Affluent

The program includes specialized classic car coverages and pricing models that account for the reduced accident frequency often associated with collector vehicles.

The ‘90s have officially achieved classic status.

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.

As generations grow older, the definition of a classic car is changing. Agents have the opportunity to provide products and coverages to the newest generation of collectors.

The classic car market has seen an increase in sales over the course of the pandemic, one that is only increasing as pandemic restrictions are beginning to lift.

“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

As new collector enthusiasts from Generation X and the millennial generation enter the market, agents have a great opportunity to work with an emerging segment.

“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.”

As close to 76 million baby boomers reach retirement age, the classic car enthusiasts among them are looking to cash in on the hobby they hold so near and dear to their hearts.