It was only back in April that we were writing about the fact that car insurance premiums had risen in 2017. Well, according to research undertaken by Consumer Intelligence, premiums have fallen in the last 12 months by an average of 5.5%.

This news will not only be welcomed by those of you who have insurance on a modern vehicle but also those of you who own classic cars. This is because, if the average cost of car insurance drops then this may also be the case for classic and vintage motor insurance. In fact, it is quite possible that those who own classic cars could potentially doubly benefit as such people tend to also run a modern vehicle.

Apparently, the average cost of car insurance in Great Britain is £712 per annum. That is almost £60 per month and is no small sum.

The most expensive region to insure a car is in London where the average is £1,024 per annum. London saw premiums fall by an average of 5.2% over a 12 month period.

The cheapest region for car insurance is in Scotland where you would pay an average premium of £522 per annum. That is a fall of 0.1% when compared to the end of May 2017.

So, when your classic car insurance comes up for renewal, you may wish to see if you can get the cover cheaper elsewhere. If you can then why not go back to your existing insurance company and see if they can either match or better the premium you have been quoted. After all, if you do not ask you will never know and, at worst, the answer would be no. If your existing classic car insurer is not prepared to move on their premium then you can always switch to another insurance company and that is relatively straightforward to do.

It would be lovely if premiums for both classic car insurance and standard motor insurance continued to fall in the future as this would ease the financial burden of running one or two cars.