Many of you will have heard of the price comparison website Well, in the summer, it produced a report that contained some interesting statistics relating to classic car insurance some of which we share below.

You may be surprised to hear just how large the classic car insurance market is. For instance, in 2022, it was worth a sizeable £717 million. It is predicted that this will rise to almost £730 million in 2023. We are sure that you will agree these figures show just how big this insurance sector is in the UK.

There are many factors that affect classic car insurance premiums with one of those being how old the motorist is. Generally speaking, the younger the driver the more expensive it will cost him or her for insuring there cherished vehicle. For instance, the average premium paid by 17 to 20 year olds was £7,633 per annum. Yes – that is over £600 per month. For those aged 21 to 25, the average premium was £1,441 per annum – a huge drop but nevertheless a large sum of money. If you happen to be in the 66 to 70 year old age bracket then, on average, you will pay the lowest premium – £206 per annum.

Another thing that dictates the premium you will pay for your classic car cover is where you happen to reside. For instance, if you live in London then the average premium was £708 per annum. At the other end of the scale, the cheapest region for classic car insurance was the South West with premiums averaging £279 per annum.

So, how many classic cars are there in the UK? Well, the report puts the number in the region of 1.6 million. Those vehicles are estimated to have a total value of about £8.7 billion.

It possibly does not come as a surprise to read that the most expensive classic car brand out of the top 10 to insure was the Ferrari with premiums averaging £829 per annum. This is in excess of a third more than any other classic car brand.

The West Midlands has the most classic cars accounting for 9.6% of such vehicles in the UK.

We hope that you found the above to be of interest.