If your classic car insurance is coming up for renewal soon then the insurance company is legally obliged to send you a renewal notice. On that document you will be told what your new premium is going to be for the next year and how much you have been paying over the last 12 months.
Unless you are very fortunate, it is likely that the cost of your cover is going to go up so you really ought to see if you can get the cover cheaper elsewhere if your existing insurer will not negotiate on the price. Unfortunately, too many policyholders do nothing with the above paperwork other than to file it away and merely accept that he or she is going to pay more to insure their cherished vehicle. In the current economic climate here in the UK can your personal finances take another bill that is going to increase?
You may be interested to read that according to the Confused.com Car Insurance Price Index that is produced every three months the average cost of insuring a car rose to £629 per annum in the 4th quarter of 2022. Twelve months prior to that the average car insurance premium was £529 per annum. That is a rise of £100 per annum that equates to an increase of 19% – a huge increase. Whilst we appreciate that there is no guarantee that the average cost of classic car insurance has risen by a similar amount it is nevertheless concerning.
There are numerous factors that impact upon how much you pay to insure a car such as where you live and your age. For instance, the above index reveals that drivers living in Inner London on average pay the most to insure their cars – £1,008 per annum whereas a motorist living in Central Scotland is paying an average of £547 per annum. Younger motorists tend to pay more for such cover with an 18 year old paying an average of £1,715 per annum whereas a 65 year old driver pays an average of £385 per annum.
So, if your classic car insurance is shortly coming up for renewal, why not get in contact with us with a view to hopefully obtaining a competitive quotation without any obligation.
