ResearchAndMarkets.com has released the Global Classic Car Insurance Market (2024 Edition). The report covers a breakdown of classic car insurance by owners, regions, and countries.
The Global Classic Car Insurance market showed growth at a CAGR of 7.11% during 2019-22. The market was valued at $30.97 billion in gross written premiums in 2022, which is expected to reach $51.92 billion in gross written premiums in 2029.
The appreciation of classic car values over time has driven demand for insurance coverage that adequately protects the significant investments made by collectors. As classic cars become more valuable, owners are willing to pay premiums for comprehensive insurance coverage.
The report analyzes the classic car insurance market by region (North America, Europe, and Rest of World) and 6 countries (United States, Canada, Germany, United Kingdom, France, and Italy).
Classic car insurance markets operate within a niche segment of the insurance industry, catering specifically to the unique needs of vintage and collectible automobile owners. This market thrives on several key factors. First, the growing interest in classic cars as investments has expanded the customer base, driving demand for specialized coverage.
As more individuals acquire classic cars, insurers have identified an opportunity to offer tailored policies that provide comprehensive protection for these assets. Additionally, the rising values of classic cars have underscored the importance of insurance coverage that accurately reflects the vehicles’ worth and provides sufficient compensation in the event of damage, theft, or loss.
Insurers have responded by offering policies with agreed value coverage and other features designed to address the specific risks associated with classic car ownership.
Regulatory requirements in many jurisdictions mandate insurance coverage for classic cars, further fueling market growth. Classic car owners are compelled to seek out insurance policies that comply with local laws while providing adequate protection for their vehicles. This regulatory environment creates a steady demand for classic car insurance products.
Furthermore, advancements in technology and data analytics have enabled insurers to better tailor coverage options to individual customers’ needs. This has enhanced the competitiveness and sophistication of classic car insurance offerings, attracting more customers.
The report includes:
- Analysis of classic car insurance market for the historical period of 2019-22, the estimated year 2023 and the forecast period of 2024-29.
- Analysis of the classic car insurance market by vehicle type (vintage, and classic).
- Classic car insurance market by ownership status (individual owners, collectors/enthusiast clubs, and dealerships/auction houses).
- Classic car insurance market by channel (direct sales, agents/brokers, and online platforms).
- The key insights of the report have been presented through the frameworks of SWOT and Porter’s Five Forces Analysis. Also, the attractiveness of the market has been presented by region, by vehicle types, by ownership status & by channel.
- The major opportunities, trends, drivers, and challenges of the industry has been analyzed.
- Competitive developments, strategies, mergers and acquisitions and new product development.
Company Profiles included in the report:
- Hagerty
- Grundy Insurance
- American Collectors Insurance
- Chubb Limited
- American Modern Insurance Group
- Hiscox
- StateFarm
- Nationwide
- The Progressive Corporation
- Allstate
Read the full report here.