Publication: IA magazine
Date: May 6, 2019
The demographics of the classic car market are changing. Brook McGuire, strategy lead for specialty products at Safeco, talked to IA magazine about what this means for agents.
As the collector car market evolves, “these cars are going to be used in different ways that aren’t traditional,” McGuire says. “Younger collectors are more inclined to drive and use their vehicles, whereas an older owner may have kept the vehicle in a garage and looked at it once a week to rub it with a microfiber cloth and cover it back up again. We’re seeing more customers take their vehicles out for track day, for off-road use—exposures that aren’t traditionally contemplated in classic car rating.”
It’s crucial, then, for “agents to ask questions about how the vehicle is used and how much it’s driven,” McGuire points out.
Today, coverage solutions are slowly becoming available for insureds who use their classic cars more regularly than those types of strict policies would allow. Safeco, for example, now allows a classic car to be a daily driver.
Read the full article here: Classic Car Market: Younger Drivers Take the Wheel