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most people just use their own address in the mainland, however if you had an accident and they found out you actually lived in NI it would invalidate your insurance.
Its called 'making a false declarion for the purposes of obtaining insurance' and is a criminal offence. It can also invalidate your insurance, rendering the whole thing pointless and leaving you open to the offence of no insurance as well as a huge bill.
You could probably find better deals than this SW1 thing anyway if you shop around.