Motorists will be pleased to read that there has been a significant fall in the average cost of car insurance in the 12 months to Q3 2021 according to the Confused.com Car Insurance Price Index. Whilst the figures relate to cover for the likes of a family hatchback it would be great if there has also been a drop in the average cost of insuring a classic car.

In the year to the end of the third quarter of 2021, premiums fell by an average of £97 per annum to £514 per annum. This was a reduction of 16% – a sizeable drop. It is worth pointing out that this is the lowest premiums have been for a period of 6 years.

No doubt one of the reasons for this fall is due to the pandemic as there will have been fewer cars on the roads as a lot of people have been working from home rather than commuting to the office. As a result of this there will have been fewer traffic accidents on the roads meaning a lower number of claims being submitted to insurance companies.

The cheapest region for car insurance in the UK was in the Scottish Borders where the average premium was £327 per annum with premiums dropping by £58 per annum over a 12 month period. The next least expensive region was the South West with premiums averaging £346 per annum – a fall of £53 per annum in the last year. The most expensive region was Inner London with premiums averaging £804 per annum – a fall of £164 per annum when compared with a year ago.

Age is a factor in how much people pay for cover with the young driver being charged more for their motor insurance than an older driver as, on average, it is the young motorist who is more likely to be involved in a road traffic accident. For instance, an 18 year old driver pays an average of £1,379 per annum whereas a 30 year old is paying an average of £689 per annum – a significant difference.

Should your existing classic car insurance be coming up for renewal or you are looking to insure your first vintage vehicle why not get in touch with us to obtain a competitive quotation without any obligation.