Unfortunately, there has been an increase in the average cost of car insurance here in the UK. This will no doubt be disappointing news to motorists including those that drive classic cars who usually have to insure not only their family saloon car but also their vintage vehicle.
According to the Confused.com car insurance price index the average cost of fully comprehensive car insurance in the second quarter of 2019 was £789 per annum. In the first quarter of 2019 the figure was an average of £762 per annum. That is a rise of £27 per annum – quite an increase. This is a shame when you consider that average premiums fell in Q1 of 2019 when compared with Q4 of 2018. Motorists would no doubt have hoped that premiums would have continued on a downward trend but this has not been the case.
The region that saw the biggest average increase in the cost of comprehensive car insurance in the last 12 months was Inner London. Motorists living there saw premiums go up by £54 per annum with this equating to a rise of 5%. Premiums now average £1,214 per annum with this being the most expensive in the UK.
Whilst there are not going to be many classic car drivers who are 17 years of age it is interesting that someone of that age is paying an average of £2,047 per annum for fully comprehensive car insurance. This is very different to a 34 year old who is paying an average of £665 per annum. A 66 year old pays an average of £434 per annum.
Let us hope that when the figures are produced for the third quarter of 2019 that we see a reduction in the cost of such cover.
It is important that you shop around for a competitive deal either when your classic car insurance is coming up for renewal or if you are looking for cover for the first time to insure your first classic vehicle. One way to do this is to use a price comparison website