The majority of classic car owners also probably drive around every day in a standard family saloon or hatchback that they insure. They will be pleased to read that, according to the Motor SnapShot for April 2020 that is produced each month by Compare The Market, the average UK premium to insure the family motorcar had fallen to £679 per annum – a reduction of £43 per annum when compared with a year ago and a fall of £33 per annum in a month.
The average premium paid by someone 65 years of age or over as at April 2020 was £352 per annum – a drop of £3 per annum in a year. A motorist in the 45 to 54 year age bracket pays an average of £469 per annum in April 2020 whereas in April 2019 the average paid was £466 per annum – a rise of £3 per annum. However, there was a big fall in premiums paid by those aged 16 to 24 with the average premium being £1,098 per annum in April 2020 compared to £1,219 per annum in April 2019 – a drop of £121 per annum.
Looking at premiums on a regional basis, it is motorists living in Greater London who are paying the most to insure their cars. The average premium in April 2020 was £1,049 per annum with this being an average of £47 per annum lower than in April 2019 when it was an average of £1,096 per annum. If you happen to live in the West Midlands, the average car insurance premium fell by £32 per annum from £816 per annum in April 2019 to £774 per annum in April 2020. The cheapest region was the South West with the average premium in April 2020 being £518 per annum with this being £42 per annum less than in April 2019 when it was an average of £560 per annum.
Although the above figures relate to insuring a normal family car, it is quite possible that the cost of classic car insurance changed in a similar way. If you are new to classic cars and are looking for cover for the first time or your existing insurance is coming up for renewal then why not check out a number of insurers in an endeavor to obtain a competitive quotation.
