Many of you who own a classic car probably also possess a family hatchback or saloon car that you use on a daily basis perhaps for commuting to and from work and to take the family out on a weekend. If that is the case then you will be pleased to read that the average cost of insuring a motor car has reduced in the third quarter of 2024 according to a well-known price comparison website.

On a quarterly basis, Confused.com publishes its Car Insurance Price Index. The latest report reveals that in Q3 of 2024 the average premium for car insurance stood at £861 per annum. That is a fall from Q2 of 2024 when the average premium was £882 per annum. In Q1 of 2024 the average premium was £941 per annum and in Q4 of 2024 motorists were paying an average of £995 per annum.

In the current economic climate, with many people here in the UK still struggling to pay some of their household bills, we are sure you will agree the above is, potentially, good news.

The above index covers things like how much car insurance costs in different regions of the UK and how much people pay dependent upon their age.

For instance, if you happen to reside in Inner London, you can expect to pay more for your car insurance than in any other region of the UK. Premiums in Inner London average £1,357 per annum but in say Central Scotland they average £790 per annum and in Northern Ireland an average of £897 per annum. The cheapest region for car insurance is the South West with premiums averaging £571 per annum – such a difference when compared with Inner London.

How old you are has an impact on your premiums. If you are 18 years of age then, on average, expect to pay more to insure your car than any other age with premiums averaging £2,886 per annum. Compare that with a 23 year old paying an average of £1,671 per annum and a 45 year old paying an average of £814 per annum – a huge variance.

Although the above index relates to car insurance, it is quite possible that the cost of classic car insurance may have dropped in the third quarter of 2024 as well. In that respect, if you would like a competitive quote for such cover why not get in contact with us without any obligation.