The Heritage Classic Car Report of 2025
It’s fair to say it’s been a tough few years for the classic car industry, with the impacts of the Covid-19 pandemic hitting the industry hard. Despite that, there are countless classic car owners across the UK who are as committed to their classics as ever, which has helped the industry bounce back and achieve significant growth over the past 12 months.
We wanted to speak to as many of those owners as possible to lift the lid on some of the most important facts and figures related to classic cars.
Which age group pays the most for their insurance? Which area of the country has the most classic car owners? Which brands are the cheapest, and most expensive, to insure?
We’ve gathered exclusive data from 845 participating classic car owners and our own insurance data to produce our 2025 report on the current classic car insurance market, as well as ownership and value trends across the UK.
Read on for a range of fascinating insights into the classic car market and the classic vehicle owners who keep it running.
Our Top UK Classic Car Statistics
- The UK classic car insurance market is valued at £757.6 million in 2024.
- The average cost of classic car insurance is £123.
- On average, people born in the 1950s pay the least for classic car insurance.
- The South East has the most ‘historic’ classic cars registered in the UK.
- The average classic car owner is 69 years old.
- 52% of classic car owners own 2 or more classic cars
- 3 in 4 people are part of at least one car club
- The average value of a classic car is £12,500.
- Almost 1 in 4 (24%) never check their classic car’s value.
Section One: Classic Car Insurance Statistics
Classic Car Insurance market size
The UK classic car insurance market is valued at £757.6 million in 2024.
Despite some major challenges, the classic car insurance market has shown an overall upward trajectory in the last decade. In summary:
- 2014 to 2019: We experienced steady growth to when the market peaked at £786 million.
- 2020 to 2021: The market declined during the Covid-19 pandemic reaching a low of £710.8 million. This is likely due to owners changing their vehicle to a Laid Up Insurance policy as their vehicles were not driven as much.
- 2022: We saw the market begin to rebound when valued at £727.9 million.
- 2023 to 2024: Market continues to grow and is currently valued at £757.6 million.
With the classic car market having grown consistently over the past three years, will we see this trend continue in 2025?
Source: IBISWorld
What about the wider Classic Car Market?
It is reported that the UK classic car market generates £1.87 billion per year in turnover, with a further £2.9 billion in tax revenues. Of this turnover:
- Classic car owners’ clubs generated £111 million in turnover (6% of industry total).
- Museums generated £62 million in turnover (3% of industry total).
- A further £59 million was spent on magazines, £50 million was spent on tools, and £10 million on clothes and memorabilia.
Source: A 2020 report by Historic Endurance Rallying Organisation and Endurance Rally Association (HERO-ERA).
The average cost of Classic Car Insurance
Using our own exclusive data, we’ve calculated that the average classic car insurance premium is £123* annually.
The exact cost will always vary depending on the vehicle, insurance requirements and the driver’s risk profile. This will vary by insurance company and there will be variances in cover which need to be considered too.
For example, insurance premiums will vary significantly for a Wolseley Hornet which is valued at £5,000 and driven 1,000 miles annually…compared to a Ferrari 328 which is valued at £80,000 and driven 5,000 miles annually.
In addition to the average cost of classic car insurance, we wanted to dig deeper and showcase other interesting classic car insurance statistics.
*Premium assumes somebody insures a single classic car with us, excluding add ons. Correct as of January 2025.
By driver’s age: The average cost of insuring a classic car
In addition to the average classic car insurance premium, now we thought it would be useful to share the variances in insurance premiums by the decade that the driver was born.
So, which generation pays the most and least for classic car insurance?
Average classic car premiums – by a driver’s age
Whilst we’ve only included drivers aged over 25, these statistics still find that younger drivers pay the most for classic car insurance. But also, interestingly, so do the oldest classic car owners.
On average, classic car insurance premiums for people born in the 1930s and 1990s will be higher at £135 and £215 respectively. This is because insurers deem these age groups of higher risk due to claims frequency.
Interestingly, people born in the 1950s are likely to enjoy the cheapest classic car insurance premiums.
By vehicle: The average cost of insuring a classic car
We calculated the average insurance premiums of the 10 classic car marques that are most insured with us.
So, which classic cars are the cheapest and most expensive to insure?
Average classic car premiums – by vehicle
Our data shows that, of these car brands, Jaguar owners pay the most with an average premium of £186. A close second is Porsche with an average premium of £180, followed by Mercedes-Benz (£172) in third.
