Executive Summary
Azoth Analytics has released a research report titled "Global Classic Car Insurance Market (2024 Edition)" which provides a complete analysis of the Global Classic Car Insurance industry in terms of market segmentation By Vehicle Type (Vintage, and Classic), By Ownership Status (Individual Owners, Collectors/Enthusiast Clubs, and Dealerships/Auction Houses), By Channel (Direct Sales, Agents/Brokers, and Online Platforms) for the historical period of 2019-2022, the estimates of 2023 and the forecast period of 2024-2029.
The report analyses 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). The Global Classic Car Insurance market showcased growth at a CAGR of 7.11% during 2019-2022. The market was valued at USD 30.97 Billion in Gross Written Premiums 2022 which is expected to reach USD 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 classic car insurance market operates within a niche segment of the broader insurance industry, catering specifically to the unique needs of vintage and collectible automobile owners. This market thrives on several key factors. Firstly, the growing interest in classic cars as investments and collectibles has expanded the customer base, driving demand for specialized insurance coverage. As more individuals acquire classic cars, insurers have identified an opportunity to offer tailored policies that provide comprehensive protection for these valuable 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.
Moreover, 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 assess risk and tailor coverage options to individual customers' needs. This has enhanced the competitiveness and sophistication of classic car insurance offerings, attracting more customers to the market.
Scope of the Report
• The report analyses the Classic Car Insurance Market by Value (USD Billion).
• The report analyses 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).
• The report presents the analysis of Classic Car Insurance Market for the historical period of 2019-2022, the estimated year 2023 and the forecast period of 2024-2029.
• The report analyses the Classic Car Insurance Market By Vehicle Type (Vintage, and Classic)
• The report analyses the Classic Car Insurance Market By Ownership Status (Individual Owners, Collectors/Enthusiast Clubs, and Dealerships/Auction Houses).
• The report analyses the 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.
• Also, the major opportunities, trends, drivers, and challenges of the industry has been analyzed in the report.
• The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include Hagerty, Grundy Insurance, American Collectors Insurance, Chubb Limited, American Modern Insurance Group, Hiscox, StateFarm, Nationwide, The Progressive Corporation, and Allstate.
Table of Content
1. Market Background
1.1 Scope and Product Outlook
1.2 Executive Summary
1.3 Research Methodology
2. Analyst Recommendations
2.1 Focus on streamlining the operations and enhance customer experience through online platforms
2.2 Innovation in Product Development
3. Global Classic Car Insurance Market: Historic and Forecast
3.1 Impact Analysis of Macro Economic Factors on Global Classic Car Insurance Market
3.2 Comparison of Classic Car and Daily Driver Insurance
3.3 Worldwide Classic Car Market
3.4 Classic Car Sales Statistics
3.5 Commission %, Sellers vs Buyers
3.6 Global Classic Car Insurance Market: Dashboard
3.7 Global Classic Car Insurance Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)
3.8 Global Classic Car Insurance Market: Market Value Assessment
3.9 Assessment Degree of Impact of COVID-19 on Global Classic Car Insurance Market
3.10 Global Classic Car Insurance Market Segmentation : By Vehicle Type
3.10.1 Global Classic Car Insurance Market, By Vehicle Type Overview
3.10.2 Global Classic Car Insurance Market Attractiveness Index, By Vehicle Type
3.10.3 Global Classic Car Insurance Market Size, By Vintage, By Value, 2019H-2029F (USD Billion & CAGR)
3.10.4 Global Classic Car Insurance Market Size, By Classic, By Value, 2019H-2029F (USD Billion & CAGR)
3.11 Global Classic Car Insurance Market Segmentation : By Ownership Status
3.11.1 Global Classic Car Insurance Market, By Ownership Status Overview
3.11.2 Global Classic Car Insurance Market Attractiveness Index, By Ownership Status
3.11.3 Global Classic Car Insurance Market Size, By Individual Owners, By Value, 2019H-2029F (USD Billion & CAGR)
3.11.4 Global Classic Car Insurance Market Size, By Collectors/Enthusiast Clubs, By Value, 2019H-2029F (USD Billion & CAGR)
3.11.5 Global Classic Car Insurance Market Size, By Dealerships/Auction Houses, By Value, 2019H-2029F (USD Billion & CAGR)
