Unless you are the exception, you have possibly been faced with an increase in your household expenditure in the last year or so. With increased mortgage or rental payments as well as having to pay more for food and heating your home you may have had to try to find ways of tightening your belt.

Most classic car owners also own a family car that he or she uses on a daily basis. So you will be disappointed to read that, according to the Confused.com Car Insurance Price Index that is produced on a quarterly basis, the average cost of insuring a car has gone up yet again in the final quarter of 2022 to £629 per annum. In the third quarter of last year premiums averaged £586 per annum. In the second quarter premiums were an average of £554 per annum and in the first quarter of 2022 the figure was £550 per annum.

Average premiums have increased by £100 per annum in the 12 months to the 4th quarter of 2022. That is a disturbing rise.

Yes, we are talking about figures for standard car insurance but it is quite possible that premiums for insuring a classic car have also gone up in the last year meaning that classic car owners have been hit two-fold by increased expenditure.

The most expensive region in the UK for car insurance continues to be Inner London with the average premium in the last quarter of 2022 being £1,008 per annum. That is a rise of £183 per annum in the space of 12 months with this equating to an increase of 22%.

The next most expensive region for car insurance is Manchester/Merseyside with premiums averaging £790 per annum having increased by an average of £108 per annum in the 12 months to the 4th quarter of 2022.

The Scottish Borders region is the cheapest region to insure a car with premiums averaging £418 per annum – a rise of £70 in a year,

As you may know, age plays a significant part in calculating how much you are charged for car insurance. An 18 year old is paying more for their car insurance with an average premium of £1,715 per annum. That is a rise of £307 per annum in the space of a year.

The above figures will perhaps encourage more motorists to shop around to try to get a better deal on their car insurance when their existing cover comes up for renewal or should he or she be looking for cover for the first time. In this respect, why not contact us to obtain a competitive quotation for your classic car insurance.