According to the Confused.com car insurance price index, the average cost of fully comprehensive car insurance dropped in the third quarter of 2020 when compared with the second quarter of 2020. Whilst the index refers to normal car insurance policies it may be that the cost of classic car insurance has also reduced.

In the second quarter of 2020, the average cost of comprehensive cover was £770 per annum. In the third quarter of 2020, the average cost of such cover was £765 per annum. That is a reduction of £5 per annum. Yes, it may only be a modest fall but at least it is a change in the right direction as far as many customers will be concerned.

Of course, let’s not forget that there are a lot of classic car owners who also own a family saloon or hatchback so they may benefit by seeing a reduction in not only the insurance cover on their daily runaround but also their classic vehicle that tends to come out of the garage on a weekend.

However, if you happen to reside in the Inner London region then the average cost of fully comprehensive car insurance has actually gone up in the third quarter of 2020. On average someone living in that region can expect to pay an average of £1,234 per annum with this being an average increase of £32 per annum when compared to the second quarter of 2020.

If you happen to be 18 years of age then, on average, you are going to pay more for your cover than any other age group. Unfortunately, you would pay an average of £2,091 per annum. If you happen to be 36 years of age then the average cost of cover is £629 per annum. If you are 67 years of age then the average premium is even lower at £454 per annum.

It is interesting that the average cost of insuring a male driver was £805 per annum whereas the average cost of insuring a female amounted to £714 per annum. That is a difference of £91 per annum.

If your classic car insurance renewal documentation has just dropped through your letterbox or you need to insure your first classic car then why not get in contact with us and we will help you obtain a competitive quotation. We look forward to hearing from you.