Most classic car owners probably also own a vehicle that they use on a daily basis to get to work and do the weekly shopping. So, when it comes to the cost of car insurance, they would prefer that premiums do not go up.
Well, according to CompareTheMarket.com’s Premium Drivers research, the average amount paid for car insurance on a 12 month basis to November 2021 amounted to £640 per annum whereas for the same period in 2020 the average premium was £721 per annum – a drop of an average of £81 per annum.
Their research also revealed that the cheapest quoted premium in a 12 month period to November 2021 totalled an average of £537 per annum whereas for the same period to November 2020 the figure was an average of £606 per annum – a drop of on average of £69 per annum.
It will probably not come as a surprise to motorists to hear that it is young drivers who, on average, pay more to insure their motor vehicles than the more mature driver here in the UK. Drivers in the under 25 age bracket pay an average of £1,205 per annum.
It is going to be interesting to see what happens to motor insurance premiums this year as insurers are no longer allowed to charge existing customers more than new customers for the same level of cover. Will this mean that car insurance companies increase premiums across the board to compensate for this situation? We wait to see what happens in the coming months.
If you are considering buying a classic car for the first time or your existing cover is shortly due to be renewed, why not get in touch with us with a view to obtaining a competitive classic car insurance quotation without any obligation to proceed. We look forward to hearing from you at your earliest convenience.