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Auto Mobile Collectors Are a Powerful Force in the Automotive Industry

Whether you call them car enthusiasts, gearheads or auto buffs, they are a powerful force in the automotive industry. They drive new vehicles and buy old ones – and they are a great source of business for agents who think outside the two-car garage.

For many, the passion for a particular make and model starts early in life. A certain era or car can evoke special memories, a feeling of youth, or the nostalgia of a long-forgotten time. That emotional attachment may help explain why collector cars are so sought after.

While baby boomers are still responsible for the majority of Hagerty’s collector vehicle policies, younger enthusiasts are the growth engine that’s helping to sustain a multi-generational passion for cars. And that’s good news for anyone who loves them – and is interested in helping these drivers protect their investments.

As a general rule, for a vehicle to be considered a collector car, it must have been produced at least 25 years ago and currently not be in regular use as a primary means of transportation. However, there are some exceptions that can apply for certain types of vehicles – such as those with unique attributes or limited production runs.

In addition to historic, technical and cultural value, automobilia collectors also seek out vehicles for their personal appeal. This is often a result of the way a particular make and model looks, sounds or handles – but it can be for more intangible reasons, such as an innate fascination with a particular automotive era.

For example, the iconic muscle car era of the 1960s and 1970s was when automakers began to offer smaller vehicles with impressive horsepower that could be driven safely on public roads. Today, young enthusiasts are looking to the past to recreate that same excitement and blending it with modern comfort features such as fuel-injected engines and wireless connectivity. This is reflected in the recent growth of the “restomod” market, which involves older cars being updated with these technologies.

Regardless of the vehicle’s age, owners of collectible cars can benefit from working with an insurance broker who understands the specific risks associated with specialty automobiles. These brokers can help provide advice and counsel on proper storage, recommendations for management during transit and the placement of automobile insurance coverage through leading insurance carriers that provide flexible coverage for collector cars. They can also help their clients develop an overall risk management strategy to protect their investments, ranging from advice and counsel on avoiding distracted driving to accessing expert repair shops and restorers. Taking the right steps can give these drivers peace of mind, confidence and the ability to enjoy their passion – on and off the road.

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