Must Know Stats About Classic Cars (and Why Folks Need Classic Car Insurance)

Are you interested in classic cars? Perhaps you own one or are looking to pick one up? If so, it’s wise to take out classic car insurance, which will provide protection should a vehicle be damaged during various events. That said, discussing specifics with a car insurance expert is important. Live around Matthews, NC? Contact Jim Boyce Insurance to explore classic car insurance.

Car Production Was Much Smaller in the Past

In 1950, just 10 million cars were produced globally. Meanwhile, a few years ago, before supply chain shortages, annual car production reached nearly 100 million. As a result, cars, in general, were much rarer 70 years ago.

Generally speaking, the rarer a desired good is, the more expensive. Classic cars can easily cost more than their current year counterparts.

Few Cars Reach Their Golden Years

Cars are (largely) meant to be driven. As vehicles get used, they may also get used up. Salt on the road, hail, and even simple sunlight can cause damage (e.g., rust). Millions of car accidents unfold each year, and many vehicles will end up totaled. 

Roughly 15 percent of cars for a given make, model, and year will leave the market yearly. Thus, if 10 million 2023 Mustangs are sold in 2023, only 8.5 million might be left a year later.

There Are Around 10 Million Pre-1990 Cars Left

From 1900 to 1990, many tens of millions of cars were manufactured. Yet only about 10 million pre-1990 cars are left, and that number will drop with time. As a result, classic cars will only become rarer, thus making them more valuable. It’s generally a wise idea to ensure valuable property is protected by insurance, such as classic car insurance.

Want to discuss classic car insurance and live near Matthews, NC? Contact Jim Boyce Insurance to discuss coverage options.