Skip advert
Advertisement

Rising values create classic car insurance problems

Classic cars are appreciating furiously and that's leaving owners under-insured

Porsche 911S

The rising value of classic cars is leaving owners dangerously underinsured, according to the British Insurance Brokers’ Association (BIBA).

Analysis by the Historic Automobile Group shows that the values of some classic cars have risen substantially, yet owners aren’t updating their insurance. It means that if they need to make a claim they’d only receive a fraction of the car’s real cost.

Advertisement - Article continues below

The problem isn’t just confined to the ‘blue chip’ classics, like Ferraris or Jaguars, either, with more humble models such as Ford’s Escorts also rising in value. 

Adrian Flux Insurance Services – one of the largest specialist classic car brokers in the UK – has written to all its policy holders about the issue of inadequate cover. It found that some of the classic cars on its books had almost doubled in value since policies began.

One owner, Darren Campbell, from Surrey, bought his classic 1970 Porsche 911S nearly 20 years ago. It had been insured for £45,000 for the past few years, but it’s now worth more than £80,000. Darren said: “If you’ve had it for as long as I have, it’s easy to take your eye off the ball.”

Skip advert
Advertisement
Skip advert
Advertisement

Most Popular

Car Deal of the Day: 717bhp BMW M5 Touring super-estate on a tasty lease deal
BMW M5 Touring - front action

Car Deal of the Day: 717bhp BMW M5 Touring super-estate on a tasty lease deal

The BMW M5 Touring is M car royalty, with a thoroughly impressive PHEV powertrain. It’s our Deal of the Day for 29 June
News
29 Jun 2025
Electric car appeal is at its lowest since 2019
Opinion - Kia EV9 GT

Electric car appeal is at its lowest since 2019

From poor electric car sales to crashes in F1, Mike Rutherford thinks its been a crazy few weeks in the automotive world
Opinion
29 Jun 2025
New Skoda Epiq vRS to headline brand’s hot-SUV onslaught
Skoda Epiq vRS exclusive image

New Skoda Epiq vRS to headline brand’s hot-SUV onslaught

Every future Skoda will get the go-faster treatment, with the brand also working on making cars sharper and more engaging
News
27 Jun 2025