Car insurance customers 'less interested in classic motors'

Sales of classic automobiles are flat at the moment as car insurance customers struggle to justify the expense of the vehicles in the current financial climate.

According to the Sydney Morning Herald, quality old cars are not being snapped up by auto enthusiasts at the same rate they used to be.

During the 2011 Winter Auction Series, Bonhams Australia had 37 machines on sale, but the total raised was only $3 million, with many of the higher-priced models failing to attract buyers.

Among the vehicles that did not sell were a 1955 Bentley R-type Continental and a 1923 Rolls Royce Silver Ghost, which pre-sales estimates suggested would go for up to $600,000 and $475,000 respectively.

The lull in interest in motors of this sort may suggest that classic car insurance customers are becoming increasingly careful with their money.

One person who almost certainly will have car insurance is Brit Chris Evans, who last year spent US$17.275 million ($16.1 million) on a 1963 Ferrari 250 GT, which made it the most expensive automobile in the world.