Premiums May Rise Due To Change In Ogden Discount Rate

As if motorists haven’t suffered enough with the increase in fuel costs and rise in the amount that they pay to insure their vehicles, classic car owners may be interested to note that they may have to pay even more for their classic motor insurance due to a change in what is called the Ogden Discount Rate.

As a result of the change in the Ogden Discount Rate classic car insurance premiums may rise

It may cost you more to insure your classic vehicle following a change in the Ogden Discount Rate.

Apparently, when someone is badly injured in a car crash such as being permanently disabled and perhaps never able to work again, the insurer may end up having to pay out a significant sum of money with the capital being used to generate an income for the claimant. Until the 19th March 2017, the amount car insurance companies had to pay out was based on an Ogden Discount Rate of 2.5%. However, following a legal ruling, this rate was changed on the 20th March 2017 to -0.75%. As a result, insurance companies have to set more capital aside to generate the level of income the claimant is awarded.

Unfortunately for the policyholder, it is possible that insurers will increase the premium that they charge motorists. So, if you are the owner of a classic car and have classic car insurance then you may see your premium increase in the not too distant future.

Because of the above, it may encourage more people to shop around for their classic car insurance and obtain a number of quotations from a variety of providers. There are a lot of companies that provide such specialist cover meaning that it is a competitive marketplace that is good from the consumer’s point of view.

So, if you are in the process of buying your first classic car or you already own one and your classic car insurance is shortly coming up for renewal why not spend a short period of time in obtaining some quotes from a number of insurers.

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Classic Bugatti Sells For Over $7 Million

The RM Sotheby’s Amelia Island classic car auction took place on 10/11th March 2017 at which a number of vehicles were sold. One of these was a classic Bugatti that sold for a significant amount of money.

In March 2017, a classic Bugatti sold for many millions of dollars at a RM Sotheby's auction.

A classic Bugatti sold for over $7 million at auction.

The 1937 Bugatti Type 57S Cabriolet by Vanvooren achieved a sale price of $7,700,000. Only 42 of these Type 57S vehicles were built and there were only 4 Vanvooren manufactured Type 57S cabriolets built with only 3 still in existence so it is very rare. It has had 6 owners. It has a 3,257 cc 170 bhp engine that is still original as is the gearbox, body and chassis.

There were many other classic cars sold at the above auction. For instance, a 1956 Maserati A6G/54 Coupe Series 111 by Frua was sold for $2,365,000. Only 2 of these vehicles were built but this is the only one still in existence. The car has been restored over the last 10 years. It has a 1,985 cc engine producing 160 bhp.

Not all the vehicles were sold for hundreds of thousands of dollars. For example, a 1958 Morris Minor Traveller achieved a sale price of $45,100.This is a beautifully restored example of this British car with a dark green bodywork and some fantastic looking woodwork. The mileage was just over 87,000 so it has obviously been well used over the years. This two seater has a 948 cc engine capable of producing 37 bhp.

A 1952 Fiat 500 C Topolino Transformable was sold for $46,200. Its 34.9 16 bhp engine was capable of taking the car to a speed of as much as 59 mph. Its fuel tank only holds just over 6 gallons of fuel. It has been beautifully restored.

No doubt the new owners of these vehicles, if required, have arranged suitable classic car insurance. If this is something that you wish to look at then please feel free to get in touch with us and we will help arrange a competitive classic car insurance quote.

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Classic Peugeot 205 GTI To Be Auctioned

Many of you classic car enthusiasts will be of an age when you can remember seeing Peugeot 205 GTI’s being driven around at great speed. It certainly was a nippy little sports hatchback.

The Classic Car Auctions Practical Classics Classic Car & Restoration Show Sale 2017 is to be held at the National Exhibition Centre (NEC) Birmingham

The National Exhibition Centre, Birmingham is to host the Classic Car Auctions Practical Classics Classic Car & Restoration Show Sale 2017.

Well, Classic Car Auctions Practical Classics Classic Car & Restoration Show Sale 2017 is to take place on the 1st and 2nd April of this year (viewing is available on 31st March 2017) at the National Exhibition Centre, Birmingham at which there will be many classic vehicles for sale including a 1988 Peugeot 205 GTI 1.6 with an estimated price of between £10,000 to £12,000.

