If you own a classic car then it is also quite possible that you will possess a family run around that you use on a daily basis. Needless to say, you will have insured both those vehicles. So, you will no doubt be disappointed to read that car insurance premiums have on average reached a record high in the 2nd quarter of 2023.

Every quarter, Confused.com produces its car insurance price index and the latest one covering the second quarter of this year reveals that the average cost of insuring a car has reached £776 per annum. The first quarter of 2023 placed the average cost of car insurance at £657 per annum. So, in only 3 months, the cost has gone up by an average of £119 per annum – a rise of 18%. In the space of a year the average cost of such cover has gone up by a colossal £222 per annum – an increase of 40%.

Of course, this does not mean to say that classic car insurance premiums have gone up by similar amounts but we suspect that premiums will have risen. So, if you own both a family salon car and a classic car you are almost certainly going to be faced with potentially sizeable increases in premiums. Yes, this is something that you could do without but later we will discuss what you can do to possibly mitigate such increases.

There are a lot of factors that affect how much you are charged for your car insurance with one of those being where you live. Those of you living in Inner London are likely, on average, to be paying more for your car insurance than anywhere else in the UK. The average amount paid is £1,257 per annum. If you live in Manchester and Merseyside the average cost is £965 per annum. If you happen to reside in the North East the average premium is £672 per annum. Live in South Wales then, on average, you will be charged £613 per annum.

The age of a driver has a bearing on how much your motor insurance provider will charge you. You cannot help but feel sorry for the young motorist with an 18 year old paying an average of £2,404 per annum – possibly more than he or she is paying on a car loan to buy the vehicle. Generally speaking, the older more experienced driver pays less to insure their car.

It may pay for you to do a bit of shopping around to see if you can save on your classic car insurance premiums leading up to the renewal date of your policy. There are a lot of insurance companies offering such insurance. We have a comprehensive panel of insurers at our disposal so why not get in contact with us today with a view to seeing if you can save any money on your classic car insurance. There is absolutely no obligation. We await your call.