Unfortunately, insuring your classic car has probably got more expensive for a large number of people in 2016. The Confused.com car insurance price index – quarter 4 2016 that is produced in association with Willis Towers Watson refers to the insuring of “modern” cars but presumably the increases referred to in that report may also be relevant to classic car insurance.
In 2016, the premium for comprehensive car insurance rose by 14% to an average of £767 per annum with this equating to an increase of £95. That works out at almost £8 per month extra. This is something that car owners could do without especially as we have also been witnessing petrol and diesel prices go up. Just in the last quarter of 2016, the average cost of fully comprehensive car insurance rose by 4%.
Young drivers have been paying extremely large premiums for covering their vehicles as they are statistically more likely to be involved in a car accident than a 40 year old who has many years experience of driving cars. A 17 year old pays, on average, £2,112 per annum for fully comprehensive cover.
Having said that, older motorists have seen record high levels of premiums. For instance, a 68 year old would pay an average of £515 per annum and a 71 year old would pay on average £497 per annum to insure their motor.
So, what can you do about this? Well, when you receive your renewal notice for your classic car insurance or should you be looking for cover for your first classic car then you may wish to shop around to try to get competitively priced cover. There are so many ways that you can do this with one of the most popular being to go on the Internet and use a number of specialist price comparison websites to obtain quotations and look at the cover being offered. It is quick and simple to do.