Northern Ireland now has the UK’s cheapest car insurance for young drivers, according to research.
Insurance comparison website CompareNI said that 17 to 24-year-olds here are now paying the cheapest premiums in the UK for their age group, at £1,748 for the year.
And Northern Ireland is also the cheapest place to get car insurance if you’re aged 25 to 44, CompareNI said.
On average, those in the 25 to 34 bracket pay £844 a year, while 35 to 44-year-olds are forking out £625 a year, according to CompareNI.
Car insurance premiums have been coming down gradually after major increases in the last 18 months or so.
Read more
CompareNI said car insurance for younger drivers in NI is lower that the rest of the UK despite figures from the Royal Society for the Prevention of Accidents (RoSPA) showing the rate of fatalities on Northern Irish roads is 34% higher than the overall UK rate.
Ian Wilson, car insurance expert and managing director at CompareNI.com, said: “Historically drivers in Northern Ireland have been affected by a higher crime rate and a higher level of compensation from our courts, typically making premiums here more expensive.
“It is great to see prices starting to become more competitive with the rest of the UK although I would expect them to still remain high going into 2025 as inflation continues to fluctuate.
“Young people normally pay the most for their car insurance as the insurance providers don’t have historical data yet to base their risk analysis on. Also statistically, young people and new drivers have more accidents, especially in Northern Ireland.
“This doesn’t mean insurance for young people here in Northern Ireland has to be unaffordable, there are ways to find savings such as knowing the ideal day and time to buy insurance – plus reviewing how and where the car is used, all these tips could help reduce insurance premiums.
“But the best way to save money and protect lives is to drive safely, there are devices young drivers can use such as telematics or ‘black box’ insurance which allow them to show the insurance provider that they are safe and careful drivers.”
According to a report last week from UK-wide price comparison website Confused.com, car insurance premiums have dropped 16% to an average £834 on average.
And following an 18% reduction in premiums, 18-year-olds UK-wide are now paying £557 less compared to 12 months ago, at £2,605 on average.
Drivers UK-wide aged 20 also saw a significant annual price drop of £467 (18%), reducing their average premiums to £2,061.