Riding in style: Insuring classic cars
American Modern’s Rick Drewry discusses insuring collector vehicles in this Insurance Speak podcast.
America has long had a love affair with classic vehicles. From the Chevy Corvette and Ford Mustang to the Aston Martin and Jaguar E-type, these vehicles have inspired collectors for decades. By 2023, the global classic car market is estimated to grow to more than $35 billion according to Statista.com. This edition of Insurance Speak features a conversation with Rick Drewry, senior specialist for collector vehicles and motorsports at American Modern.
When it comes to adjusting claims involving collector cars, they can’t be treated in the same manner as modern vehicles. “Owners have a passion for these cars, and you need to share that passion,” he counsels. “Adjusters have to know the different types of repairs needed and that the loss is personal.”
There is a perception that individuals have to be rich to have this type of hobby, but Drewry says that it really depends on what people like. “We’re seeing young kids get into the hobby. There are old antiques and street rods available, and kids are taking advantage of them being available.”
The collector car environment is very family-friendly, continues Drewry, and people and relationships are an important aspect of the industry. He shares that collectors don’t have to be mechanics because so much information is available online, and those who have been involved in collecting for years are always happy to help newcomers with questions.
For brokers insuring specialty vehicles, they must understand the difference between antique cars and modern-day exotics because they involve different repair techniques, which can affect pricing and value.
To learn more about insuring and adjusting classic vehicles, listen to the podcast above or subscribe to Insurance Speak on Spotify, Apple Music, Google Play or Libsyn.
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