Soaring classic car values could leave unwitting owners seriously out of pocket in the event of an insurance claim, according to one of the country’s largest specialist broker and the British Insurance Brokers’ Association (BIBA).

BIBA broker Adrian Flux Insurance Services has written to thousands of policyholders it fears are at risk of underinsurance as the rising value of their vehicle has left their insurance cover woefully inadequate.

Ongoing analysis by the Historic Automobile Group shows that over the past decade overall classic car values have risen by 430 percent, ...