ireland is currently the second cheapest UK region on average for car insurance with an average premium cost of £675. This figure was only beaten by South West England with an average premium cost of £598.
Car insurance price index
| Region | Average Car Insurance Premium | |
| 1 | London | £1,277.34 |
| 2 | West Midlands | £986.39 |
| 3 | North West England | £917.26 |
| 4 | Yorkshire | £873.10 |
| 5 | East Midlands | £811.33 |
| 6 | East of England | £747.96 |
| 7 | South East England | £746.26 |
| 8 | North East England | £715.39 |
| 9 | Wales | £690.76 |
| 10 | Scotland | £675.81 |
| 11 | Northern Ireland | £675.32 |
| 12 | South West England | £598.86 |
The average cost of UK car insurance by region
How does this compare to previous years?
The average cost of UK car insurance for Q1 2024 was £816 – this is in comparison to £621 for Q1 2023. Whilst this is a significant increase for the space of one year, there are indications that car insurance premiums may remain stable. Car insurance quotes fell slightly by £69 on average between Q4 2023 and Q1 2024, which is an encouraging sign for those concerned by the cost of their insurance. Whether prices will continue to decrease will depend on factors such as inflation, the cost of repairs and labour, the volume of claims received by insurers and the availability of common repair parts.
Cost of car insurance by age group
Our data reveals that for young drivers in London – premiums could be as much as 78% more expensive than for motorists aged between 45 and 65 in the same area. Luckily for NI-based drivers – premiums were on average cheaper than the rest of the UK. Young NI Drivers still faced higher premiums however with most paying 56% more than the regional average for all age groups.
| Region | 17-24 | 25-34 | 35-44 | 45-64 | 65+ |
| London | £3,750.67 | £1,909.60 | £1,372.56 | £918.98 | £728.68 |
| North West England | £2,987.96 | £1,579.79 | £1,093.48 | £626.28 | £542.55 |
| Yorkshire | £2,903.73 | £1,485.79 | £1,021.49 | £568.89 | £506.09 |
| West Midlands | £2,863.84 | £1,619.07 | £1,107.31 | £648.54 | £536.65 |
| North East England | £2,508.17 | £1,276.50 | £868.45 | £500.16 | £462.83 |
| East Midlands | £2,481.54 | £1,356.80 | £914.49 | £546.30 | £488.89 |
| South East England | £2,347.50 | £1,236.19 | £856.94 | £538.24 | £504.62 |
| East of England | £2,290.02 | £1,263.62 | £870.35 | £530.88 | £486.29 |
| Scotland | £2,259.53 | £1,124.95 | £798.95 | £493.82 | £462.44 |
| Wales | £2,244.92 | £1,121.42 | £796.03 | £452.79 | £425.97 |
| South West England | £1,903.95 | £995.99 | £707.03 | £431.64 | £431.54 |
| Northern Ireland | £1,842.25 | £868.58 | £636.39 | £476.18 | £509.64 |
Reference – Data from CompareNI, this data uses a random sample of over 100,000 UK car insurance policies from January 2024 – May 2024.
Average car insurance costs in 2024
| Month | Average UK cost of car insurance |
| January | £799.18 |
| February | £817.01 |
| March | £833.72 |
| April | £801.15 |
| May | £800.20 |
| 2024 to date | £810.25 |
The UK-wide average for car insurance has remained steady at around £800 for the first 5 months of 2024. Whilst these figures are still high when compared to previous years, there is evidence that the cost of car insurance has begun to stabilise.