How Brexit Could Affect the Insurance Market

The UK is still in the process of leaving the European Union, with the ‘transition period’ ending on January 1 next year. But what will this mean for the insurance market? Here Clover Insurance, who offer personal insurance quotes to clients in North London and Hertfordshire, look at what customers can expect to happen with the cost of their premiums in the areas of car, health and travel insurance.

Personal Insurance Quote North London

Car Insurance

At the moment, possession of a valid UK insurance policy means motorists can drive their own vehicles in any EU country with a minimum of third-party cover. However, post-Brexit, drivers will need physical proof of this in the form of a Green Card (a digital copy will not be acceptable).

This is an international certificate of insurance issued by your own insurance company, and you will need to apply for this document in advance. It’s recommended you do this at least a month before you travel. This is currently free but in future insurers may introduce a fee to cover the cost.


If the UK leaves the EU without a deal, then you could be committing a crime if you drive your vehicle abroad without the Green Card. If you have a multi-vehicle policy, you will need one Green Card for each car or motorbike you drive. However, it may be simpler to drive a hire car on your holiday as you would be covered by the rental company’s own insurance.

Once we have formally left the EU, the UK could scrap the Gender Directive. This made it illegal for insurance companies to discriminate against drivers on the grounds of their sex. Before 2012, insurers could charge male drivers more than women for the same policies, as statistics showed men were more likely to have an accident – and we could return to this position next year.

Another factor which could increase the size of premiums is the cost of legal action. At the moment, if you are hurt in a road traffic accident in Europe you can pursue a claim in the UK, either by a local representative of any foreign insurers involved in your case or through the Motor Insurers’ Bureau. From next year, you may need to bring a claim in the country where the accident happened. This might mean you incurring additional expenses, such as the cost of a translator.

If you would like to know more about any of our products – including office and shop insurance, home and let property insurance – follow this link or call us on 020 8805 1121 or 01992 630095.