If you own a classic car then you may find it of interest to read that, according to the Confused.com Car Insurance Price Index, the average cost of insuring a standard car in the UK with fully comprehensive cover reduced to £538 per annum in the first quarter of 2021. That is a reduction of an average of £37 per annum in comparison to the last quarter of 2020 and is an average fall of £87 per annum over a twelve-month period.
Of course, these figures relate to insuring the likes of a family saloon car but hopefully there may have been a reduction in the average cost of classic car insurance.
Unfortunately, for those motorists residing in Inner London, it is they who, on average, pay more for their car insurance than any other region in the UK. The average cost of fully comprehensive car insurance in the first quarter of 2021 amounted to £846 per annum in Inner London. However, on a positive note, that is an average of £116 per annum less than a year ago with this equating to a reduction of 12%. The cheapest region for car insurance is for motorists living in the Scottish Borders with the average cost of cover being £352 per annum – a reduction of £62 per annum when compared with a year ago.
An interesting statistic mentioned in the above index is that the average number of miles driven per annum by drivers during the pandemic dropped from 7,239 to 4,113 so this may be one of the reasons why the average cost of insuring a car has fallen. If you think about it – the fewer miles you travel in your car then the less likely you are to be involved in a road traffic accident. As a result, this should lead to fewer claims with less sums being paid out by insurers potentially leading to a reduction in car insurance premiums.
It will probably not come as a surprise to you to read that it is the young driver who pays the most for their car insurance. On average, an 18 year old paid an average of £1,442 per annum in the first quarter of 2021. A 21 year old paid an average of £1,144 per annum. A 37 year old paid an average of £605 per annum and a 69 year old an average of £311 per annum. Presumably, it is the younger motorist who probably also pays more for their classic car insurance.
If your classic car insurance policy is coming up for renewal in the next few weeks why not get in touch with us with a view to obtaining a competitive quotation without any obligation. We look forward to hearing from you.