The cost of car insurance in Northern Ireland (NI) is 11% higher than in Great Britain. Recent studies by the Office of Fair Trading (OFT) has show that in 2010, people in rural areas of NI paid between 30%-70% more, compared to the people in rural areas of Great Britain. It is found that, only Northern Ireland motorist hit with highest car insurance premiums across UK.
The Consumer Council in Northern Ireland said the Assembly needed to take action, as the rural people are hitting hard with high premiums. This is because of the evidence showing that there are more frequent accidents in Northern Ireland with higher level of personal injury compensation and higher legal costs associated with claims.
The rewards for claims in Northern Ireland are more than Great Britain. The actual cost for losing an eye could be around £30,000 to £40,000 in Great Britain, but in Northern Ireland it is between £65,000 to £90,000. So the consumers of Northern Ireland have no choice of shopping around for best car insurance policy. It is also seen that in Great Britain 73% of consumers will compare quotes before shopping for insurance while in Northern Ireland only 55% of consumers do so.
Compared in respect of process, Great Britain is likely to end settlement process much faster than Northern Ireland. Consumer council of NI said that they would feel happy if they speed up the settlement process also.
The Consumer Council survey found that premiums for drivers in Northern Ireland between 17 to 22 year old have risen by 64% over the last year, making it more expensive than the rest of the states in United Kingdom. Reaching to an average of £300 paid extra across UK.
The Consumer Council in Northern Ireland said the Assembly needed to take action, as the rural people are hitting hard with high premiums. This is because of the evidence showing that there are more frequent accidents in Northern Ireland with higher level of personal injury compensation and higher legal costs associated with claims.
The rewards for claims in Northern Ireland are more than Great Britain. The actual cost for losing an eye could be around £30,000 to £40,000 in Great Britain, but in Northern Ireland it is between £65,000 to £90,000. So the consumers of Northern Ireland have no choice of shopping around for best car insurance policy. It is also seen that in Great Britain 73% of consumers will compare quotes before shopping for insurance while in Northern Ireland only 55% of consumers do so.
Compared in respect of process, Great Britain is likely to end settlement process much faster than Northern Ireland. Consumer council of NI said that they would feel happy if they speed up the settlement process also.
The Consumer Council survey found that premiums for drivers in Northern Ireland between 17 to 22 year old have risen by 64% over the last year, making it more expensive than the rest of the states in United Kingdom. Reaching to an average of £300 paid extra across UK.
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