Northern Ireland second cheapest for car insurance in UK

New data has revealed that on average, Northern Ireland is the second cheapest for car insurance across all the regions in the UK.

Price comparison experts at CompareNI.com have analysed insurance premiums UK-wide from January to May 2024.

The data revealed significant differences in insurance costs depending on where you live, with premiums in some areas 113% more expensive than others.

Out of all the UK regions, South West England had the cheapest average insurance at £598.86, followed by Northern Ireland and Scotland who were neck and neck with £675.32 and £675.51 respectively.

London was the most expensive for car insurance with an average cost of £1277.42, followed by the West Midlands with £986.39 and North West England with £917.26.

The dearest average insurance premiums on the list in London are 113% more expensive than in South West England and 89% more expensive than in Northern Ireland.

Insurance prices have increased dramatically throughout 2023, but are starting to show signs of stabilising, with a slight decrease in price in the last quarter across the majority of UK regions.

Commenting on the data, Ian Wilson, Managing Director at CompareNI.com said: “Despite Northern Ireland having the second cheapest average insurance premiums in the UK, drivers here have still seen a dramatic increase in car insurance costs over the last year.

“These increases are likely due to inflation escalating costs in a number of different areas such as repairs, labour and materials. 

“Historically drivers in Northern Ireland were affected by a higher crime rate and a higher level of compensation from our courts, typically making premiums here more expensive.  It’s great to see prices starting to become more competitive with the rest of the UK although I would expect them to still remain high throughout the remainder of 2024 as rising inflation costs make it challenging for smaller insurance providers to compete in Northern Ireland, reducing the choice for our drivers.

“There are however, a number of simple things drivers can do to help cut costs when buying insurance. Small changes such as taking out the policy 15-24 days before it’s due – when prices are normally the most competitive, reviewing mileage and vehicle use and choosing to pay annually if possible, to avoid additional interest charges, can all help drivers find savings.

“Another important thing to do when looking for car insurance is to shop around, compare products and prices and make sure you’re not over or under insured. Our price comparison site CompareNI.com has one of the widest ranges of insurance providers who cater specifically for NI drivers – helping drivers here keep costs down.”

CompareNI.com has created a full car insurance index of average premium prices across all age ranges throughout the UK regions to help drivers find better deals.