If, like most people, you would welcome the opportunity to save some money then you may be interested to read that the average cost of comprehensive car insurance has dropped in Q1 of 2021 according to the Confused.com Car Insurance Price Index that is produced on a quarterly basis. Hopefully, the average cost of classic car insurance has also fallen.

The above index reveals that the average premium paid for such cover in Q1 of 2021 amounted to £538 per annum. In Q4 of 2020 the figure was £575 per annum. That is a reduction of £37 per annum – not a large reduction but we are sure you will agree a welcome drop nevertheless. In the last year, premiums have fallen by an average of £87 per annum.

As you may be aware, there are numerous factors that affect the cost of insuring a motor vehicle. For instance, where you live, your age, your driving experience, what you do for a living, the make and model of car you drive, its value, what you use the vehicle for and the number of miles you drive in the car each year.

With regard to the later, the above index found that during the pandemic, on average, motorists have done fewer miles. In theory, this should mean that there are fewer claims meaning that motor insurance companies pay out less money and perhaps they have been able to pass on some of those savings to their policyholders.

We mentioned above that a motorist’s age has an impact upon how much he or she is charged for their motor insurance. The above index found that an 18 year old is paying an average of £1,442 per annum whereas a 37 year old is being charged an average of £605 per annum. A very big difference.

We also stated that where someone lives has an impact on the cost of his or her cover. The above index revealed that a motorist living in Inner London was paying an average of £846 per annum whereas a driver living in the Scottish Borders is paying an average of £353 per annum. We are sure that you will agree that is a huge difference.

If you have just received your renewal notice for your classic car insurance then why not contact us to review your cover. We will do all that we can to help you obtain a competitive quotation without any obligation to proceed.