A large number of classic car owners probably also possess a daily run around that they use to get to work and do the shopping. If that is the case then you might be interested to read that the cost of car insurance has fallen for yet another quarter according to a price comparison website.

Every quarter, Confused.com publishes its Car Insurance Price Index that looks at the average cost of such cover. Yet again in 2024 car insurance premiums have come down. This has got to be welcome news for many people here in the UK who continue to be under pressure financially.

Apparently, in the 4th quarter of 2024, the average cost of insuring a car fell by£27 per annum to an average of £834 per annum. That is a reduction of 3%. When you compare the 4th quarter of 2024 with a year ago, premiums have dropped by an average of £161 per annum. This is a fall of 16% that we are sure you will agree is a significant reduction.

Whilst the above index relates to normal car insurance it would be great if the cost of classic car insurance has also fallen as this would provide two-fold benefit to many classic car owners who also run a family saloon.

The age of a driver is a major factor in how much an insurer charges for car insurance and it will not come as a surprise to read that it is the younger motorist who, on average, tends to be charged more to insure his or her car. As an example, in the 4th quarter of 2024, the average premium paid by a 17 year old was £2,404 per annum and an 18 year old an average of £2,605 per annum. The later saw premiums fall by an average of £557 per annum in the space of 12 months. Compare that with a 45 year old paying an average of £799 per annum and you can see there is a huge variance. One reason for this is because a young driver is less experienced and therefore more likely to have an accident on the road.

Motorists living in Inner London, on average, pay more for their cover than anywhere else in the UK with premiums averaging £1,308 per annum. This figure is £299 per annum less than a year ago.

It may pay you to shop around for both your car insurance and classic car insurance either when you receive your renewal notice or are looking for cover for the first time as there are numerous insurers in the UK.