Many of you may have noticed when receiving your classic car insurance renewal notices that there has been an increase in premiums last year. This is disappointing news and has no doubt led to some people shopping around to see if they can get a better deal with another insurer.
You may wish to review what you are paying for your classic car insurance when you receive the renewal documents from the existing insurer.
This is borne out by the AA British Insurance Premium Index that has revealed an increase of 20.3% in fully comprehensive car insurance premiums in 2015. In the last quarter of 2015, premiums rose by 10.4%. The average cost of such cover now stands at £625.70 per annum with this being a rise of £59.14 per annum in three months.
One of the reasons why premiums have risen is due to the increase in Insurance Premium Tax that came into effect on 1st November 2015. This tax rose from 6% to 9.5% – a significant rise. Another factor that has a negative impact on car insurance premiums is the concerning number of motorists that make either inflated or false whiplash claims on their policies as more claims result in higher premiums being paid by all motorists so the innocent policyholder also suffers.
Although some motorists do shop around to try to get the same level of classic car insurance cover for a lower premium when they receive their annual renewal notice, there are not enough people that take this course of action. This is a shame because it does not take long to make some enquiries to see if a better deal can be obtained.
A great way of doing this is to use a price comparison website that specialises in classic car insurance although do bear in mind that not all insurers sell their policies through such websites with some only dealing direct with customers. If you are looking for classic car insurance for either the first time or want to shop around why not do so through our website to see if you can obtain competitive cover.
