A research team from the rate comparison company, Classic Car Insurance, got down to business and tried to figure out why insurance premiums for vintage cars are skyrocketing in the United Kingdom.
The team’s report says that, first of all, owners of these types of cars are usually more willing and more able to pay higher rates for coverage. The report stated that coverage is “often more pricey than other types of cover. We find most drivers are quite accepting of this as those who maintain and restore vintage cars tend to have more of an emotional connection to their motor.” Of course, the same could definitely be said of vintage bike owners, as well as insurance for vintage motorcycles.
The report also found that an increase in whiplash claims has helped push auto insurance claims and therefore premiums upward as have increasing fuel costs and an overall increase in value of the vehicles.