drivers facing rise in insurance premiums

Drivers in Northern Ireland are facing a whopping 52% surge in car insurance prices.

New research by Compare the Market reveals a hefty rise in what motorists will fork out for their car cover.   

Presently, the average premium stands at £950, already marking a significant increase of £326 over the past year.

 The hike in car insurance prices is attributed to soaring inflation rates impacting the motor repair industry, thereby driving up insurance claim costs.

It is young motorists who face the steepest climb, with car insurance premiums rocketing by £655 to hit £2,002.

However, even older drivers aged 65 and above have felt the pinch, experiencing a 57% average increase in the past year.

Notably, owners of popular car brands like Ford, Volkswagen, Audi, Vauxhall, and BMW have seen premiums climb by over £300 year-on-year from December 2022 to December 2023.

Compare The Market’s research underscores widespread concern, with 78% of drivers expressing worry over the soaring cost of car insurance, and 31% anticipating difficulties in covering the expense.

These insights stem from a Censuswide poll of 2,021 drivers conducted on behalf of Compare the Market in November 2023.

Julie Daniels, a motor insurance expert at Compare the Market, commented on the findings, saying: “Many drivers are understandably anxious about the substantial hike in their car insurance costs. Our research indicates that the average premium now stands at £950, with younger motorists likely facing even higher expenses.”

Ms Daniels emphasised the importance of drivers taking proactive steps to compare prices from various providers when renewing their car insurance. She stressed that dedicating a few minutes to explore available deals could result in substantial savings, particularly as household bills continue to rise.

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