Classic car owners will be interested to read that, according to the UK car insurance price index produced by MoneySuperMarket.com for the second quarter of 2021, the average cost of fully comprehensive car insurance for standard cars appears to have stabilised when compared with the first quarter of 2021. It is to be hoped that a similar pattern is seen for the cost of insuring classic cars.

The above index revealed that the average cost of fully comprehensive car insurance in Q2 of 2021 stood at £417 per annum. The cost of such cover in Q1 of 2021 was only 7 pence less than in Q2 of 2021. This news will no doubt be welcomed by many drivers here in the UK.

Another pleasing statistic is that the cost of the above level of cover has, on average, dropped by more than £60 per annum between Q2 of 2020 and Q2 of 2021. That equates to a reduction of just over 12% – a significant drop.

One of the things that has an impact upon how much you pay for your motor insurance is where you reside. The above index found that the two cheapest regions in the UK for fully comprehensive car insurance are Kirkwall on Orkney and Llandrindod Wells with premiums averaging £256 per annum in the second quarter of 2021. The most expensive region is East London with motorists paying an average of £840 per annum in the second quarter of 2021. Motorists living in the West Midlands paid an average of £483 per annum in the second quarter of 2021.

Age also has a bearing on how much you pay for your car insurance with younger motorists tending to pay more, on average, than the mature, experienced driver. It is motorists in the 20 to 24 years of age bracket who are, on average, paying most for their cover with the premium being £839 per annum. Motorists over the age of 65 are paying the lowest amount for comprehensive cover – an average of £253 per annum.

As we come out of lockdown, it is going to be interesting to see what happens with premiums. Will insurance companies start to increase premiums as a result of more people returning to commuting in their cars to work, leading to more road traffic accidents and more claims? We will continue to keep you updated periodically.