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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 is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

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 Analysis Chapter

The Classic Car Insurance industry has had to deal with difficult conditions over the five years through 2016-17. The industry generates revenue through premium income and investment income. Premium income is the price paid by a customer for an insurance policy. Investment income is the revenue that insurance companies earn from investing premium income. Premium income comprises the majority of industry income.

The industry's performance at the beginning of the five-year period through 2016-17 was constrained by the ongoing effects of the economic downturn. Real household disposable incomes fell leaving many people unable to afford the costs associated with owning a classic car. Consequently demand for insurance dropped off for all but investment-grade classic cars. Thi.. 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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