Most owners of classic cars probably also possess a family car that they use on a daily basis. If that is the case then you will find it of interest to read that the average cost of car insurance has hit a new record according to a report published by the well-known price comparison website Confused.com. Every quarter, it produces the Confused.com Car Insurance Price Index that collates data from millions of quotes it provides on a quarterly basis.
Unfortunately, in the 4th quarter of 2023, the average amount paid for car insurance rose to £995 per annum – almost £1,000 per annum That is the highest amount on record since Confused.com started to produce the above report.
In the 3rd quarter of 2023 the average premium was £924 per annum so that is a rise of £75 per annum in the space of only 3 months. A year ago the average premium was £629 per annum so premiums have gone up by £366 per annum with this equating to a huge increase of 58%.
There are no doubt a number of reasons for the increase but one of those is that car parts are getting more expensive which is not a surprise. Also, modern cars have more technology on them that can be costly to replace.
There are numerous things that dictate how much you pay for your cover. One of these is where you live in the UK. Unfortunately, if you reside in Inner London, then expect to pay more on average than anyone else in the UK to insure your car. The average premium in this region in the 4th quarter of 2023 amounted to £1,607 per annum. That is £599 per annum more than 12 months ago – a very large increase. If you live in the West Midlands, the average premium is £1,224 per annum – a rise of £469 per annum in the space of 12 months.
A driver’s age also has an impact on the amount a car insurance provider charges for cover. An 18 year old is paying on average more than anyone else to insure his or her motorcar – £3,162 per annum. In many cases that is likely to be more than they are paying on finance to buy the vehicle. If you are 40 years of age then the average premium is £1.000 per annum.
Whilst these figures relate to car insurance, it is quite likely that the cost of insuring your classic car has also gone up. So, when your cover is coming up for renewal make sure that you shop around to see if you can get a better deal. In this respect, why not get on touch with us to obtain a competitive quotation without any obligation.