3.12 Global Classic Car Insurance Market Segmentation : By Channel
3.12.1 Global Classic Car Insurance Market, By Channel Overview
3.12.2 Global Classic Car Insurance Market Attractiveness Index, By Channel
3.12.3 Global Classic Car Insurance Market Size, By Direct Sales, By Value, 2019H-2029F (USD Billion & CAGR)
3.12.4 Global Classic Car Insurance Market Size, By Agents/Brokers, By Value, 2019H-2029F (USD Billion & CAGR)
3.12.5 Global Classic Car Insurance Market Size, By Online Platforms, By Value, 2019H-2029F (USD Billion & CAGR)
4. Classic Car Insurance Market, Region Analysis
4.1 Regional Coverage of the Study
4.2 Regional Snapshot
5. North America Classic Car Insurance Market: Historic and Forecast
5.1 North America Classic Car Insurance Market: Snapshot
5.2 North America Classic Car Insurance Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)
5.3 North America Classic Car Insurance Market: Key Factors
5.4 North America Classic Car Insurance Market: Segment Analysis
5.5 North America Classic Car Insurance Market: Market Dynamics
5.6 North America Classic Car Insurance Market Segmentation : By Vehicle Type
5.6.1 North America Classic Car Insurance Market, By Vehicle Type Overview
5.6.2 North America Classic Car Insurance Market Size, By Vintage, By Value, 2019H-2029F (USD Billion & CAGR)
5.6.3 North America Classic Car Insurance Market Size, By Classic, By Value, 2019H-2029F (USD Billion & CAGR)
5.7 North America Classic Car Insurance Market Segmentation : By Ownership Status
5.7.1 North America Classic Car Insurance Market, By Ownership Status Overview
5.7.2 North America Classic Car Insurance Market Size, By Individual Owners, By Value, 2019H-2029F (USD Billion & CAGR)
5.7.3 North America Classic Car Insurance Market Size, By Collectors/Enthusiast Clubs, By Value, 2019H-2029F (USD Billion & CAGR)
5.7.4 North America Classic Car Insurance Market Size, By Dealerships/Auction Houses, By Value, 2019H-2029F (USD Billion & CAGR)
5.8 North America Classic Car Insurance Market Segmentation : By Channel
5.8.1 North America Classic Car Insurance Market, By Channel Overview
5.8.2 North America Classic Car Insurance Market Size, By Direct Sales, By Value, 2019H-2029F (USD Billion & CAGR)
5.8.3 North America Classic Car Insurance Market Size, By Agents/Brokers, By Value, 2019H-2029F (USD Billion & CAGR)
5.8.4 North America Classic Car Insurance Market Size, By Online Platforms, By Value, 2019H-2029F (USD Billion & CAGR)
5.9 North America Classic Car Insurance Market Segmentation : By Country
5.9.1 North America Classic Car Insurance Market, by Country Overview
5.9.2 United States Classic Car Insurance Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)
5.9.2.1 United States Classic Car Insurance Market, By Vehicle Type
5.9.2.2 United States Classic Car Insurance Market, By Ownership Status
5.9.2.3 United States Classic Car Insurance Market, By Channel
5.9.2.4 United States Classic Car Insurance Market, Market Dynamics
5.10.3 Canada Classic Car Insurance Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)
5.10.3.1 Canada Classic Car Insurance Market, By Vehicle Type
5.10.3.2 Canada Classic Car Insurance Market, By Ownership Status
5.10.3.3 Canada Classic Car Insurance Market, By Channel
5.10.3.4 Canada Classic Car Insurance Market, Market Dynamics
6. Europe Classic Car Insurance Market: Historic and Forecast
6.1 Europe Classic Car Insurance Market: Snapshot
6.2 Europe Classic Car Insurance Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)
6.3 Europe Classic Car Insurance Market: Key Factors
6.4 Europe Classic Car Insurance Market: Segment Analysis
6.5 Europe Classic Car Insurance Market: Market Dynamics
6.6 Europe Classic Car Insurance Market Segmentation : By Vehicle Type
6.6.1 Europe Classic Car Insurance Market, By Vehicle Type Overview
6.6.2 Europe Classic Car Insurance Market Size, By Vintage, By Value, 2019H-2029F (USD Billion & CAGR)
6.6.3 Europe Classic Car Insurance Market Size, By Classic, By Value, 2019H-2029F (USD Billion & CAGR)
6.7 Europe Classic Car Insurance Market Segmentation : By Ownership Status
6.7.1 Europe Classic Car Insurance Market, By Ownership Status Overview
6.7.2 Europe Classic Car Insurance Market Size, By Individual Owners, By Value, 2019H-2029F (USD Billion & CAGR)
6.7.3 Europe Classic Car Insurance Market Size, By Collectors/Enthusiast Clubs, By Value, 2019H-2029F (USD Billion & CAGR)
6.7.4 Europe Classic Car Insurance Market Size, By Dealerships/Auction Houses, By Value, 2019H-2029F (USD Billion & CAGR)
6.8 Europe Classic Car Insurance Market Segmentation : By Channel
6.8.1 Europe Classic Car Insurance Market, By Channel Overview
