Unfortunately, the UK is presently going through a very difficult period financially with many things on the increase. For instance, the cost of food, mortgage and rental payments, gas and electricity bills and the amount paid to insure motor vehicles have all risen.
This is borne out by the Confused.com Car Insurance Price Index that is produced on a quarterly basis. Although the report relates to car insurance costs it is quite likely that the amount paid to insure a classic car has also increased.
If you read the report you will see that the amount paid by motorists to insure a car has risen by a very large amount in the 12 months to the third quarter of 2023. The average premium increased by 58% to £924 per annum – a staggering rise.
It will come as no surprise to many readers to hear that it is the young driver who ends up paying more to insure his or her car than the more mature motorist. This is because an inexperienced driver is more likely to be involved in a road traffic accident and claim on their motor insurance policy.
According to the above index, it is the 18 year old driver who is paying the most for car insurance with the average premium being £2,995 per annum. That will probably be a greater sum than the amount some people are paying per month on their car finance. That figure is £1,414 per annum more than it was a year ago.
The average amount paid by male drivers is £987 per annum with female motorists being charged an average of £820 per annum. That is a significant difference of £167 per annum.
Those motorists living in Inner London are, on average, being charged the most for insuring their cars with premiums averaging £1,503 per annum. This is a rise of £567 per annum when compared with 12 months ago.
So, if your classic car insurance is shortly coming up for review, you might like to shop around to see if you can get the cover at a lower cost. In this respect, why not get in contact with us and we will do all that we can to help you obtain a competitive quotation as we provide access to a specialist panel of insurers.
