It is quite likely that if you own a classic car that you may also own a family car that you use on a daily basis. You will no doubt be insuring both vehicles so you will not be happy to hear that the cost of car insurance increased in the third quarter of 2022 according to the Confused.com Car Insurance Price Index that is produced every three months.

In fact, average premiums for car insurance rose significantly in the third quarter of 2022 when compared with the same period in 2021. In the third quarter of this year the average amount paid for car insurance totalled £586 per annum. That is 14% more than in the third quarter of 2021.

Such news comes at a time when people in the UK are having to tighten their belts at every opportunity as utility bills and mortgage repayments go up for many.

You will probably be aware that there are numerous things that impact upon how much you end up paying for your car insurance such as the make and model of car, the number of miles you do each year and the level of cover required.

Also, how old you are affects the price you pay. As a rule the younger you are the more it will cost you to insure your car. For instance, the average premium paid by an 18 year old in the third quarter of this year was £1,581 per annum. The average annual premium for a 30 year old was £790 per annum – just short of half what an 18 year old pays.

Where you happen to live is a factor as well. Those living in Inner London are, on average, paying more to insure their cars than any other region in the UK. This is because it is a highly populated area with an awful lot of cars in it so there are more likely to be a greater number of accidents on the roads and more car thefts.

It may pay you to shop around for your car insurance and classic car insurance so why not get in touch with us today to obtain a competitive quotation.