Car owners will find it both interesting and concerning to read that average car insurance premiums reached a record level in the third quarter of 2023. That is according to the Car Insurance Price Index that has recently been published.

The average premium to insure a car here in the UK reached £924 per annum with this being a rise of 58% when compared with the figures for the same quarter in 2022 and have gone up by 19% in comparison to the second quarter of 2023.

Apparently, there are several reasons why premiums have risen. For instance, the cost of parts has increased, there has been a rise in the number of claims, the value of used cars and electric cars have also increased. This has resulted in insurance companies paying out more to repair vehicles.

You may know that there are a number of things that dictate how much you are charged for your motor insurance such as the make and model of the car, how many miles you drive each year, your age and riving experience and where in the UK you live.

Statistically, it is the younger motorist who is most likely to be involved in a road traffic accident. As a result, such drivers tend, on average, to pay the most for their car insurance. For instance, an 18 year old is paying on average £2,995 per annum and a 17 year old an average of £2,613 per annum. A 39 year old pays an average of £989 per annum.

If you live in Inner London then you can expect to pay more for your cover than anywhere else in the UK with premiums averaging £1,503 per annum. This is 61% more than a year ago. If you happen to live in the West Midlands then expect to pay an average of £1,139 per annum – 63% more than 12 months ago.

It has never been more important than now to shop around for your classic car insurance to see if you can obtain cheaper cover elsewhere if your existing policy is coming up for renewal. So, why not get in contact with us to obtain a competitive quote.