So, modern collector cars, what are they and how can we help? We will handle the somewhat complicated question of what they are later in the article (and lean on the industry expert when it comes to collectible cars), but as for how we can help, we will go ahead and address that right now. We are your one stop insurance shop, we are here to serve you and all of your insurance and risk management needs. Our clients like to have fun and sometimes that involves a fun car on a beautiful sunny afternoon in Cleveland Ohio. We are able to cover your insurance needs on your daily driver vehicle, but we also work with specialty insurance providers to insure your collector car whether that be a 1955 Chevy or a brand new 2017 Corvette! We don't like to discriminate when it comes to what type of cars you love, we love them all anyways!
What is a modern Classic or Collector Car?
We are going to defer to the experts at Hagerty Insurance (our favorite company to use when it comes to classic and collectible car insurance). “Modern classics” – those vehicles built in the 1980s and later – remain the market’s strongest segment according to the Hagerty Vehicle Rating. In fact, seven of the 10 hottest cars, are 25 years old or younger, bucking conventional wisdom that a vehicle needs to age past a quarter century before turning into something other than a used car.
Furthermore, and notwithstanding the two Ferrari V-8s on the list, more than half of the vehicles shown here can be bought for less than the price of a new Kia Rio, about $14,000. This illustrates that the market’s entry level is vibrant. This is great news for non-discriminating buyers who are looking for something that is both fun and affordable, as most of these models can be found in sound condition in virtually every part of America.
Along with more modern vehicles, older SUVs and pickups continue seeing appreciation and strong interest. The current popularity of favorites like the first generation Ford Bronco and the International Scout II may not be surprising, but demand for the Jeep CJ-7 and third generation Chevrolet C/K pickups is even stronger. Again, this is good news for opportunists, as Jeeps and C/Ks are ubiquitous enough to be easily sourced, but have been overlooked by many enthusiasts.
Check out the rest of the list here...
You think you own a Modern Collector Car, what should you do?
Ok, now that we've established a general idea of what a modern collector car is, with some examples, and you believe that you have (or would like to have in the very near future) a collectible modern car, what should you do? If you currently work with us and you happen to have your modern collector vehicle on a standard automotive policy, give us a call at 440.233.6199 or contact us via our website.
We can take a look at run a quote to see what the pricing difference would be with a specialty carrier, and we can also show you the coverage similarities and differences in the specific policy you have and the proposed specialty policy. If you don't currently work with us, we would love to work with you, you can call us or email as us well! We love cars and would love to help your protect yours.
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