There is a reasonable chance that if you own a classic car you may also drive around in a family saloon car on a daily basis perhaps using it to commute to work. If that is the case then you may find it of interest to read that the average cost of insuring a car has been coming down throughout 2024.
Each quarter, the price comparison website known as Confused.com publishes its Car Insurance Price Index. Full details can be found on its website but we thought it worth highlighting just some of the statistics contained in the report.
If you go back to the final quarter of last year, the average car insurance premium reached a record level of £995 per annum. Three months later premiums averaged £941 per annum. By the second quarter of 2024 the average amount paid to insure a car was £882 per annum. In the third quarter of 2024 premiums averaged £861 per annum. That is a drop of £134 per annum between Q4 of 2023 and Q3 of 2024. In the current financial climate that is a welcome fall.
How old a motorist is is just one of many factors that impacts how much a motor insurer charges a policyholder. It probably will not surprise you to read that, as a general rule, it is younger drivers who pay the most to insure their vehicles. For instance, an 18 year old pays an average of £2,886 per annum. A 17 year old pays a little less – £2,727 per annum on average. Get to 23 years of age and the average premium is £1,671 per annum and by age 45 an average of £814 per annum. As you can see there is a huge variance in the cost.
Where you live also affects your premiums. For instance, if you reside in Inner London, on average, you will pay more than in any other region of the UK with premiums at £1,357 per annum. The cheapest region is the South West with premiums averaging £571 per annum.
If you require a classic car insurance quote feel free to contact us as we provide access to a wide, reputable panel of insurers.
