Clubs asked to help insure younger enthusiasts

Younger classic fans could have their insurance costs slashed if they sign up to owners’ clubs.

Peter James Insurance said that it is working on potential tie-up with clubs, which aims to give younger enthusiasts significantly cheaper premiums if they have a proven history with the clubs.

Peter James’ personal lines development executive, Garry Carlin, said: ‘I’m excited about this because I genuinely think that clubs can help. The challenge has also been that covering younger people, from an insurer point of view, loses money, but we’re trying to be more nuanced and making this specific to clubs.

‘It’s not about whether someone is 19 or 27 – it’s about the lifestyle, and we’re convinced that we can offer affordable cover if we can protect it through the lifestyle and being in a club is a big part of that.’

Garry asked the clubs for feedback on setting up club-affiliated schemes, and believes that it will help them respond to an ageing membership demographic by attracting younger members.

FBHVC communications director, Wayne Scott, said: ‘We need to attract younger enthusiasts into our movement and there are many barriers to this.

‘I don’t buy the idea that they’re not interested because there’s plenty of evidence that they are.

‘However, one barrier is affordability – a lot of us own classics that are now worth a lot more now than when we originally bought them. The other barrier for a lot of people is insurance, and that barrier has become increasing tall in recent years, but this scheme could be the answer.’

❚ peterjamesinsurance. co.uk