Car insurance going through the roof says Jim Shannon MP
Strangford MP Jim Shannon has expressed concern over the cost of car insurance that has risen yet again this year.
He said it had jumped up by 21% or £90 in real cash terms.
Jim Shannon said: “This means that vehicle insurance is at the highest level since 2012 when records started.
“Average motor insurance in the second quarter of 2023 was £511.
“While vehicle insurance claims have risen, the rise in car insurance is far outstripping the insurance cost.
“This year Motor Insurance for NI is often more expensive again.
“I do feel that there should be a review of vehicle insurance costs.
“As in times of financial struggles it is vital that drivers and car owners are not charged exorbitant fees.
“This is something that I will be raising at Westminster to be looked at soon,” added Mr Shannon.
Back in 2011, an investigation by the Office of fair Trading found that prices for car insurance were often as much as 84% higher than in the rest of the UK says the Compare NI website.
However, this hike in car insurance prices has now largely levelled out.
Around ten years ago there was a younger population driving in NI and there were other factors such as regional congestion of traffic, crime levels, accident levels and a generous commitment by the courts to pay compensation.