The other most popular classic cars insured with us are all below the average insurance premium. These include Ford (£121), Land Rover (£115), Rover (£105), Volkswagen (£101), Austin (£99) and MG (£91).
Last but certainly not least, of the classics most insured with us, Triumph takes the crown of being the cheapest to insure with an average insurance premium of £86.
The classic car marques which are more expensive to insure is influenced by their higher values compared to the cheaper-to-insure marques.
We’ll come onto the values of classic cars in more detail later. But to contextualise, the average value of a classic Jaguar and Porsche is £55,000 and £40,000 respectively. Whereas the average value of a classic MG and Triumph were both £14,000.
By vehicle age: The average cost of insuring a classic car
Which decades of classic cars are cheapest or most expensive to insure?
Perhaps surprisingly, our data shows that classic cars that were manufactured over 100 years ago are actually the cheapest to insure (£69), whilst vehicles widely considered as ‘modern classics’ manufactured in the 2000s are the most expensive to insure (£249).
Average classic car premiums – by a vehicle’s age
Generally, our data shows that insurance premiums depending on a vehicle’s age is steady from the 1920s to 1970s (circa £100). The premiums start to increase for vehicles manufactured in the 1980s (£132), before jumping significantly for vehicles manufactured in the 1990s (£201) and 2000s (£249).
Section Two: UK Classic Car Ownership Statistics
How many classic cars are there in the UK?
We submitted a Freedom of Information request with the DVLA to find out exactly how many classic cars are in the UK. It’s worth noting that the following stats are for ‘historic’ classic cars which the DVLA defines as vehicles manufactured more than 40 years ago.
The data obtained shows us that there are 415,257 historic classic cars registered in the UK in 2024, a 24,255 increase (5.8%) from 391,002 in 2023.
Of the 415,257 registered historic classic cars in the UK:
- 72% are taxed on eligible to be driven.
- 28% are SORN.
Compared to the previous year, more historic classic cars were taxed than were SORN.
Whilst 3,957 more historic classic cars were declared SORN, a 3.3% increase from 2023, on the flip side there were an additional 20,200 classic cars that were taxed and eligible to be driven on UK roads, an increase of 6.8% from 2023.
Classic cars are most present in the South East, with 84,879 (20%) of all historic classic cars registered in this region. The South West ranks second with 55,537 (13.4%) with the East of England a close third with 55,196 (13.3%). Northern Ireland is trending most with an increase of 7.1% registered classic cars from the year before.
This means that either these places are growing in popularity, classic cars have been purchased by collectors in these regions or more cars that were previously off the road have now been registered, which is great to see.
Or perhaps all three!
*Source: DVLA data sourced in a Freedom of Information request by Heritage Insurance. Data correct as of August 2024.
Whilst this gives us accurate data for classics over 40 years old that are registered with the DVLA, we know there are far more vehicles which were manufactured in the past 20-39 years but may still qualify as classics.
A 2021 report from the Federation of British Historic Vehicle Clubs reveals there are actually an impressive 1.6 million classic cars in the UK, which they define as vehicles over 30 years old. We look forward to their next report due to be released next year for the most accurate data.
*Source: Federation of British Historic Vehicle Clubs
How old is the average classic car owner?
Our survey data reveals that the average age of a classic car owner is 69 years old, and 58% of owners are over the age of 65.
How many classic cars do people own?
We also learned that the average classic car owner is most likely to own 2 classic cars.
- Owns 1 classic car: 48%
- Owns at least 2 classic cars: 52%
- Owns at least 3 classic cars: 25%
- Owns at least 4 classic cars: 15%
- Owns at least 5 classic cars: 8%
This indicates a strong passion for collecting among classic car enthusiasts, with many owning multiple vehicles. Many even owning 5 or more!
Why people own classic cars
Everybody’s different and will have their own personal reasons why they own their classic car(s). So as part of our research, we wanted to find out the reasons why people own classic cars.
Classic car clubs
We assume most owners of classic cars are members of classic car clubs. This was supported as we discovered that 75% of classic car owners are part of at least one car club, whilst 17% were no longer part of a club and 8% have never been part of one.
Of the people that are no longer part of a club:
- 17% lost interest in club activities.
- 12% say they had a lack of time.
- 7% prefer online communities and forums.
Pursuing a hobby as part of a community
In addition to most people being part of car clubs, 74% say owning a classic car makes them feel part of a community – indicating a shared sense of belonging is important to classic car owners.
Next, we found out what enthusiasts enjoy most about owning a classic car.