Apparently, this vehicle is in very good condition having just over 47,000 miles on the clock. The present owner has possessed it for about a year. Interestingly, it had been declared SORN (Statutory Off Road Notification) from 2004 to 2014.

Its bodywork is in metallic silver that was a popular colour. It comes with a service history and was recently serviced at a cost of £1,500. It also has a new clutch that was fitted in July 2016 and tyres and refurbished wheels. It also still has its original Philips radio.

The Peugeot 205 GTI 1.6 litre started to be produced in 1984 with production ceasing in 1992. Unfortunately it was expensive to insure with one reason being no doubt that it proved popular with car thieves.

So, if you are interested in classic sports hatchbacks then why not get along to the above show and have an enjoyable day out. If you go onto the website of Classic Car Auctions you will see that there are many other vehicles available for sale at the show so, if the Peugeot 205 GTI does not appeal, another car might.

If you are considering buying a classic car then why not get in touch with us to obtain a competitive quote for classic car insurance. We very much look forward to hearing from you.

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Some Highlights Of Bonhams Paris Car Auction

If you are a classic car enthusiast then you may have attended Bonhams Grandes Marques du Monde auction that took place on the 9th February 2017 at the Grand Palais in Paris. There were many vehicles that caught the eye of people some of which we mention below.

The Grand Palais, Paris was recently the venue for one of Bonhams auctions that included the sale of some classic cars

A recent auction by Bonhams took place at the Grand Palais, Paris.

Apparently, the classic car that received the most attention was a 1935 Aston Martin Ulster “CML 719”. At the Le Mans 24-hour race in 1935 it finished in 5th position. It attracted particular attention from four people bidding and eventually went for Euros 2,012,500 with this figure being well above the price it was estimated to sell for.

A Bentley S1 Continental that was manufactured way back in 1957 was sold for Euros 1,070,100. This was a rare vehicle as only 31 were built.

A Maybach SW-36 Spezial Cabriolet built in 1929 ended up being sold for the price of Euros 673,350.

A Mercedes-Benz 300 SL “Gullwing” Coupe that was built in 1966 achieved a figure of Euros 1,017,266. There were two people bidding who were particularly keen on this classic car.

A Ferrari 330 GT 2+2 “Series 2” that was constructed back in 1966 was sold for Euros 276,600.

A Renault 5 Turbo Tour de Corse Group B Rally Works Car that was only built in 1983 was actually sold for Euros 195,500.

A Renault 4CV “Magpie” Police Car built in 1955 achieved a price over its estimated one being sold for Euros 39,700. Apparently, there was a lot of interest in this particular vehicle.

There were many other classic cars sold on the day as well as motorcycles and automobilia.

If you were not able to get along to the above auction then perhaps you may be able to go to Bonhams Goodwood Members’ Meeting that takes place on the 18th and 19th March 2017 at Goodwood. You will be able to watch some exciting racing involving classic cars. On the final day of that event there will be a number of classic cars for sale.

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Increase In Women Buying Classic Cars

Last year, some interesting research was carried out by Footman James, insurance brokers, which revealed that there has been a big increase in the number of women that have bought a classic car. We are sure that classic car enthusiasts are pleased to hear this as the more owners of such vehicles the better.

The number of ladies buying a classic car has gone up considerably in the last couple of years.

There has been an increase in the number of women buying classic cars.

Apparently, over a two-year period, there was an increase of 40% in the number of women that owned a classic car. By anybody’s standards, that is a very large rise in such a short period of time and it no doubt begs the question as to why that could possibly be the case. Furthermore, it was forecast that by the end of last year, 11% of classic car drivers would be female.

Another statistic that you may find of interest is that the average age of a lady owning a classic car is 52. We suspect that a lot of people reading this article would have thought that the average age of classic car owners was older than that.

It is interesting that 17% of women buy a classic car for investment purposes but nostalgia persuades 21% of ladies to purchase a classic car. Just as is the case with some men who own classic vehicles, no doubt there will be a number of women who purchase such cars with a view to then restoring them to their former glory. The top 5 classic car makes that are favoured by women are Morris, Volkswagen, MG, Mazda and Land Rover according to Footman James’s records.

