In the current economic climate, any good news on the financial front has got to be welcomed with open arms. So, motorists will be pleased to read that the average cost of insuring a car in 2024 fell. Whilst the following data relates to insuring the likes of a family saloon it is quite possible that a similar pattern may have been seen when it comes to insuring a classic car.
The well-known price comparison website Confused.com produces a car insurance price index on a quarterly basis. The index revealed that the average cost of insuring a car dropped by £161 per annum in 2024 when compared to the same period in 2023 with that equated to a fall of 16%. We are sure you will agree that is quite a reduction. At the end of 2024 the average price paid for car insurance was £834 per annum.
There are numerous factors that affect how much an insurance company charge to insure a motor car. For instance, the make and model of vehicle, how many miles you drive in the car each year, if you have had any claims in the last 5 years, where you live and how old you are.
You may be interested to hear that the most expensive region to live in as far as car insurance is concerned is Inner London with premiums averaging £1,308 per annum in the last quarter of 2024. That was a fall of £299 per annum in the space of a year with this equating to a drop of 19%. If you reside in Leeds/Sheffield region then premiums averaged £947 per annum with this being £180 lower than a year ago. Those living in North East region paid an average of 3726 per annum with this being a drop of £122 per annum in comparison to a year ago. The cheapest region for car insurance is the South West with premiums averaging £558 per annum with this being 378 per annum less than 12 months ago.
A couple of reasons why somewhere like the South West is cheaper to insure a car in than any other region in the UK could be that motorists living in that region are less likely to be involved in a road traffic accident or have their car stolen than somewhere like Inner London which may have more cars being driven about on busier roads and more susceptible to car theft.
It may not surprise you to read that it tends to be, on average, the young, inexperienced driver who costs more to insure than the more mature, experienced motorist. For example, an 18 year old paid an average of £2,605 per annum in the last quarter of last year. A 17 year old an average of £2,404 per annum. A 23 year old paid an average of £1,566 per annum and a 45 year old an average of £799 per annum. Quite a difference.
If you are looking for a quote to insure your classic car why not get in contact with us as we provide access to an extensive panel of insurers.
