Unfortunately, according to the well-known price comparison website MoneySuperMarket.com, the average amount paid by a motorist for fully comprehensive car insurance increased in the last three months of 2020. This will disappoint classic car owners as it is more than likely that they will not only have the financial commitment of insuring their cherished vehicle but will also have to insure their family car that they use on a daily basis.
The average annual premium for comprehensive cover in the fourth quarter of 2020 amounted to £490. In the third quarter of 2020 such cover cost an average of £473 per annum. In the second quarter of 2020 motorists paid an average of £475 per annum. In the first quarter of 2020 the average amount paid was £485 per annum. As you can see, the average amount paid by motorists in 2020 for such cover was below £500 per annum.
A factor that may have had some bearing on the small fall in premiums in the first three quarters of 2020 is the pandemic as there were fewer cars on the roads than pre COVID-19 days. Fewer cars usually means that there are a lower number of road traffic accidents meaning that there is a reduction in the number of claims being received by insurers leading to less amounts being paid out to meet those claims.
Could one reason why premiums increased slightly in the last quarter of 2020 be due to their being more people using their cars resulting in an increase in accidents and insurance claims?
The motor insurance sector is extremely competitive with numerous providers of such cover. This can only be of benefit to the consumer. If your looking for cover for the first time or your existing policy is shortly due for renewal why not shop around to try to get a competitively priced classic car insurance policy. In this respect, why not get in contact with us to obtain a no-obligation quotation to insure your classic car.
