Every quarter, the well-known specialist price comparison website Confused.com publishes its car insurance price index. For the last few quarters there have been rises in the cost of insuring a car but the tide would appear to have turned as in the first quarter of 2024 average premiums have gone down. Of course, it remains to be seen if this pattern continues throughout the remainder of this year and beyond.
Whilst the above index relates to car insurance it is quite possible that a similar pattern may have been seen when it comes to the amount people are paying to cover their classic cars.
In the first quarter of this year car insurance premiums came down by £54 per month to an average of £941 per annum. That is a fall of 5% when compared with the last quarter of 2023.
Whilst it is good news to read that car insurance premiums have reduced, it is worth bearing in mind that the average cost of car insurance is still £284 per annum more than what it was a year ago.
There are many things that motor insurance companies take into account when working out how much to charge you to insure your car with one of those being the age of the driver. As a general rule, it is the young driver who ends up paying more to insure his or her car as, statistically, they are more likely to claim on their policy as they are more likely to be involved in a road traffic accident. For instance, an 18 year old is paying an average of £3,145 per annum with this being 70% more than a year ago. A 28 year old is paying on average £1,353 per annum – an increase of 42% in comparison to 12 months ago.
Where you happen to live impacts upon how much you will be charged for insuring your car. The most expensive region in the UK continues to be in Inner London with premiums averaging £1,501 per annum. Although that is £106 per annum less than in the previous quarter it is still £434 per annum more than what a motorist was paying a year ago. If you live in the North East then the average car insurance premium is £812 per annum. This is £36 per annum less than in the previous quarter but £233 per annum more than a year ago.
If your existing classic car insurance is coming up for renewal then why not give us a call and see if we can save you some money.
