Everyone has some idea of Northern Ireland troubles in the past. If you have not heard of them, then you must have seen some horrifying images from the seventies until the early nineties. This article will talk about the historic difficulties in terms of Northern Ireland insurance and how they raised the insurance premiums at that time.
The terrible past of Northern Ireland had a huge impact on the insurance premiums starting in the seventies. Fortunately the bad days are now over but the premiums are still high in Northern Ireland as compared to the rest of the UK. Therates were very much affected in the past due to the crimes happening in the city.
In the early days of Northern Ireland, car theft was high. They were stolen and then used in criminal activities, mostly in which they burned down cars and buses. There were not very many insurance companies operating their services in the Northern Ireland because of the security concerns and the high risk level. Those who dared to be there charged a very high rate of premiums on the cars to compensate for the high risk level.
There were no proper safety systems on the roads to provide protection to the cars. Hence there were more accidents in those areas which made insurance companies. Juveniles used to steal cars and use them to race with each other. The bad driving habits of people over there have resulted in many accidents and even deaths. Insurance companies were charging higher rates because of the number of claims the tourists and residents made. Since Northern Ireland was considered a very risky place, there was a higher chance of the insurance company getting claims. The insurance companies had to save themselves by charging higher premiums. Even today, places like Belfast are still notoriously known for juveniles stealing cars.
The situation has calmed down in Northern Ireland. The insurance companies still charge a higher premium there because there is still a perceived risk calculation. They still have to analyze the situation that has improved and is further improving. Although the high prices of insurance premiums have been lowered, they are still high compared to other cities of the United Kingdom.