If you are the proud owner of a classic car then you will no doubt have made sure that you have suitable classic car insurance in place to cover you should you be involved in say a road traffic accident or should your pride and joy be stolen. You may have noticed that the cost of arranging motor insurance has gone up significantly in the last year.

Car insurance premiums at at their gretest for 23 years

Car insurance premiums continue to increase

According to the AA British Insurance Premium Index, for the second quarter of this year, fully comprehensive car insurance has risen by a staggering 19.6% for the twelve months to the end of Q2 2017. The average premium at the end of Q2 of 2016 was £577.22 per annum for comprehensive cover but had gone up to an average of £690.35 per annum by the end of Q2 2017. At the end of Q1 2017 the average premium was £637.51 per annum so in the space of only 3 months the cost rose by 8.3%.

Interestingly, the average cost of third party fire and theft was even greater at the end of each of the previously mentioned quarters. This level of cover cost an average of £846.35 per annum at the end of Q2 2016, £976.38 per annum at the end of Q1 2017 and £1,055.45 per annum at the end of Q2 2017. When comparing the end of Q2 2016 with the end of Q2 2017 the increase was 24.7% per annum – a huge increase.

With increases of these levels, assuming that classic car insurance premiums have also been on the increase, it is important that motorists shop around to try to get a competitively priced deal. You can use one or more specialist price comparison websites to undertake your research at a time to suit yourself. You should be able to peruse a range of quotes and compare the benefits that are included in such a policy by a variety of insurers. Having selected the insurer that you wish to arrange cover with it is often possible to apply and pay for your classic car insurance online.