According to the Association of British Insurers (ABI), motor insurance premiums have risen in Q1 of 2016. This is disappointing news to all those motorists whether they are insuring a modern or classic car. After all, we could all do without our household expenditure increasing.
As the average cost of comprehensive private car insurance rose in the first quarter of 2016, it may now be more expensive to insure your classic car if your cover is coming up for renewal shortly.
The ABI average motor insurance premium tracker covering the first quarter of this year has revealed that the average premium for private fully comprehensive motor insurance has increased by1% from £427 per annum to £429 per annum in the first 3 months of 2016 and by 10% in the 12 months from the first quarter of 2015 when the figure was £388 per annum. On average, the cost of such cover is the highest that it has been since back in the 4th quarter of 2012.
If you have recently received your renewal notice for either your standard or classic car insurance then you may have found that your premium has increased. A disappointing factor is that not enough people go to the trouble of trying to get cheaper cover elsewhere or even contact their existing motor insurance provider to see if they will agree to reduce the premium that they intend to charge for the next 12 months.
Nowadays, with many people having access to the Internet, it does not take too long to get competitive quotes for car insurance from a number of different companies. A lot of people that do bother to try to get cheaper cover use the likes of one or more price comparison websites that often have access to an extensive panel of insurance companies. There are even a number of price comparison websites that specialize in helping to arrange classic car insurance and you can often speak to someone that has a great deal of knowledge about insuring classic or vintage vehicles.
So, if your classic car insurance is coming up for renewal shortly or you are looking for such cover for the first time you may wish to consider shopping around to try to get the cover you require for a competitive price.
