If you have owned a classic car for a number of years then you will have taken out insurance cover when you first bought the vehicle. Every year, you will receive a renewal quotation from your existing insurer in which you will be informed how much you paid last year as well as how much you are going to be charged for the next 12 months with your existing insurer. Unless you are very lucky, it is likely that your renewal premium will be going to increase.

So, what action do you take upon receipt of your classic car insurance renewal quotation? If you are like many people, you will do absolutely nothing and just file the renewal documents in your classic car insurance folder accepting that your premium is increasing.

Unfortunately, that is not usually a sensible course of action. Why? Well, if you had taken the time to do a bit of research you may have found that you could have saved yourself some money by getting cheaper cover with another provider.

A significant number of insurance companies, from a financial perspective, tend to focus on taking on new business rather than retaining existing customers. In doing so, they offer a financial incentive by offering a new customer an enticingly low premium. This may be by way of a good reduction for the first year of the policy with the premium rising significantly in a year’s time or it may still be a slightly lower premium in the first year with a modest rise at renewal.

So, what should you do when you receive your classic car insurance renewal quote from your existing insurer? Spend a little time trying to see if you can get the same, appropriate level of cover elsewhere but for a lower premium.

This can be done in a variety of ways. If you have got the time, you could get in touch with a number of insurers that cover classic cars. Alternatively, you could use the services of a specialist insurance broker. Another option is to use a price comparison website that has an extensive panel of insurers that provide classic car insurance. You may be pleasantly surprised at how much you may be able to save and don’t forget to do the same thing the following year.