While participating in vintage race car racing can be a dream come true for enthusiasts, insurance considerations play a crucial role in keeping a dream hobby from turning into a financial disaster.
Increasing auto insurance premiums have been a concern over the past couple of years. Here are four insurance reports agents can use when discussing the market with clients.
From rodent damage to dry rot, classic cars can incur costly damages without proper maintenance.
The program includes specialized classic car coverages and pricing models that account for the reduced accident frequency often associated with collector vehicles.
Not only is the hobby transitioning to new generations, both to Generation X and millennials, it is also witnessing the evolution to electric vehicles (EVs).
A surge in classic car values—primarily due to rising inflation and exchange rate variability—means that owners are facing insurance-related issues.
“If you’re going to get into the classic car specialty market, you need to learn all about classic cars just like we did,” says independent agent Peter Sacchetti. “You should never speak about something you don’t understand—and that includes the car and t
“Selling classic car insurance is definitely a leg up,” says independent agent Kelly Haynes, “because clients call us for their regular auto or homeowners, and they don’t realize their local agent can offer classic car insurance too.”
Independent agent Morgan Duffy has a “very positive outlook” for the future of the classic car insurance market. “People always complain that the millennial generation doesn’t want anything to do with collector cars,” he says. “But when I go to the trade
Independent agent Troy Peterson offers classic car insurance to his personal lines clients. “Due to some technological advances, I’d say it’s actually easier to get a policy than in the past,” he says.