Figures released by the Association of British Insurers (ABI) suggest that although the average price paid for comprehensive classic car insurance fell during the first quarter of 2018 compare to the end of last year, the average premium paid during the first three months of the year was the highest it has ever been.
At £478, the average premium was up £14 on the same period last year, but was also £13 down on the final quarter of 2017. The fall is attributed to seasonal trends alongside the announcement of the personal injury law reforms in September and the Civil Liability Bill which is currently proceeding through Parliament.
This should reduce the proportion of compensation payments going to the legal profession: “For every £1 in compensation paid to whiplash claimants, an additional 47p goes to their lawyers,” pointed out Rob Cummings of the ABI.
This confirms what we already knew of course: comprehensive cover for your everyday modern car is an expensive business, made only more costly by the ever-increasing complexity built into modern cars which impacts on repair costs.
In comparison to that £478 annual premium, classic insurance premiums suddenly start to look very reasonable indeed and specialist classic insurer Lancaster has recently expanded its portfolio to arrange insurance for everyday vehicles for those customers which also insure their classics with the company.
Created as an additional benefit to policyholders and as a reward for loyalty, the scheme also offers the opportunity for owners to simplify their admin by having everything with one insurer. “We constantly evaluate the cover we arrange to ensure we meet the market’s needs and this specialist scheme has been designed to offer our customers the ease of having their motor collection under roof,” said Andrew Evanson, Senior Operations Manager for Lancaster Insurance. The scheme is live now, so visit Lancaster Insurance for more details.