It will be interesting to see if the number of female classic car owners continues to increase in the future. Let us hope that this is the case as it can only be of benefit to the classic car market as hopefully it will result in more classic cars being seen on our roads here in the UK and at shows where they can be admired.

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What’s Happening At The London Classic Car Show In 2017?

This year’s London Classic Car Show takes place between the 23rd to 26th February at ExCel, London, E16 1FR. We thought we would tell you about some of the things that are happening at the event that can be enjoyed by classic car enthusiasts.

The Ferrari 250GTO is an extremely valuable classic car

A Ferrari 250 GTO

At the Gala Evening on Thursday 23rd February you can listen to Jacky Ickx who won the Le Mans no less than six times. Derek Bell MBE who won the Le Mans on five occasions will also be present. There will also be a number of celebrity Ferrari enthusiasts.

The show will be celebrating the Ferrari road car that has been built for 70 years. There will be 20 of these wonderful vehicles on display including the likes of a Ferrari 250 GTO, Daytona, 250 Lusso and a 250 California. The 20 cars are thought to have a value of in excess of £120 million.

The Grand Avenue, that will also incorporate a Paddock, will enable classic car enthusiasts to view many fantastic classic cars of a variety of body shapes including the likes of sports racer, convertible, sports car and saloons.

The show is getting together with Beaulieu to make available to some exhibitors who normally display their automobillia items for sale at Beaulieu to do the same with up to 60 stalls being present. It is called the Beaulieu Pop-Up Autojumble. So this would appear to give many people the opportunity to possibly find a spare part for their classic vehicle or a rare book on motoring that, perhaps, they have been struggling to lay their hands on.

At the Supagard Theatre, you will be able to listen to a number of interesting, knowledgeable individuals give talks on a variety of subjects over the four days of the show.

For full details of what is taking place at the show why not visit the website of The London Classic Car Show where you can also view things like ticket prices and how to get to the venue. We hope that you enjoy the show.

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Classic Citroen 2CVs Venture Into The Yorkshire Dales

The Citroen 2CV has become something of an iconic classic vehicle whose unique shape tends to be loved by many enthusiasts. It was manufactured between 1948 and 1990 and was equipped with an air-cooled engine. In excess of 3.8 million of them were built and many can still be seen on our roads today.

The Citroen 2CV is a classic vehicle

There are many classic Citroen 2CVs on our roads.

In fact, if you had recently been up in the Yorkshire Dales, a beautiful National Park, you may have come across a cavalcade of classic Citroen 2CVs in numerous shapes and colours as they made their annual journey from Leeds and through the Wharfedale Valley travelling in the region of 80 miles. You may even have caught a glimpse of a Citroen 2CV van.

The vehicles were obviously built to travel on some challenging roads that you come across in the Yorkshire Dales with many twists and turns and steep inclines. These particular vehicles ended up at the Tan Hill Inn which is the highest pub located in the United Kingdom at a height of 1,732 feet above sea level. There are some spectacular views to be seen in this part of the world that no doubt many of the owners of the vintage Citroen 2CVs enjoyed whilst visiting the above inn.

Of course, if you are the proud owner of a classic Citroen 2CV or any other classic vehicle for that matter, you will no doubt wish to ensure that it is suitably insured just in case you are involved in a road traffic accident or it is stolen. In that respect, why not get in touch with ourselves and let us assist you in arranging to obtain a competitive quote for your classic car insurance. Whatever level of cover you are looking for, whether it be, for instance, fully comprehensive or laid up cover we can hopefully help in finding a suitable insurer. We look forward to hearing from you.

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Rare Volkswagen Type 1 Beetle To Be Auctioned

RM Sotheby’s in Paris is to auction a classic 1952 Volkswagen Type 1 Beetle early in 2017 that may attract a great deal of interest. The vehicle had been owned by the same person for over 60 years covering the period 1952 to 2014. Apparently, it could be sold for as much as £70,000.

Volkswagen Beetles have been built for many years

The modern Volkswagen Beetle is still popular

Volkswagen Beetles have a unique styling that appeals to many people. This particular one has a split rear windscreen that makes it rather rare.

The car was originally owned by someone living in Sweden until it was sold to its present owner in 2014. It was as far back as 1963 that the car was last taxed. It has only done around 77,000 kilometres. Apparently when the present owner took possession of the vehicle and it was serviced it started OK.

