If you own a classic car then it is quite likely that you will also own a family car that you use on a daily basis. If this is the case, you will no doubt have both vehicles insured so if premiums were to increase this may impact both types of cover.
Well, according to the MoneySuperMarket.com Car Insurance Price index, the average cost of fully comprehensive car insurance rose by almost £11 per annum to £412 per annum in the 3rd quarter of 2021 when compared with the 2nd quarter of 2021. However, it is worth noting that premiums are, on average, just over £48 per annum cheaper than a year ago – a drop of 10.4%.
It will be interesting to know if there has been a similar pattern with the premiums charged for classic car insurance.
Whilst an average rise of £11 per annum may not sound a lot it is something that motorists could have done without. Perhaps one of the reasons for the increase is due to there being an awful lot more cars on the roads as an increasing number of people have returned to work in the office, are going away on holiday in the UK and are getting out more on an evening to go to things like cinemas, pubs and restaurants.
The most expensive region for car insurance was East London with the average amount paid in the 3ed quarter of 2021 being £865 per annum. The lowest amount paid by motorists were those living in Galashiels with the average premium being £257 per annum.
As far as age of driver goes, those aged 20 to 24 are paying the most for fully comprehensive car insurance – £811 per annum on average although this is 10% less than a year ago. Motorists who are over 65 are paying the least to insure their family car – on average, £253 per annum – a drop of just below 10%.