The cost of insuring motor vehicles has been going up over the last couple of years or more. So, when are we going to see premiums start to level off or better still drop?

Well, you will be pleased to hear that the amount people are paying for insuring their family cars actually, on average, reduced in the first quarter of 2024. In the last quarter of 2023 the cost of car insurance reached a record level and there was probably concern that prices would continue upwards. However, this was not the case according to a car insurance price index published by Confused.com.

The above index has been produced every quarter by the price comparison website for quite some time. It was interesting and pleasing to read in the one published a few days ago covering Q1 of 2024 that the average premium paid for car insurance dropped by £54 to an average of £941 per annum. This is a small reduction of 5% but nevertheless it is a move in the right direction i.e. downwards.

Having said that, let us not forget that in the last year car insurance premiums have gone up by an average of £284 per annum. That is a very large increase of 43%. In the current financial climate here in the UK that is a rise we could all have done without.

Whilst the above index is specific to car insurance premiums it is quite possible that classic car insurance premiums may, on average, have also dropped in the first quarter of 2024.

When you receive your renewal notice for your classic car insurance what do you do with the documents? Do you just file them away in a drawer or do you read and digest the contents? If it is the later what do you then do? You should consider getting a competitive quote to see if you can get the same level of cover but for a lower premium. In that respect, why not get in contact with us at your earliest convenience to obtain a competitive, no-obligation quotation. We look forward to hearing from you.