American Collectors Insurance Innovates Collector Vehicle Coverage
Considers Any Year/Make/Model Car As Collectible;
Rolls Out High-Value Discount, High Mileage Limit, Garage Options
CHERRY HILL, NJ (April 26, 2011) – American Collectors Insurance has broadened the availability of specialty collector vehicle insurance to vehicles of any year, make, and model, and also introduced several innovations for collector vehicle insurance.
“It’s no longer true to say that ‘All collector-vehicle insurance is the same,’” commented Laura Bergan, vice president of marketing of American Collectors Insurance. “American Collectors excels at insuring classic cars, but we’ve thrown old ‘rules of thumb’ for collector-vehicle coverage out the proverbial window.”
The innovations from American Collectors are:
– Any year/make/model of vehicle: Collector cars of any model year now can be insured on a specialty collector policy. No longer do cars need to be 25 years or older to be insured as a collector vehicle. This innovation affects a large number of late-model collector autos, including exotics, modern classics, kits and replicas.
– More garaging options: American Collectors now accepts additional garaging options, meaning that collector cars no longer need to be in a closed, locked garage. Examples of acceptable alternate garaging are carports within gated communities, communal garages, and more.
– Driving experience limits eased: Drivers now need just five years of licensed driving experience, compared with higher previous requirements.
New features for car collectors are:
– Discounts for high-value vehicle collections: Collector cars or car collections valued at more than $250,000 are eligible for a 20 percent discount on premiums for comprehensive and collision insurance coverages.
– “Freedom Tier” for general use: American Collectors Insurance has eliminated the traditional industry restriction of limiting usage to hobby use within mileage limits. The new Freedom Tier allows a car to be driven for hobby use as well as occasional general transportation up to 7,500 miles per year, among the highest limits available in the insurance industry.
– Expanded mileage limits for hobby use: Collectors have a choice of annual usage limits if they use the vehicle for hobby use: 2,500 or 5,000 miles per year.
– Towing and Labor for Collectors (TLC) plan: This comprehensive package provides reimbursement for hobby expenses such as emergency towing, roadside assistance, emergency lockout, lost key return, emergency travel expense, car show expenses, theft reward and stolen personal effects. TLC comes in a choice of three levels of coverage.
Bergan added: “We’ve come up with a new, fresh approach to collector-vehicle insurance, aiming to better serve our current and future customers, brokers, and carrier partners. Insurance brokers who try us first are more likely than ever to get a ‘yes’ for submitted risks for their clients’ treasured collector cars. Those consumers will get the best-available collector-car insurance coverage and features in the marketplace. Making these leaps forward in availability and features for collector-vehicle owners is part of our goal to make American Collectors coverage as innovative, comprehensive and widely available as possible.”
Insurance coverages and availability vary by state. Insurance brokers can quote and obtain coverage online at www.americancollectors.com/agents though a password-protected account and over the telephone at (800) 620-5052 (Monday – Friday, 8:00 am -8:00 pm, Saturday, 8:00 am – 5:00 pm EST).
About American Collectors Insurance:
American Collectors Insurance is the nation’s leading provider of collector-vehicle and collectibles insurance. American Collectors offers products through independent insurance agents, in partnership with several major insurance organizations, and direct to consumers. A wide range of collector vehicles qualify for American Collectors’ program, from “brass and wood” antiques to street rods, exotics, modern classics and more. American Collectors also offers all-risk coverage for a wide range of collections from stamps, coins and comic books to vintage wine, sports memorabilia and beyond.