‘Classic car premiums down 17%’
A specialist insurance company is claiming that its classic car premiums are at their lowest in ten years.
ClassicLine reports that its average insurance premium has actually fallen by 17% over the last decade. At a time when the Association of British Insurers reports that modern car insurance is at an all-time high, this seems like good news – especially as the classic car market has increased significantly since the last financial crisis.
The Knight Frank Luxury Investment Index on classic cars showed a rise of an incredible 467% since 2006.
‘If we take a look at the vast majority of the classic cars in the UK, pre-1980 cars valued at between £5000 and £15,000, for a driver aged 40 to 60, our average insurance premium in 2006 was £131.84 per year. Fast forward ten years and this premium has fallen to £109.51,’ comments Ian Fray, managing director of ClassicLine Insurance.
However, as reported in the 30 November issue of CCW, classic insurance prices are set to rise later this year. The reason for the increase is that Insurance Premium Tax (IPT) will be climbing from 10-12% in June. And the major classic insurance companies agree that premiums will rise with it.
Has your premium reduced? Drop us a line at email@example.com
‘Our average annual insurance premium has fallen in the last ten years’ IAN FRAY, CLASSICLINE INSURANCE
Classic owners will still inherit the 2% hike in Insurance Premium Tax come summertime.