A few weeks before your existing classic car insurance policy is coming up for renewal you will receive a notification from the insurer to this effect. In the documentation you will be told how much you are currently paying but also how much you will be paying for the next twelve months. Unless you are very fortunate, you will probably find that the new premium is going to be quite a bit more than you have been paying.
We only mention this because the most recent car insurance price index issued by the price comparison website Confused. Com on a quarterly basis has revealed that in Q2 of 2023 average car insurance premiums have unfortunately reached a record high of £776 per annum. Yes, we understand the index relates to car insurance but it is quite possible that insuring a classic car has got more expensive in recent months.
A year previously the average car insurance premium was £554 per annum so there has been a rise of an average of £222 per annum. We are sure you will agree that is a very big increase and one that you could do without especially bearing in mind that a large number of classic car owners will also own and have the expense of insuring the family car.
If you happen to be a young motorist then you are likely to be paying a sizeable premium. For instance, an 18 year old is paying an average of £2,404 per annum – yes over £200 per month. A year ago he or she would have paid an average of £1,453 per annum so that is an increase of £951 per annum on average with that equating to a rise of 65%.
So, when you receive your renewal notice for your classic car insurance don’t just pop it in the drawer without doing anything else about it. Instead, get in touch with us and we will do all we can to see if we can find help source you the cover at a lower price than your renewal premium.
