Ordinary, daily-driver-type auto insurance policies can’t protect valuable classic cars the way they need to be protected. Many classic car owners may find it hard to understand this, especially if they’re new to the hobby. They can assume their existing policy is good enough for their vintage automobile. This leaves their beloved dream car underinsured – with many car collectors not even realizing how at-risk their property could be. As an agent, you can help bust myths about classic car insurance.
5 Myth-Busting Talking Points
Here are some points to make to your clients when talking about car insurance for a classic car or collection versus insuring classics and collectibles with a regular policy:
1- Coverage is only automatic if it’s Classic. Many insurance clients assume that if they buy a classic car, it can be automatically added to any existing policy with no problem. Not true. Many ordinary auto policies have exclusions for classic and high-value cars. However, with Classic Auto Insurance, a newly-purchased classic is automatically covered, from the moment it’s purchased. Collectors can buy without worry.
2- Transportation matters. Unlike a daily driver car, a classic car is often transported to shows, repair garages and auctions using a delivery company or transport broker. This is a complex transaction and many regular auto insurance policies simply won’t touch transportation. Collectors need a specialty policy to stay protected.
3- If it’s stored, it’s vulnerable. For some reason, many classic car owners forget that their regular policy probably won’t cover their car in storage. If it’s anywhere other than their garage – especially in a commercial storage space – they’re going to need classic car coverage.
4- Agreed value is the way to go. What if something happens to their beloved car? Would a regular insurance company understand its true value? They wouldn’t appreciate the huge amount of time and money spent adding the perfect touches to this kind of vehicle. That’s why Classic Auto’s Agreed Value coverage is the best way to go. The owner and insurer work together to establish a value, so if the worst happens, they’ll get an exact agreed-upon amount for a loss. That’s completely different from working with a regular auto insurance company, which would simply offer the depreciated value of the car – an insultingly low amount.
5- Classic coverage isn’t expensive. This might be the biggest myth of all; that coverage for classic cars is wildly expensive. Educate your customers that specialty insurance for classic vehicles is very affordable, because classic car insurance companies know these cars are pampered by their careful owners. Classic insurance is often 20% to 60% less expensive than a regular policy, depending on details like driving record and how often the car is driven. Classic Auto can customize an affordable policy that keeps them fully covered, so they can focus on enjoying their dream car.
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.
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