Classic car owners probably possess another vehicle like a family hatchback that they use on a daily basis so many will be pleased to read that, according to the Confused.com car insurance price index, there has been a small drop in the average price paid by motorists for fully comprehensive car insurance when comparing the third quarter of 2020 with the previous quarter.
In Q2 of 2020, the average amount paid by drivers for such cover amounted to £770 per annum whereas in Q3 of 2020 the figure was £765 per annum. That may only be a small fall of an average of £5 per annum but it is heading in the right direction. Any reduction in the current economic climate when we are still faced with the COVID-19 pandemic has got to be welcomed. In the space of twelve months, premiums have fallen by an average of £18 per annum.
An interesting statistic contained in the above index was that over three quarters of policyholders in receipt of a renewal notice in the third quarter of 2020 were faced with an average increase in their premiums of £44 per annum. We are sure that you will agree that is a significant rise and should encourage more people to see if they can get their car insurance cheaper with another provider.
It is a well known fact that young drivers pay more for their car insurance than the experienced older driver so it will not come as a surprise to read that the average amount paid by an 18 year old amounted to £2,091 per annum whereas the average amount paid by a 36 year old totalled £629 per annum. As you can see, that is a huge difference. A 67 year old paid an average of £454 per annum.
As you may be aware, where you live in the UK has an impact upon how much you pay for insuring your car. Unfortunately, those living in Inner London pay, on average, the most for their car insurance. The average amount paid in this region is £1,234 per annum.
Another interesting statistic contained in the above index is the difference in premiums being paid by men and women. On average, a male driver is paying £810 per annum but a female motorist is being charged £719 per annum. That is a difference of £91 per annum.
It is to be hoped that classic car insurance premiums are on a downward trend here in the UK. In this respect, if you are looking for such cover to insure your first classic car or you have just received a renewal notice why not get in touch with us and we will do all that we can to help endeavor to obtain a competitive quotation.
