The insurance industry is trying to remodel its image and become more diverse, especially as there are financial benefits to doing so. However, it’s not just “in house” that insurers should become increasingly diverse – they should also think outside the box with the customers they approach too.
One example of this has been provided by new research from classic car insurance broker Footman James. It has discovered that the stereotype of middle aged men wanting to drive classic cars may be changing – and if you’re a classic car broker, you might want to tap into a growing female market.
According to its research, 26% of women would now consider buying a classic car – indeed the number of female classic cars owners has climbed by 40% over the past two years, with female customers expected to account for 11% by the end of 2016. The average age of a female owner has also now fallen consistently over the last few years, now standing at 52 years old.
Footman James’ records showed that the top classic car makes owned by women were Morris, Volkswagen, MG, Mazda and Land Rover. Birmingham was found to the city with the highest number of female owners, perhaps unsurprising given the popularity of the Classic Motor Show held at the city’s NEC venue each year.
Proving that women really do have an eye for detail, when asked to select models that have risen most in value in the past year female drivers correctly identified two of the top five classic cars that have seen the biggest increases – while men were only able to identify one. Women successfully picked iconic sports car Lamborghini Miura and outdoor favourite Land Rover Defender – which saw increases in value of 62% and 43% respectively over the past twelve months.
The remainder of the top five classics was made up of the Peugeot 205, the VW Golf MK1 GTI and the Fiat Dino, with the 1966 classic surging in value by 113% in the last year alone.
Rising classic car values in past year:
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