Average Car Insurance Cost Northern Ireland – If you live in the UK, you need third party insurance as a minimum to drive on UK roads, and failure to do so can result in fines and points on your licence. Since car insurance is mandatory, you may be wondering how much car insurance costs and how you can save money on your car insurance policy. In this article, we look at the average cost of car insurance, what affects the price of car insurance and how to save money on your car insurance policy. We also share the best way to buy cheap auto insurance.
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Average Car Insurance Cost Northern Ireland
Depending on the type of policy you choose, car insurance can cover financial loss due to damage to your vehicle, someone else’s vehicle, or both. It can also protect against property damage and personal injury claims.
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There are three main types of car insurance; fully comprehensive, third party, fire and theft and third party. Comprehensive insurance offers the most coverage, but surprisingly it’s not always the most expensive, so it’s always worth comparing the price between all types of policies. For more information on the different types of policies, read our article “What are the different types of car insurance?”
When you buy an auto insurance policy, you need to be honest so that you are properly covered when taking out the policy. This means reporting any unused fines and points on your license, as well as being honest about the operation and use of your car. Dishonesty can void your car insurance policy.
According to the Association of British Insurers (ABI), the average price paid for a car insurance policy in the second quarter of 2022 was £419. However, this is an average number and the amount you pay for your policy will vary depending on your age, where you live and the type of car you drive.
Car insurance costs are calculated based on the level of risk you take. Car insurance providers will consider a number of risk factors before giving you a car insurance quote. According to the ABI, £8 billion was paid out by private car insurers in 2015, and we’ve broken that cost down in the table below.
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Car insurance costs are based on different levels of risk and therefore there are many factors that insurers take into consideration. Below we will look at how several different factors affect the price of your car insurance policy.
The type of auto insurance policy you choose will affect how much you pay for your auto insurance policy. Car insurance is the most comprehensive because, as the name suggests, it offers the most comprehensive coverage. Most drivers will assume that comprehensive insurance is the most expensive, but this is not always the case. According to Compare Market data in June 2022, the average price for a third party car insurance policy was £535 compared to £804 for third party, fire and theft and £1,202 for third party car insurance. For more information on the different types of car insurance policies see our article “What are the different types of car insurance?” read it
Age will affect the price of your car insurance policy, and younger and more inexperienced drivers can expect to pay more. Because young drivers between the ages of 17 and 25 are statistically more likely to be involved in an accident than those between the ages of 30 and 70. In 2013, young drivers accounted for 18 percent of all traffic accidents despite typically driving fewer miles than older drivers.
The chart below from the ABI shows the relationship between car insurance claims, the cost of car insurance and the age of the driver. Young drivers and drivers over the age of 75 may pay more for their car insurance premiums because they are considered a higher risk.
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Additionally, comparison site GoCompare shared data on how age affects the price of car insurance. It found the average cost of car insurance in 2020 for 17-24 year olds was £974.23 compared to £576.95 for 25-50 year olds and £325 for 50-year-olds.
Where you live in the UK can also affect the price of your car insurance policy. Insurance providers will take into account several factors such as the type of road you live on, as well as the level of crime in your area, increasing the chances of vandalism and theft. In the comparison chart below, we highlight how region can affect the average price of your comprehensive car insurance policy. The data was collected by MoneySuperMarket during the period January-March 2021.
Your job title can affect how much you pay for your car insurance premium because insurers view certain jobs as higher risk. For example, data collected by MoneySuperMarket in 2020 shows that one of the cheapest jobs for an annual car insurance policy was a registration at an average of £289 a year compared to £1,537 a year for a delivery driver. fast food In our article “Does your job title affect your car insurance?”
The type of car you want to insure will affect the cost of your car insurance premium as it will be based on the car insurance group your car belongs to. Car insurance groups are ranked from 1 to 50; 1 is the cheapest and 50 is the most expensive. Examples of cheap cars to insure include the Fiat Panda, Skoda Fabia hatchback, VolksWagen Polo and Vauxhall Corsa, all of which fall in car insurance categories 1-10.
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Your car will be grouped based on several factors, including vehicle repair costs, vehicle size and engine power. Based on data collected by MoneySuperMarket between January and December 2021, the table below shows how your car insurance group affects the price of your car insurance premium.
* According to MoneySuperMarket groups 1 to 10 have higher costs because younger people insure cheaper cars and are more likely to claim (Source: MoneySuperMarket)
As car insurance is a compulsory purchase in the UK, there are ways you can save money when it comes to renewing your policy each year. Below we share some of the best money saving tips to help you lower your car insurance costs.
If you want to save money on buying or renewing your car insurance policy, one of the easiest ways to do so is through a comparison site. This is because comparison sites allow you to compare quotes from multiple insurers at once to find the best deal for your circumstances. Comparison sites can save you time and effort when looking for car insurance quotes. We’ve partnered with Quotezone* so you can search and compare over 110 UK car insurance providers.
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One thing to keep in mind when using a comparison site like Quotezone * to compare insurance quotes is that they are not always the entire market. This means that you cannot find a quote from every car insurance provider on the market, especially as some are not listed on comparison sites, so you can get a better deal by visiting the insurer directly.
If a link has a * next to it, that means it’s an affiliate link. If you follow a link, Money to the Mass may receive a small fee that helps make Money to the Mass free to use. If you don’t want to donate money in bulk, the following link can be used – Quotezone, MoneySuperMarket
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