Damon was presented with an Honorary Fellowship from the University of Northampton in 2009, in recognition of his career and outstanding F1 success and for his local connections to Silverstone, Northamptonshire, where the British Racing Drivers' Club is based.
In 2009, Damon, along with friends David Coulthard & Jacques Villeneuve, took part in a charity ski endurance race in Switzerland. The annual 24-hour race is sponsored by Jacques Villeneuve and his long-time business partner Craig Pollock.
Damon's most recent band was The Conrods which he played in until 2003. The band was formed after his retirement from racing at the end of the 1999 season and played cover versions of well known songs from The Rolling Stones, The Beatles and The Kinks. Band members were Damon Hill (guitar), Josh Phillips (keyboards; Midge Ure & Whitesnake), Mark Brzezicki (drums; Big Country), Steve Brzezicki (bass; Scatman John), Robert Hart(vocals; Bad Company) and Steve Roux (guitar/vocals). The band performed at Grands Prix and F1 social events.
Damon: You have to say there's no doubt there does sometimes seem to be one rule for Ferrari and another for everyone else. Ferrari are very important to the sport.
Damon: (suggesting David Coulthard might not have worked hard enough in F1) Sometimes you need to put a rocket up his backside. I say to him sometimes, 'Come on, you've got to do it. You've got to pull something out'.
Damon: I think there's a balance that has to be struck between the business of motorsport and the reason the sport exists. It exists up to a certain plateau for the people who want to participate in it, but there's also the entertainment factor. A good driver loves to entertain and go out there in front of big crowds.
In Formula One now, you see the trend of restraining drivers' personalities in favour of the corporate sponsors they are representing," he continued. "When I watched Formula One as a kid, I didn't care what the sticker on the side of the car said. I simply wanted to support my favourite driver. It's very easy to forget that everything is paid for by the 350 million people who turn on the TV, and if they are not turning on then there's a problem.