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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
Annual Growth 12-17
Annual Growth 17-22
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Industry Threats & Opportunities
  • The industry has grown consistently, though it has not yet surpassed its pre-recessionary peak
  • High net worth individuals were relatively unaffected by the economic downturn, supporting demand
  • Classic car insurers are expected to continue to operate under the EU Solvency II regulations
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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

Additional Insights for the Classic Car Insurance Industry

IBISWorld identifies 250 Key Success Factors for a business.The most important for the Classic Car Insurance Industry are

  • Superior financial management and debt management
  • Possession of accurate information
  • Having a good reputation
  • IBISWorld analysts also discuss how external factors such as Real household disposable income and Consumer confidence index in the Classic Car Insurance industry impact industry performance... purchase to read more


    Industry ProductsRelated Reports

    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

    Table of Contents
    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Real household disposable income
  • Consumer confidence index
  • year bond rate
  • FTSE 100
  • Current Performance
  • Shifting value
  • Premium prices
  • Renewed enthusiasm
  • Tax rise
  • Internal competition
  • Chart: Revenue Growth
  • Industry Outlook
  • Demand shifts gear
  • European regulations
  • Margins widen
  • Table: Classic Car Insurance Industry Revenue Outlook
  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Classic Car Insurance Industry Lifecycle vs The Economy
  • Products & Markets
    Supply Chains
  • Key Buying Industries
  • Consumers
  • Key Selling Industries
  • Insurance Agents & Brokers
  • Reinsurance
  • Products & Services
  • Comprehensive cover
  • Laid-up cover
  • Third party, fire and theft cover
  • Other policies
  • Chart: Classic Car Insurance Industry Products and Services Segmentation
  • Demand Determinants
    Major Markets
  • Consumers aged 55 and over
  • Consumers aged 31 to 54
  • Classic car clubs
  • Consumers aged 17 to 30
  • Other
  • Chart: Major Market Segmentation for the Classic Car Insurance Industry
  • International Trade
    Business Locations
  • Chart: Business Locations by State
  • Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Claims
  • Commissions and wages
  • Underwriting expenses
  • Other
  • Reinsurance
  • Chart: Cost Structure Benchmarking – Sector vs Classic Car Insurance
  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Classic Car Insurance Industry
  • Industry Globalization
    Major Companies
    Aviva plc
    Direct Line Insurance Group plc
    Liverpool Victoria Insurance Company Limited
  • Table: Aviva plc - financial performance
  • Table: Direct Line Insurance Group plc - financial performance
  • Table: Liverpool Victoria Insurance Company Limited - financial performance
  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Classic Car Insurance Industry
  • Chart: Tools of the Trade: Growth Strategies for Success
  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth
  • Regulation & Policy
    Industry Assistance
    Key Statistics
  • Table: Industry Data for the Classic Car Insurance Industry
  • Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Table: Annual Percentage Change for Key Industry Data
  • Table: Key Ratios for Industry Key Data
  • Jargon & Glossary
    Insurance Broker
  • An agent who sells insurance.
  • Net Written Premiums
  • The income an insurer gets from premiums after reinsurance charges have been deducted.
  • Premium
  • The amount a customer pays for an insurance policy.

  • Why Buy this Report?
    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Classic Car Insurance:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Classic Car Insurance market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Classic Car Insurance, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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