Although the Bank of England reduced the Bank Rate a few days ago meaning that many people’s mortgage repayments will come down, a lot of people’s finances, are pretty tight and are likely to continue to be so for quite some time. One of the expenses that have tended to increase for people is their car insurance premiums including the cost of classic car insurance.

However some interesting research has been carried out by the well-known price comparison website Go. Compare into when it may be the best time to renew insuring your car. Whilst its findings relate to car insurance, it is quite possible that a similar thing may apply to classic car insurance.

It found that the cheapest time, on average, to renew your car insurance was 26 days before your existing cover is due to expire. The average (median) price paid for car insurance at that time was £367 per annum. If you purchase your cover with another insurance provider 14 days before your existing cover is due for renewal then it would cost an average (median) price of £395 per annum. Purchase your car insurance 6 days before renewal then you would pay an average (median) price of £423 per annum. Do the same thing 2 days before your existing car insurance is due to be renewed then you would be charged an average (median) premium of £484 per annum. If you wait until the day your existing cover comes up for renewal then you will pay an average (median) price of £569 per annum.

So, as you can see, that is a huge difference between renewing your car insurance with another provider 26 days before your existing cover comes up for renewal compared to doing so on the day your existing cover is due to be renewed – in fact it is a difference of £202 per annum.

We are sure that you will agree, it sounds like a good idea to start your research into renewing your car insurance well in advance of when your existing cover is coming up for renewal.

Of course, there are likely to be an awful lot of classic car owners who also possess a family hatchback who need to insure both vehicles. So this would make it doubly important to start shopping around for a good deal as soon as possible after receiving your renewal notice. In this respect, feel free to contact us with a view to getting a free, no obligation quotation.