According to the Confused.com car insurance price index, for the third quarter of 2018, there was a small increase in premiums of 1% when comparing the figures for the previous quarter here in the UK. Such an increase may have also been seen in the cost of classic car insurance for some motorists.
On average, motorists are paying £760 per annum for fully comprehensive car insurance with this being a rise of £8 per annum when compared with the second quarter of 2018.
Premiums in South Central England and East Midlands have, on average, risen by £18 per annum when comparing Q3 of 2018 with Q2 of 2018. However, it is Inner London where motorists are, on average, paying most for their car insurance with premiums being in excess of £1,000 per annum. When compared with the same quarter in 2017, that is a significant fall of £149 per annum.
One would hope that the average amount paid by motorists to insure a classic car on an annual basis would be lower than that charged by insurance companies to insure a normal family car.
It is important that classic car enthusiasts shop around to try to get a competitive quote for classic car insurance whether that is for a motorist whose policy is shortly coming up for renewal or someone looking to insure their first vintage vehicle. Do bear in mind that it is not always about the price of such cover but another important factor that you may wish to take into account is the claims experience of the insurance company you are considering favouring with your business. Ideally, you want to be arranging such cover at a low premium but where the insurance company will provide excellent benefits.
Here at Classics Car Insurance, we will continue to keep our readers up to date with any possible increase in premiums that they may be going to be faced with. Obviously, in many cases, motorists will have been able to monitor their premiums online. If they do go up then an option, at renewal, is to negotiate the premium for a suitable motor insurance policy.