The 2024 Heritage Insurance Classic Car Report was derived from a survey of 845 classic car owners and its own insurance data. Top data from the report included:
- 25% of classic car owners never check their car’s value
- Less than half (44%) check the value once a year
- 52% of classic car owners own 2 or more classic cars
- 3 in 4 people are part of at least one car club
- The average classic car owner is 69 years old
- The average cost of classic car insurance was £123
- The average value of a classic car in the survey was £12,500
Prestige Brand Premiums
As seen in the Heritage graph above, survey data showed that Jaguar owners paid the most for insurance with an average premium of £186 against an average value of £55k, suggesting E Types may have been were the leading model here. Classic Porsches had an average premium of £180 against an average value of £40k – cheaper Porsches may have distorted the average against the Jaguar vehicle pool.
Triumphs carried the cheapest premiums with an average cost of £86 against an average value of £14k.
Almost 60% of the owners surveyed were over the age of 65, showing the popularity of classic cars amongst the retired community. 50% of those surveyed owned one classic car, while just 8% had 5 or more. I have 8, so I wonder where that puts me…
75% of owners surveyed were a member of at least 1 club. Of those who had left clubs, 17% had lost interest in club activities and 7% preferred online communities and forums.
Three quarters of those surveyed said that driving enjoyment was the main reason for owning a classic, while just 11% cited investment potential as a reason.
Classic Car Value Shifts
Commenting on a suggestion that the value of almost half of classic car models tracked had fallen year-on-year in 2024, Heritage Insurance MD Mark Wilkinson said: “This is a reflection of the wider economic changes and consumer preferences and trends. The sectors where values are increasing is with ’80s and ’90s vehicles, which are coveted by those in their 40s to 60s who grew up around those cars.”
While just over 10% of those surveyed noted that investment was a concern, less than half (44%) of owners checked the value of their car once a year. A quarter of owners never checked the value.
When it came to sources for pricing, 23% of owners used auctions, 22% used magazines and 17% used car clubs. The clubs may be some use but auctions are undoubtedly amongst the worst places to get an idea of insurance values, especially for special cars.
The factors that owners rated highest for value were condition (85%), rarity (63%) and market trends (30%). Celebrity ownership was rated at just 3%, just below modifications at 4%. Mileage was rated at 14%.
While I have not reflected deeply on this data as yet, and the dataset may involve a higher percentage of lower-value machinery, mileage (for example) is a primary driver of value and ranks MUCH higher than 14%. Low mileage cars consistently top selling prices, as seen in the recent sale of a low-mileage Focus RS at Anglia Car Auctions for over £40k inc fees.
Elsewhere, celebrity ownership can have a significant impact on value, as with two ex-Elton John cars I recently valued, which were up to 50% ahead of the average based on observations. Finally, modifications on some cars can have a massive impact on value – well ahead of market trends.
Always agree the insurance value
Noting how misunderstood some of these factors appear illustrates why classic car insurers insist on independent valuations from people like me when special cars need to be fully protected. If you are one of the 25% of people who never check the value of their car, let alone with an independent valuer, how much will you be happy to lose in total loss?
As we reach the end of another classic car year, our current market view remains broadly optimistic. Nice examples of rare models remain hard to find. Many of the very best examples have been squirrelled away and will not return to market anytime soon. Supply of the best cars remains low. Average prices may be under some pressure, but then prices for average cars are always under pressure. The retirement of some older enthusiasts from the hobby has affected prices in some market sectors.
The classic car market is a highly dynamic environment and market observations for the very best cars are thin on the ground. A total loss of your car at market value as set by the handful of observations available could easily cost thousands in insufficient payout when compared to having an agreed value at the true market price. Do not leave your valuation to chance – order your bespoke classic car insurance valuation, agree it properly and stay protected.