If you are the proud owner of a classic car then it is quite possible that you also drive around on a daily basis in a family car. If that is the case you will presumably be insuring both motor vehicles. So, we have some potential good news for you.

You will probably be aware that the average cost of insuring a motor vehicle increased significantly in the last couple of years or so. Well, we seem to be seeing a drop in premiums in 2024 based upon the data published by Confused.com.

Every quarter the above price comparison website publishes its car insurance price index. The average premium for car insurance peaked at £995 per annum in the last quarter of 2023. In the first quarter of 2024 premiums averaged £941 per annum – a drop of £54 per annum. In the second quarter of this year car insurance premiums averaged £882 per annum – a reduction of £59 per annum. However, lets not get too excited as it is worth pointing out that car insurance premiums were £106 per annum more than 12 months ago.

Insurance companies take into account so many things when working out how much to charge a motorist for their cover. For instance, if you drive a powerful Range Rover then you are likely to pay more for your cover than if you drive a MINI One. How many miles you estimate you drive each year can also impact your premiums as the more miles you drive the more likely you are to be involved in a road traffic accident.

A motorist’s age has a bearing on premiums. Generally speaking, it is the younger driver with limited experience of driving who pays more for their cover than say someone in their 30’s. For instance, according to the above index, a 17 year old pays an average of £2,776 per annum whereas an average premium of £968 per annum is paid by a 38 year old.

If you are looking to insure your first classic car or your existing cover is coming up for renewal why not make contact with us to obtain a competitive quote. We provide access to an extensive panel of insurers.