Insurance
How many times have you seen an advertisement for a great deal on insurance only to find out that it’s not available to you because you live in Northern Ireland? For many years consumers here were told we had to pay more for insurance and had less choice of insurers because of the troubles. Click on the links below for more information on insurance in Northern Ireland.
Consumer Council research
To find out if we still pay more and have less choice, the Consumer Council undertook research and published the findings in ‘Quote, Unquote: the cost of insurance in Northern Ireland’.
The Consumer Council’s research shows that consumers here do pay more for insurance – households buying car, contents and buildings insurance pay £278 more on average than they would if they were in Great Britain. It also shows that consumers here have less choice of insurers; for example, the number of companies offering car insurance is a third of that available to consumers elsewhere in the UK.
But there is some good news. Despite the higher cost of insurance and the fewer number of insurance providers, consumers here can still save money by shopping around. Consumers could save as much as £267 for car insurance, £70 for contents insurance and £52 for buildings insurance. That’s a collective saving of nearly £400!
Case studies
We challenged friends of the Consumer Council to do their own shopping around and after some persuasion and advice this is what happened:
- Fiona refused to accept her renewal offer and saved £140 on her car insurance by using a broker.
- Nora used price comparison websites and saved £80 on her car insurance and £30 on her home insurance.
- Robert had third party, fire and theft car insurance but when he shopped around he got better cover at a far better price. Not only did he save £230, he upgraded his insurance to fully comprehensive cover.
- Phil shopped around for her contents insurance and after two phone calls saved £20 – that’s two weeks worth of electricity, she then decided to shop around for her pet insurance. After checking online and phoning a few brokers she managed to save £78. That’s a total saving of £98.
Insurance provides vital protection against the impact of something going wrong in the future, for example, a car accident or being burgled.
Money saving tips
Here are a few ways to shop around and save money:
Never accept a renewal quotation
Don’t just accept your insurance renewal quotation. Do a little homework and see what other deals are available. Your current insurer may try to match or better quotations from other companies.
Use insurance comparison websites
Price comparison websites check with lots of insurance companies so that you can see all the prices at once on your computer screen.
Don’t forget about your broker
A broker will do the shopping around for you. They will also be able to check what level of cover is offered and they should be able to advise you on which is the best policy at the best price.
Try direct
Some insurance companies aren’t included in price comparison websites and others may offer a better deal if you contact them directly.
Remember cheapest is not always best!
Before buying always check the policy carefully to make sure it meets your needs. It is also important to know exactly what you are and aren't covered for in the event of a claim.
