Publication: IA magazine
Date: May 13, 2019
Brook McGuire, strategy lead for specialty products at Safeco, talks to IA magazine about insuring classic cars.
According to Brook McGuire, strategy lead for specialty products at Safeco, an authentic classic car’s value depends on several key factors, including the condition of the vehicle, its mileage, and whether the equipment is original. “Taking the car cruising probably isn’t going to impact the value much, unless it’s a vehicle that’s got low original miles or if it’s a numbers-matching car,” she explains. In that case, “you could really diminish the value by adding miles.”
“You see swings every few years depending on what’s in vogue,” McGuire agrees—which is why she encourages agents to discuss their clients’ classic car or collection at least every year or at renewal.
If the value goes down, “the question for the customer is whether they want to decrease the agreed value and save on their premium,” McGuire explains. “For the vast majority of collector car customers, the answer to that is going to be no. The value will likely rebound, so they’re not going to want to decrease the agreed value to save a couple of bucks.”
On the other hand, if the valuation has gone up, McGuire recommends that agents “adjust the coverage up, and potentially add a little bit of padding for what could happen over the next year before the next review.”
Read the full article in IA magazine: Attack of the Clones: Is Your Client’s Classic Car a Fake?