These days, classic and collectible vehicles are becoming excellent investments that hold and in fact increase their value for owners in some cases. With the economy on the road to recovery and more disposable income around some are looking to indulge in their passion for cars by seeking out the rarest of examples around. The rise of car restoration programmes and classic car auctions could be influencing the surge of people who are now searching for cars from their youth that they can own, drive and enjoy. But what are the most sought after classics?
The Porsche has to be one. In fact it’s the 1973 Porsche 911 Carrera RS which has seen a 700% increase in its value in the last 10 years, making the average one worth an incredible £75,000, and it shows no signs of dropping anytime soon. According to the Daily Telegraph this is the highest value increase of any classic car, possibly influenced by the fact that there are only around 35 left on the road in the UK (howmanyleft.co.uk).
Another coveted vehicle is the Jaguar E-Type, a British engineered classic that lasts and that for many is an iconic childhood car. This has seen a 10% increase in value in just the last 3 years and many collectors are willing to pay a high price to own one.
There has to be a BMW on the list. It’s the BMW E30 M3 with its iconic look and powerful engine which commands one of the highest values for classic BMWs. A 130% increase in value means a good example will now fetch around £24,000 and top examples are expected to keep increasing in value beyond 2015.
We know that good quality classic and collectible cars are cherished by their owners and their increasing value means they need to be covered adequately for their owner’s peace of mind. So we’ve increased our vehicle values on comprehensive cover, to reflect the market increases and increasing collectability of the classic market.
|Motorhomes||Classic Vehicles||Custom Cars||American & Kit Cars||4 X 4 Vehicles|
|£48,000||£75,000 (wef 1 June 2015)||£40,000||£30,000||£21,000|
Give your customers peace of mind with Highway Specialist Vehicle Insurance.
Categories: Personal Lines