Increased classic car values drive up insurance premiums

For the past year, classic car values have been on the rise. Demand is up, and so are the prices that reflect a growing sales market. But for owners, the ride has been bittersweet.

On one hand, the worth of their cars has never been higher – especially in the UK. Whether heading to shows or wanting to sell, owners can get a strict increase in what their older models have to offer. But on the other hand, that means the need for additional insurance to cover the increasing value of their car. Older policies may not provide full coverage, and even the smallest of fender benders can lead to some serious out-of-pocket expenses.

That is, unless owners upgrade to better coverage and a more complete insurance plan – fully loaded with higher premiums and rates. Many owners have already chosen to upgrade their coverage, taking a financial hit in the process. (After all, when these cars don’t come cheap, neither do the plans to protect them.)

For those who haven’t evaluated their insurance policy, it might be time to have their classic car(s) appraised. Without reviewing their coverage, there’s no way to tell if the policy will account for the full value of the car.