Most people told us the enjoyment of driving (73%) or pursuing their hobby (62%) is the reason why they own a classic car. Close behind was the pride of owning a classic car (59%), followed by the satisfaction of maintenance (45%), nostalgia (36%) and the design of them (30%).
Section Three: Classic Car Values Statistics
The current state of classic car values
We asked our friends at The Classic Valuer for their expert opinion here.
They tell us that UK classic car prices are at their lowest point since they’ve been running the numbers. Their data indicates that .
Of the 200 most popular models they track in their database, 88% have fallen in price in the past year. This implies that it’s not simply cheaper cars coming to market, but the value of vehicles on a model-by-model basis is down.
There’s two ways of looking at this. Either:
- It’s negative: The values of classic cars are worryingly decreasing.
- It’s somewhat positive: The classic car market is currently ever accessible.
Source: The Classic Valuer
Mark Wilkinson, Managing Director at Heritage Insurance, commented: “This is a reflection of the wider economic changes and consumer preferences/trends. The sectors where values are increasing is with 80s and 90s vehicles which are coveted by those in their 40s to 60s who grew up around those cars.”
Andy McDonald, Underwriting Manager at Heritage Insurance, added: “The world of electric vehicles is possibly influencing people’s opinions about petrol vehicles and causing more of the mid-century classics, which are highly pollutant, to be reconsidered by buyers.”
The average value of a classic car
Our internal data reveals that the median average value of a classic car is £12,500, with a valuation agreed free of charge when you insure with us.
Some of these classic cars include Land Rover 88s, MG Bs and Morris Minors.
By means of contextualising this average value, many of these marques named above were manufactured in the 1970s.
How often people check the value of their classic car
The previous section is evident that classic car prices can fluctuate – for better and for worse.
We were keen to find out how often people check the market value of their classic car. Our survey revealed that 44% of people do this at least once a year.
We also learned that 6% check the value of their classic car at least once a month, or more than once a month. Our guess is that these people are collectors who like to monitor price changes with their classic cars.
On the other hand, many owners don’t consider the value of their classic car to be important to them, as we know most own one for enjoyment purposes. That’s why it was unsurprising to find out 24% of people never check their classic car’s value.
Where people go to check the value of their classic car
We wanted to find out how classic car owners go about checking the market value of their classic car.
Auction results took top spot with 23% of people using these as a basis to determine their classic car’s current market price, narrowly in front of magazines and publications (22%) and car clubs (17%).
You’ll see that 10% of people selected ‘Other’. The majority of these responses state that its value isn’t important to them, so they don’t check anywhere. Others say they liaise with their insurance company.
Talking of which, if you’re after agreed value added to your classic car insurance policy free of charge, we can help with that.
What has the biggest influence on a classic car’s value
There are many elements that can affect a classic car’s value. But we set to find out what the community thinks is most important
Somewhat unsurprisingly, 85% say condition has the biggest impact on a classic car’s value.
Other top factors include rarity or popularity (63%) which takes second place, with market trends (30%) and historical significance (27%) close behind.
Are classic cars a good investment? Classic car owners have their say
We’ll always vouch that owning a classic car is a good investment, especially for the sheer enjoyment that comes with owning one. But we wanted to get the classic car community’s opinion on whether they’re good financial investment assets. More than 1 in 2 people (53%) say that classic cars are good investments, whilst 18% disagreed.
We then sought if the community thinks classic car prices would increase over the next 12 months. The key take here is that 52% of people were unsure whether classic car prices would increase, suggesting there is some uncertainty over positive price changes. There were more people leaning towards agreeing that classic car prices would increase over the next 12 months (31%), vs those that disagreed (17%) though.
Lastly, we asked the community whether they would consider selling their classic car even if its value increased significantly. Amazingly, 49% disagreed so are planning on keeping their current classic cars for the foreseeable. This supports to the recurring theme throughout our results that suggest price is not of upmost importance to classic car owners.
Why choose Heritage for your classic car insurance
As pioneers in the classic car insurance industry, we’ve been trusted by enthusiasts since 1965. That’s 60 years we’ll be celebrating throughout 2025.
Here’s three reasons why you might want to consider insuring your cherished classic car with us:
- Rest assured that your classic is protected.
- We’re rated 5 stars by 4,300+ clients on Feefo.
- We’re the UK’s largest independent classic car insurance broker.
We hope you enjoyed reading our latest classic car report. If you enjoyed this, you might also like:
- Reasons to insure through a classic car insurance broker
- Why you shouldn’t use a comparison site to insure your classic car
- 82% of classic car owners aren’t ready to convert their vehicles to electric, new research finds
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