Car Insurance Premiums Increase

If you own a classic car then it is also quite likely that you will also possess a family car that you use every day. You will also no doubt have them insured so you will not be pleased to read that car insurance premiums have, on average, risen in the last year.

Every quarter,, a well-known price comparison website, produces its Car Insurance Price Index. It provides certain information relating to the cost of fully comprehensive car insurance premiums and has been doing so for a number of years. It makes for interesting reading and can be found on their website but we thought we would highlight some of the figures. It is quite possible that if premiums have been increasing for insuring a normal family saloon car that the same may have happened with classic car insurance premiums.

Look what has happened to average fully comprehensive car insurance premiums over the last four quarters: –

Q1 2019          £762 per annum

Q2 2019          £789 per annum

Q3 2019          £783 per annum

Q4 2019          £815 per annum

As you can see, the average cost of insuring a car with the above type of policy has risen every quarter last year apart from in the third quarter when there was a small reduction of £6 per annum. Premiums have gone up by £41 per annum in the last year and this is most concerning and one cannot help but wander what is going to happen with car insurance premiums over the next twelve months.

Young motorists come off worst with 18 year olds having to pay more for their car insurance than any other age. The average amount paid by someone of that age for fully comprehensive car insurance is £2,130 per annum. That is £147 per annum more than what they were paying a year ago – a large increase and something that the young driver could have done without. Get to 38 years of age and you pay a lot less – an average of £672 per annum. A 69 year old is being charged an average of £481 per annum.

The above index also looks at what is happening to car insurance premiums on a regional basis. The most expensive region to live in to insure your family car is in Inner London with premiums averaging £1,260 per annum. Unfortunately, people living in that region will be disappointed to read that is an increase of £91 per annum when compared with a year ago.

If you are looking for classic car insurance then why not get in touch and we will be pleased to help you obtain a competitive quotation without any obligation to proceed.

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