Rising Car Insurance Costs in Northern Ireland Prompting Drivers to Rethink their Road Usage

Survey Findings

A survey of drivers in Northern Ireland has found that 71% say their car insurance is more expensive now than last year. Over a third, 35%, would even reconsider driving altogether due to rising costs. Two-thirds, 66%, have changed how they use their vehicle as a result...

Premium Trends

The last five years have seen a significant rollercoaster in car insurance premiums. Prices spiked by 82% between May 2021 and June 2024. CompareNI.com attributes this surge to the starting point from a low base...

Current Market Scenario

Insurers are facing cost pressures due to record claims costs and price inflation. Repair costs have soared, with insurers paying out £2.9 billion in motor insurance claims in Q3 2024...

Governmental Response

The UK government has taken steps to curb premiums, including reforms and bans on unfair pricing strategies. Calls are emerging for more intervention to alleviate the financial burden on drivers...