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Classic Car Insurance in the UK: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Classic Car Insurance Market Research Report | SIC UK0.028 | Aug 2016

Cruising speed: Industry revenue has been supported by improving economic conditions

IBISWorld’s Classic Car Insurance market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

Report Snapshot
Market Share of Companies
Aviva plc Aviva plc market share
Direct Line Group Ltd Direct Line Group Ltd market share
Liverpool Victoria Insurance Company Limited Liverpool Victoria Insurance Company Limited market share
Industry Statistics & Market Size
Revenue
£629m
Annual Growth 12-17
1.6%
Annual Growth 17-22
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Profit
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Employment
1,262
Businesses
65
Industry Analysis & Industry Trends

The Classic Car Insurance industry generates revenue from two main sources: premium income and investment income. Premium income is estimated to account for approximately 80% of industry revenue in 2016-17. There are many different types of classic car insurance policies, including comprehensive cover, laid-up cover, and third-party, fire and theft cover. The level of risk and the premium prices vary considerably, depending on the type of policy.

The industry has endured challenging conditions over the past five years. In the early part of the five-year period through 2016-17, consumer confidence and real disposable income declined... purchase to read more

Industry Report - Industry Investment Chapter

The level of capital intensity is determined by comparing the human and capital factors of production using wages and depreciation costs as proxies. Comparatively high depreciation costs indicate a high level of investment in depreciable assets such as buildings and equipment, and therefore high capital intensity. Conversely, comparatively high wage costs suggest high labour intensity.

The industry has a medium level of capital intensity with an estimated to capital-to-labour ratio of 1:3.91 in 2016-17. This indicates that for every pound industry operators spend on capital, they spend £3.91 on labour. Information technology is an important component of insurers' operations and, consequently, accounts for a sizeable portion of their capital investment programmes. IT .. purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Classic Car Insurance Industry?

Industry participants underwrite (i.e. assume the risk for and assign premiums to) classic car insurance policies. According to HMRC, any car that is over 15 years old and has a market value of at least £15,000 is a classic car, but insurers can vary in their definition. The level of risk assumed and the cost of an insurance premium vary according to the type of insurance policy being underwritten.

Industry Products
Third party, fire and theft coverOther policiesComprehensive coverLaid-up cover
 
Industry Activities
Providing comprehensive coverProviding laid-up coverProviding third party, fire and theft coverProviding other types of insurance cover


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