Car Insurance News from Be Wiser

Classic car collectors 'defy credit crunch'

The number of people looking for classic car insurance may not be too badly affected by the current economic downturn, if the comments of one company are anything to go by.

Hagerty International claimed buying and selling in the sector remains strong, with a number of first-time vintage collectors emerging.

Managing director Angus Forsyth said there were good reasons to invest in a historic motor.

He stated: "A well-sourced classic and collector car can accrue in value rather than depreciate, as is profoundly the case with new cars."

Buying a vintage vehicle can therefore be a wise financial move, Mr Forsyth added.

Figures provided by Hagerty International show there are currently two million classic car owners in the UK.

Last year, the firm reported a 1904 Oldsmobile horseless carriage was making an appearance at the Silverstone Classic Motorsports Festival after travelling nearly 4,000 miles across the USA from San Francisco to New York.

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