Any drop in the cost of car insurance has got to be welcomed no matter how small the saving. So, readers will be pleased to hear that, according to the Confused.com Car Insurance Price Index, the average premium for fully comprehensive car insurance fell by £12 per annum from £774 per annum in the last quarter of 2018 to £762 per annum in the first quarter of 2019. Let us hope that those of you who have classic car insurance also benefit financially.
The age of the motorist is one of the factors that affects how much you pay for your cover. As a general rule, it is the young, inexperienced driver who pays the most for their car insurance. The above index revealed that, on average, an 18 year old paid the most for their cover at £2,018 per annum. That is an increase of £98 per annum when compared with the previous quarter. A 17 year old paid an average of £1,905 per annum. A 34 year old pays an average of £647 per annum. A 66 year old pays the lowest amount at an average of £431 per annum. As you can see from the above figures there is a huge variance in premiums.
When it comes to the age of people owing classic cars, there are no doubt going to be more people in their 40s and 50s who buy a classic car than those in their late teens and early 20s who invest in such a vehicle.
The index revealed that 58% of motorists whose policy came up for renewal in the first quarter of 2019 decided to renew their cover with the same insurer. Presumably, some of those motorists did not bother to see if they could have got the cover cheaper elsewhere. That is a shame as research reveals that motorists who decide to move their cover to another provider at renewal were able to save an average of £81 per annum. We are sure you will agree that is a significant saving.
So, if your classic car insurance policy is coming up for renewal, why not check to see if you are able to arrange the same level of adequate cover with another provider for less money. One way of doing this is to use a specialist price comparison website that has an extensive panel of insurers. It is usually simple and quick to use such a website.