‘Clas­sic car pre­mi­ums down 17%’

Classic Car Weekly (UK) - - This Week -

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 ed­i­to­rial@clas­s­ic­car­weekly.co.uk

‘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.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.