Many of you will have heard of the well known website Uswitch.com. Well, it has recently published some interesting statistics relating to classic car insurance. Below we highlight some of the information but further details can be found on its website.
In the UK, the average premium paid for classic car insurance this year amounted to around £469 per annum. Compare that with 2023 when premiums averaged £401 that equates to an increase of 17%. We believe that is less of an increase in percentage terms when comparing normal car insurance.
Age plays a significant factor upon how much insurers charge for classic car insurance and it will probably not come as a surprise to read that, on average, it tends to be the younger, less experienced motorist who pays more to insure their motor vehicle. For instance, the average premium paid by drivers aged 17 to 20 for classic car cover is in excess of £7,500 per annum. That figure, in many instances, is probably more than many people make in car loan repayments each year. Those aged 26 to 30 pay an average of £939 per annum. If you are 76 to 80 years of age then the average premium is £284 per annum.
Where you reside also has a bearing on your classic car insurance premium. For example, London is the most expensive region with premiums averaging £744 per annum. The second most expensive region is the North West with premiums averaging £528 per annum. The cheapest region for classic car insurance is for those living in the South West with premiums averaging £324 per annum.
It is interesting that 32% of males responding to a survey expressed a genuine interest in being the owner of a classic car yet only 19% of female respondents felt the same way.
The most expensive make of classic car to insure was, on average, Ferrari at an average premium of £804 per annum. In second place was Bentley at an average cost of £735 per annum and in third spot was BMW with an average premium of £556 per annum.
The West Midlands region is said to have the largest share of classic cars at 9.6%. In second place is Yorkshire at 8.2% and Lancashire is in third place with 5.6%.