This classic car has the original ski holder with wooden skis and the original roof rack. Its bodywork and interior trim remain the same from when it was built. It has a 1,131 cc engine that produces 25 bhp.

There are numerous other classic cars that are being auctioned at the same event so there would appear to be a great deal of choice. For instance, there is a 1973 Ferrari 365 GTB/4 Daytona Spider, a 1954 OSCA MT4 1500, a 1965 Alfa Romeo Giulia Sprint GTA, a 1934 Alfa Romeo Tip B P3, a 1956 Austin-Healey 100 M “Le Mans” and a 1962 Ferrari 250 GT Cabriolet Series 11. For a full list of cars that are going to be auctioned why not take a look at the website of RM Sotheby’s.

Of course, if you are considering purchasing a classic car then you will no doubt wish to insure it so why not get in touch so that we can help arrange a competitive quotation that you can consider at your leisure without any obligation on your part to proceed. We look forward to hearing from you.

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Which Region Of The UK Has Greatest Percentage Of Classic Cars?

An infographic produced by the price comparison website Gocompare entitled MOTORING UK provides some interesting information about motoring, including what percentage of classic cars are located in different regions of the UK. This analysis is based upon in excess of 3 million quotes for car insurance so would appear to be comprehensive.

The biggest % of classic cars can be found in the West Midlands

The West Midlands has the greatest percentage of classic cars in the UK.

It may come as a surprise to read that the region in the UK that has the greatest percentage of classic cars is the West Midlands. That region has 13% of classic cars in it.

The West Midlands is closely followed by the North East and London that each have 12% of classic cars in them.

Central Southern has 9% as does the North West. East Anglia, Home Counties and East Midlands each have 7% of the classic cars in the UK.

The South West and Northern Ireland each have 5%.

Wales and Borders and the South East each have 4% of the classic car market.

Southern Scotland has 2%.

Northern Scotland has 0%.

There may be some readers who were of the opinion that it would be regions like London and the South East that would have the greatest percentage of classic cars in them on the basis that those regions possibly contain some of the most affluent residents.

It would be interesting to know what the total value of these classic cars was in each region. For instance, could it be that London is the region that has the classic cars with the greatest total value as it is possible that, on average, people living in that region can afford to buy more expensive classic cars than say some classic car owners in the other regions?

Anyway, no matter what region of the UK that you reside in, if you require a quote to insure your classic car then why not get in touch with us.

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Porsche 911 ST To Be Auctioned

If you are a lover of the classic Porsche then you may be interested to read that a 1969 Porsche 911 S/T is shortly to be auctioned. It is available at Coys “True Greats 2016” auction on the 5th December 2016 in London.

Porsche have been building sports cars for a long time with many of them being valuable classic cars.

Porsche has produced sports cars for many years.

This Porsche was designed for racing and had a number of fittings removed to make it lighter. For instance, the sun visor was removed as were the recess covers for the fog lights and the heater ducts. Also taken out were the lid for the glove box, the anchorage points for the seat belts, seat slide supports, ashtray and the cover for the engine.

This was a powerful car with a 242 bhp 2 litre engine. The classic car took part in a number of races in Sweden. It has appeared at several rallies.

Apparently, this 1969 Porsche 911 S/T is very rare and has an estimated price of £700,000 to £900,000.

There are many other classic cars being auctioned at the above auction including a 1979 Ferrari Berlinetta Boxer with an estimate of £200,000 to £250,000 which has done around 34,000 miles, a 1962 Bentley S2 Continental Coupe with an estimated price of between £235,000 to £255,000, a 1963 Jaguar E-Type Series 1 3.8 Roadster with an estimated price of £100,000 to £120,000, a 1926 Bentley 3 Litre Short Chassis Sports Tourer that has an estimated sale price of £360,000 to £390,000, a 1965 Austin Healey 3000 MKIII Phase II with an estimated sale price of £39,000 to £45,000 and a 1972 Ferrari 365 GTB/4 Daytona Spyder with an estimated price of between £500,000 to £600,000. There are also several other classic cars for sale with a huge price range.

Needless to say, if you are considering buying a classic car then you will no doubt wish to make sure that you have adequate insurance cover in place to provide you with peace of mind. In this respect, why not let us help you obtain a competitive quote for classic car insurance .

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