Managing general agent Ripe has launched a product to cover classic, modern classic and collectible cars. Specialist motor insurer ERS will underwrite the new product, which is called Ripe Classic Cars. It adds to Ripe’s niche caravan and motorhome covers in the motor market and to its overall portfolio of more than 20 consumer and SME products.

The new product sits on Juice, which is Ripe’s proprietary underwriting and distribution platform. It means potential customers can secure quotes quickly and enables them to buy and manage their policy online.

Last year, Ripe reported turnover of £24.9m, which was up by 21% on the previous year. The MGA has been trading since 1998. It suggests the classic car insurance market now has a value of £835.9m, exceeding its pre-Covid peak of £786m in 2019.

Alan Thomas, CEO at Ripe, said: “Classic car ownership is changing. We’re seeing a new generation of enthusiasts entering the market through modern classics, while more owners want to get out and enjoy their cars rather than simply viewing them as investments.

“We built Ripe Classic around this shift in consumer needs. We see a real opportunity to bring our digital-first approach to a growing market and make specialist insurance simpler and more accessible for classic car owners, backed by nearly 30 years of expertise.”