Unfortunately, fully comprehensive car insurance premiums rose by around 14% on average last year according to one index that looks at such data so many owners of not only standard cars but also classic cars may have seen their premiums increase when receiving their renewal notices. On the positive side, according to the same car insurance pricing index, premiums for the first quarter of this year have stabilised.
Of course, another rise is looming this year with a further increase in Insurance Premium Tax (IPT) but there is nothing that you can do about that.
Regrettably, not enough policyholders take any action when they receive their renewal notices. A large number of people merely accept that the cost of obtaining their classic car insurance is going up and then just file the renewal policy paperwork rather than see if they can get the cover elsewhere but for a better price.
Some people no doubt assume that when they arranged their cover originally and they had obtained what they believed to be was a very competitively priced policy that that will always be the case when in fact that may not always be the situation. Insurance companies review the pricing of their policies on a regular basis and may change the parameters that they use to calculate the cost of providing cover. Therefore, your existing insurer may not now be offering as good terms as another insurer in your case.
In which case, what can you do about this? Well, quite simply, when you receive your classic car insurance renewal notice you can shop around to see if you can get the required level of cover cheaper elsewhere.
There are a number of ways that you can do this such as by using one of the many price comparison websites. If you are able to find the same level of suitable cover cheaper elsewhere then one of your options is to ask your existing insurer if they will match what you have been quoted by another insurer. If they are not prepared to do this then you could consider transferring your classic car insurance to a new provider.