Classic Car Insurance Assess Factors Behind Rising Insurance Premiums

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Amid recent news of whiplash claims driving up the price of car insurance premiums, the team at Classic Car Insurance have investigated the major influences on these soaring costs.

with news of insurance costs constantly on the rise, Classic Car Insurance takes a look into the possible reasons behind this increase.

As such a respected name in the field of vintage car cover, the team at Classic Car Insurance specialise in providing their customers with access to quotes from hundreds of reputable insurance companies across the UK all under one roof. Despite a short dip in insurance costs, these are set to rise again dramatically, and with news of insurance costs constantly on the rise, Classic Car Insurance takes a look into the possible reasons behind this increase.

“Due to the kind of vehicle customers are looking to cover, classic car insurance policies are often more pricey than other types of cover. We find most drivers are quite accepting of this as those who maintain and restore vintage cars tend to have more of an emotional connection to their motor. However, the cost of these policies is mounting at such a steep rate that we have looked into the reasons behind this excessive rise and action that might be taken to change this.”

1.    The Association of British Insurers (ABI) has released information stating that claims for whiplash last year cost £2billion, adding £90 to the average car insurance bill. Although these figures are not specific to classic car insurance, it is clear the matter is still an undeniable factor in driving up insurance costs, largely because whiplash is virtually impossible to disprove. The government has proposed changes to be made in dealing with personal injury claims, but the team at Classic Car Insurance are keen to stress the importance of comparing a number of different firms in order to bring premiums down, as policies may vary from company to company in accordance with personal circumstances.

2.    Car Insurance expenses also hinge on the dramatic rise of fuel costs. With the cost of petrol at an all-time high, it is no surprise that insurance fees have risen in accordance. However the team at Classic Car Insurance have suggested that classic car insurance policies may not be set to rise in quite the same manner as the average cover, as those with vintage motors do not tend to use their vehicle as often, or for the same duties. (For example they might save their car for special occasions, rather than the daily commute).

3.    Recent legislation to prevent gender biased insurance premiums is expected to be one of the reasons behind these fees climbing back up again. Although this recent change might prove to be marginally more beneficial for young male drivers, most are expected to see an increase rather than decrease in their costs. The experts at Classic Car Insurance have recommended that in searching for cover, customers keep a close eye on any changes and read the terms and conditions of a policy fully before signing.

Classic Car Insurance was established with an aim to allow customers to browse classic and vintage car insurance prices quickly and efficiently. The trusted and approved agency offers instant quotes, directly to the customer, from hundreds of companies across the country.

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Ben Austin
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