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Shifting Trends for the Next Generation Affect Insurance Coverage



We’re talking about a major milestone that happened in 2017 for the collector and classic car community. It is the first year Generation Xers and Millennials own as many classic and collectible vehicles as the generations before them. These young collectors, born during the mid-60s, 70s, 80s and 90s, don’t define “classic” the same way their parents do. They grew up in a tech-infused world where almost everything is available at touch of their fingertips. They tend to gravitate toward models with easy drivability and undeniable curb appeal. These generation-shifting trends are changing our industry in various ways. As an agent, it’s your job to guide young collectors in making smart coverage decisions based on the benefits of specialty auto insurance.

The Role of Affordability

Today’s younger collectors are most interested in affordable cars. Most of them are not dreaming about owning a Rolls Royce. They want something they can buy right now and drive to work tomorrow. This desire for everyday drivability impacts their decisions about auto insurance. Rather than keeping their collectibles in a garage under lock and key to be driven only on sunny days, young collectors drive their fabulous finds to work, to school, to shop, on weekend road trips – maybe even just to show them off. If you help your young clients select an auto insurance policy that will keep them fully protected no matter where they go – you are taking care of them with confidence.

Today’s Most-Quoted Makes

Fast cars are still a priority for most young collectors. Recent reports look at the most-quoted makes and models of the past few years. The list is dominated by 90s-era Mustangs, Corvettes and Camaros. The Miata has enduring popularity for its small size and affordable price tag. For collectors who prefer cars from the 2000s, the most-quoted cars include Porsches, Thunderbirds and Hondas. Early 2000-era Hondas have a huge following among people who like to soup them up and sell them overseas or who simply like see how long it takes to drive them into the ground. In the meantime, all of these car fanatics need specialty auto insurance.

The Power of Nostalgia

For a Baby Boomer, a sleek cherry red 1964 Mustang convertible could be the dream car of their childhood. So, it’s easy to see a Boomer wondering why a Millennial feels the same way about a rusty 1970’s Japanese pickup. Where’s the appeal for them? This illustrates another shifting trend: nostalgia. Younger generations have memories of riding in clunky old trucks, boxy SUVs and zippy little imports. To rekindle these feelings – much like a Boomer would - they seek out low-end examples of these vehicles and simply enjoy driving them. A car enthusiast like this doesn’t necessarily view themselves as a collector, but in your eyes, they are one. To win the hearts of Gen X and Millennial clients, you totally have the secret sauce: Agreed Value coverage. Of course, this is a prime ingredient for all Classic Auto Insurance clients!

The Classic Auto Insurance Difference

As an independent agent, your goal is to find the best protection possible for your collector clients. Saving them money strengthens the loyalty they give you and keeps them coming back. In partnership with Classic Auto Insurance, you can offer the coverage and options a collector wants, tailoring policies to fit their needs and doing it for less than what a standard auto policy might cost. Agent partners also enjoy a minimum commission of 10% for every new and renewed policy. To become a referring agent, contact us today.

Learn more about how to fully protect a classic »

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Posted: 11/27/2018 8:00:00 AM with 0 comments


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