It's not only carriers with a focus on high-net-worth clients and classic-car managing general agents that cater to this niche of business; the auto-insurance giants are players as well.
In fact, State Farm is a major provider of this coverage and has its share of ultra-high-end rides, such as Lamborghinis and Mustang Shelbys, on its books.
State Farm's Antique policies are for vehicles at least 25 years old; its Classic policies are for cars at least 10 years old and produced on a limited basis. As with other Classic Car programs, physical damage is on a stated-value basis and usage is restricted to exhibitions and parades, resulting in low liability premiums.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
