For insurers of collector cars, staying on top of generational trends and increasing awareness among prospects about the unique value of their specialty coverage remain the top challenges in this growing niche, according to experts in the field.
With the number of collector car owners on the rise due to networking over the Web and retiring baby boomers with disposable income, the pool of potential insureds has increased in recent years. Additionally, as new generations of consumers enter the market, their tastes are expanding the types of cars that are considered “collector-worthy.”
Previously, parameters established by the collector community used to dictate that cars needed to be a certain make, or a certain age to qualify as a collector car, according to Laura Bergan, vice president of marketing at American Collectors Insurance, a Cherry Hill, N.J.-based managing general agency that provides collector vehicle insurance. “I would say that those days have passed,” she said.
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