Specialist and Classic Car Insurance Demand Soars Despite The Recession

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A surge in the number of enquires for both specialist high performance car insurance and classic car insurance cover has been steadily increasing since Mid November last year around the time of the banking crisis and subsequent stock market crash. It appears that many speculators are using luxury and classic cars in particular as investment vehicles.

We have drilled down into the data and further interesting patterns are emerging. The majority of the increased quote enquiries for classic car insurance are coming from men in the forty to retirement age range, although the number of younger women wanting specialist sports car insurance has also risen significantly. They're not just buying cheap cars either

The interest in classic and expensive high performance cars shows no signs of slowing down despite the recession, according to online specialist car insurance provider http://www.car-insurance.tv.

The website which allows customers to compare car insurance quotes from over 100 bespoke specialist schemes, is reporting a sixty percent increase in enquiries for classic car insurance during the first quarter of 2009, as the baby boomer generation shift their assets away from stocks and shares into something more tangible.

Marketing Director David Healey believes the growth in demand for classic cars, and the consequent demand for specialist insurance services, is actually due to the recession.

"Our reporting systems clearly show that the number of enquires for both high performance car insurance and classic car cover has been steadily increasing since Mid November last year, around the time of the banking crisis and subsequent stock market crash. It appears that many of our customers are using classic cars in particular as investment vehicles." he said.

"We have drilled down into the data and further interesting patterns are emerging. The majority of the increased quote enquiries for classic car insurance are coming from men in the forty to retirement age range, although the number of younger women wanting specialist sports car insurance has also risen significantly. They're not just buying cheap cars either", he emphasised.

"At http://www.Car-Insurance.tv we run an agreed valuation service for underwriters Lancaster Insurance, and we have noticed that the bulk of the additional policies that are getting taken up, are in the high insurance rating groups of sixteen to twenty, for high powered cars with values exceeding £20000. There is currently a particular interest in rare vintage and classic sports cars and top of the range brand new luxury motors.

The type of client is broad, however we can clearly state that there are not many Builders or Property Developers who are buying Aston Martins at the moment, which wasn't always the case in the not too distant past."

Paul Moran, Technical Director for Insuretec Ltd, the systems company behind the website added.

"It's not just in the high value high performance and classics market that has seen a large increase in demand, our specialist motor insurance division is doing very well as well. The drop in the volume of policies for new car sales appears to be more than made up for, with a forty percent increase in the number of previously owned vehicles being insured. This is despite the apparent unavailability of car loan finance."

"A combination of customers who are becoming more Internet 'savvy' and those looking for cheap car insurance due to the credit crunch has brought a drove of extra visitors to the site."

"Our customers are looking for that something extra for their cover, but they want value for money without compromising on quality. Our log files show that those customers with a serious intent to purchase car insurance online spend a lot more time within the system application comparing and changing variables such as voluntary excess or playing with variations of the multiple cover options available from our schemes, in order to get the cover they want at the price that is right for them."

"The large comparison websites are too much of a one size fits all and classic, sports and performance car owners tend by their very nature to be flamboyant individuals who need specialist individual care. The http://www.car-insurance.tv specialist car insurance scheme comparison system provides them with personalised insurance for just about every car ever made, which is something that the mainstream car insurance comparison sites just can't offer."

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Dave Healey
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