6.8.2 Europe Classic Car Insurance Market Size, By Direct Sales, By Value, 2019H-2029F (USD Billion & CAGR)
6.8.3 Europe Classic Car Insurance Market Size, By Agents/Brokers, By Value, 2019H-2029F (USD Billion & CAGR)
6.8.4 Europe Classic Car Insurance Market Size, By Online Platforms, By Value, 2019H-2029F (USD Billion & CAGR)
6.9 Europe Classic Car Insurance Market Segmentation : By Country
6.9.1 Europe Classic Car Insurance Market, By Country Overview
6.9.2 United Kingdom Classic Car Insurance Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)
6.9.2.1 United Kingdom Classic Car Insurance Market, By Vehicle Type
6.9.2.2 United Kingdom Classic Car Insurance Market, By Ownership Status
6.9.2.3 United Kingdom Classic Car Insurance Market, By Channel
6.9.2.4 United Kingdom Classic Car Insurance Market: Market Dynamics
6.10.3 Germany Classic Car Insurance Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)
6.10.3.1 Germany Classic Car Insurance Market, By Vehicle Type
6.10.3.2 Germany Classic Car Insurance Market, By Ownership Status
6.10.3.3 Germany Classic Car Insurance Market, By Channel
6.10.3.4 Germany Classic Car Insurance Market: Market Dynamics
6.11.4 France Classic Car Insurance Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)
6.11.4.1 France Classic Car Insurance Market, By Vehicle Type
6.11.4.2 France Classic Car Insurance Market, By Ownership Status
6.11.4.3 France Classic Car Insurance Market, By Channel
6.11.4.4 France Classic Car Insurance Market: Market Dynamics
6.12.5 Italy Classic Car Insurance Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)
6.12.5.1 Italy Classic Car Insurance Market, By Vehicle Type
6.12.5.2 Italy Classic Car Insurance Market, By Ownership Status
6.12.5.3 Italy Classic Car Insurance Market, By Channel
6.12.5.4 Italy Classic Car Insurance Market: Market Dynamics
6.13.6 Rest of Europe Classic Car Insurance Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)
6.13.6.1 Rest of Europe Classic Car Insurance Market, By Vehicle Type
6.13.6.2 Rest of Europe Classic Car Insurance Market, By Ownership Status
6.13.6.3 Rest of Europe Classic Car Insurance Market, By Channel
6.13.6.4 Rest of Europe Classic Car Insurance Market: Market Dynamics
7. Rest of World Classic Car Insurance Market: Historic and Forecast
7.1 Rest of World Classic Car Insurance Market: Snapshot
7.2 Rest of World Classic Car Insurance Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)
7.3 Rest of World Classic Car Insurance Market: Key Factors
7.4 Rest of World Classic Car Insurance Market: Segment Analysis
7.5 Rest of World Classic Car Insurance Market: Market Dynamics
7.6 Rest of World Classic Car Insurance Market Segmentation : By Vehicle Type
7.6.1 Rest of World Classic Car Insurance Market, By Vehicle Type Overview
7.6.2 Rest of World Classic Car Insurance Market Size, By Vintage, By Value, 2019H-2029F (USD Billion & CAGR)
7.6.3 Rest of World Classic Car Insurance Market Size, By Classic, By Value, 2019H-2029F (USD Billion & CAGR)
7.7 Rest of World Classic Car Insurance Market Segmentation : By Ownership Status
7.7.1 Rest of World Classic Car Insurance Market, By Ownership Status Overview
7.7.2 Rest of World Classic Car Insurance Market Size, By Individual Owners, By Value, 2019H-2029F (USD Billion & CAGR)
7.7.3 Rest of World Classic Car Insurance Market Size, By Collectors/Enthusiast Clubs, By Value, 2019H-2029F (USD Billion & CAGR)
7.7.4 Rest of World Classic Car Insurance Market Size, By Dealerships/Auction Houses, By Value, 2019H-2029F (USD Billion & CAGR)
7.8 Rest of World Classic Car Insurance Market Segmentation : By Channel
7.8.1 Rest of World Classic Car Insurance Market, By Channel Overview
7.8.3 Rest of World Classic Car Insurance Market Size, By Direct Sales, By Value, 2019H-2029F (USD Billion & CAGR)
7.8.4 Rest of World Classic Car Insurance Market Size, By Agents/Brokers, By Value, 2019H-2029F (USD Billion & CAGR)
7.8.5 Rest of World Classic Car Insurance Market Size, By Online Platforms, By Value, 2019H-2029F (USD Billion & CAGR)
8. Market Dynamics
8.1 Impact assessment of Market Dynamics on Classic Car Insurance Market
8.2 Drivers
8.3 Restraints
8.4 Trends
9. Industry Ecosystem Analysis
9.1 Porter Analysis
10. Competitive Positioning
10.1 Market Position Matrix
10.2 Market Share Analysis of Classic Car Insurance Market
10.3 Company Profiles
10.3.1 Hagerty
10.3.2 Grundy Insurance
10.3.3 American Collectors Insurance
10.3.4 Chubb Limited
10.3.5 American Modern Insurance Group
10.3.6 Hiscox
10.3.7 StateFarm
10.3.8 Nationwide
10.3.9 The Progressive Corporation
10.3.10 Allstate
11. About Us & Disclaimer
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