While the struggling economy has left its mark on virtually every line of property and casualty insurance, the collector car niche remains stable and is even growing, as carriers look to associate with known players in and out of underwriting to win over enthusiasts, according to professionals in the field.
The collector car community has not been immune to the effects of the financial meltdown. Indeed, observers note that car values are down from peak highs in 2007–by as much as 25-to-30 percent, according to McKeel Hagerty, chief executive officer of Hagerty Insurance Agency Inc. and the Hagerty Group in Traverse, Mich.
Jerry Hourihan, senior vice president and national sales manager for AIU Holdings' Private Client Group, said collector car auctions held by Barrett-Jackson–which recently partnered with the carrier–show values down in the 10-to-20 percent range.
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