You never forget your first car. What was yours? Mine was a Ford Pinto Hatchback; yeah I know – there was a possible fire/gas tank issue with a crash into the rear. I honestly don’t remember what happened to it… but I am 100% certain if I’d held onto it there is no way it would qualify as a collector car!
I do always have my eye on reports from the various Concours d’Elegances that take place across the country. A guy can dream! For your clients who are in possession of true collector cars, Big “I” Markets and Chubb have got you covered! Here are some coverage features: High limits for comprehensive, collision and liability coverages. — Large or small, Chubb can accommodate collections of all sizes and values. — Liability limits available up to $50 million.
- Coverage for newly acquired collector cars worldwide.
- No mileage restrictions.
- “Agreed Value” coverage that can increase with the value of the car. Once Chubb agrees on a value, it is locked in for the policy term. That’s the exact amount your customer will receive if the car is stolen or totaled in a covered loss. And, with proper notice, coverage can be increased to reflect market value any time prior to a loss.
- No deductible.
- Fair replacement of parts. After a covered loss, Chubb’s claim practice restores the car to its pre-accident condition and authenticity.
- $750 for “loss of use.” To address your customer’s immediate concerns after a covered loss for items such as car rentals, meals, lodging and other reasonable incidentals that may be needed when a covered loss occurs more than 50 miles from his/her closest residence.
- Off-premises coverage. Coverage for fire, explosion, and many other perils while the car is in a repair shop.
Coverage Availability: The Chubb Collector Car Insurance Program is available to members in all states except MA and SC. Chubb will entertain new collector car risks provided that they meet the following guidelines:
- All operators in the household must have good driving records.
- The vehicle should not be operated by anyone under the age of 25.
- Operator should have experience operating similar vehicles (i.e., high performance).
- There is one regular-use vehicle per operator.
- It is intended that the vehicle is used primarily for collector car purposes.
- The vehicle is not used during instruction, practice, preparation for, or participation in any competitive, prearranged or organized racing or speed contest.
- The vehicle is not used on a racetrack, test track or any other course of any kind.
- The vehicle is garaged.
Minimum vehicle age for eligiblity is 30 years old. For monoline business, we generally do not accept newer special interest cars, i.e. 2007 and later Shelby GT500 (top of the line Mustang), Corvettes, etc but could consider them for an entire account situation provided the usage and security are acceptable AND we also write the regular use vehicles. Some examples of cars not quite 30 years old that might qualify (usage and security are key) are early ’90s Mercedes SL’s, Porsche’s (911, 928), Land Rover Defender 90’s and 110’s, etc. Learn more at www.bigimarkets.com.
Andrew McElhannon is the Member Services Coordinator for the Independent Insurance Agents of Georgia www.iiag.org, and can be contacted at: firstname.lastname@example.org or b y phone at 770-458-0093, x.110, or 800-878-6487.