When taking out a classic car insurance policy one of the most important considerations is to agree the value of the car with the Insurance company. This ensures that you’ll get the full agreed value should the worst happen and your car is written off.
But do you really know what your classic car is worth in the current market?
If you’ve been sitting for years on a classic car bubble-wrapped up in a garage, that you only get out on the road a couple of times a year and keep renewing your classic car insurance policy annually, do you really know its true value?
When was the last time you changed the agreed valuation with your Insurer? In some cases people who haven’t updated the value of their classic car could actually be losing out in the event of a claim!
In recent years the value of many classic cars has rocketed because of two major factors.
Primarily during a recession such as now collectors are looking for alternative investments and classic cars are a prime target, the rarer the better!
Secondly the costs of owning, using and garaging a classic car have risen steeply in recent years and with the wide availability of cheap modern cars and schemes like scrappage designed to remove the youngest of the classic cars from our roads, has led to an increased scarcity in the number of classic cars left in the UK.
That old Ford Consul from 1967 that you have in your mums garage might be the only one left in the country and hence it will need to be revalued and this agreed with your classic car insurance company.
So how do you find out how rare your car is?
Well Car Insurance Blog does not usually rave about other websites but we are going to over this new one, because it solves all those problems and more.
http://www.howmanyleft.co.uk is an amazing site that lets you type in the make and model of your car and using data extracted from the DVLA database of registered cars gives you a complete breakdown of just how many cars are left in the UK.
This is a fantastic tool not just for classic car enthusiasts looking to see how rare their car is, but also for classic car insurance underwriters and classic car valuers etc. It’s even fun for finding out how many of those cars that your dad drove when you were a kid are left. It can also be used to see how many modern cars are selling!
The data shows the total number of cars registered in the UK for a particular model, which is broken down by cars on the road and those off road under a SORN. You can then mine down to see how many cars there are left for each year of manufacture, which again tells you how many are on or off the road. Priceless information for classic car owners and insurance companies!
So how many classic cars are left?