The classic car market is booming, spurred by baby boomers indulging themselves by buying the hot muscle cars or other collectibles they could only dream of as teenagers. According to Car and Driver, 58% of the roughly 5 million collector cars in the U.S. are owned by boomers.
Summer months mean more collector cars are out on the streets strutting their stuff–at car shows, drive-ins, and just catching the breeze. Although what makes a classic car a “collectible” is extremely subjective, some of the most popular American models are the 1971 Plymouth Hemi Barracuda Convertible; 1967 Shelby Mustang GT350; 1969 Pontiac GTO Judge; 1970 Chevrolet Chevelle LS6; and 1963 Chevrolet Corvette Split Window, according to American Modern Insurance Group.
These classic autos need special protection, and smart agents and brokers can tap into a lucrative market by specializing in this coverage. We spoke with John Spritzky, vice president, product management of American Modern Insurance Group, which specializes in insuring collector cars, about what makes this niche unique. Read on to see his comments–and for some beautiful automotive eye candy!
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