American Collectors Expands Collector Vehicle Coverage in Mass.

August 10, 2010

American Collectors Insurance has expanded the availability of insurance and services it offers to car collectors in Massachusetts.

American Collectors, a provider of specialty insurance for collector vehicles and collectibles, eased three prior restrictions in Massachusetts:

  • Late-model collector cars now covered: Cars of any model year now can be insured on a specialty collector policy, with agreed-value coverage and other features. No longer do cars need to be 25 years or older to be insured as a collector vehicle. This change affects a large number of late-model collector cars, including exotics, modern classics, kits and replicas.
  • Additional garaging options available: American Collectors now accepts additional garaging options, meaning that collector cars no longer need to be in a closed, locked garage, subject to underwriting approval. Some 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, subject to underwriting approval.

American Collectors also unveiled three new features for Massachusetts collectors:

  • Towing and Labor for Collectors (TLC) plan: This comprehensive towing and labor package, designed specifically for collectors, provides reimbursement for hobby expenses such as emergency travel, car show expenses, roadside assistance, theft reward, and stolen personal effects.
  • Discounts for high-value vehicle collections: Single collector cars or car collections valued at more than $250,000 gain a 20 percent discount on premiums for comprehensive and collision coverages.
  • Expanded mileage limits: Massachusetts collectors can choose to use their vehicles for hobby use up to 2,500 miles or 5,000 miles annually.

The agency’s collector vehicle coverage in Massachusetts also includes:

  • Agreed value coverage, which pays the vehicle’s full-insured value (less any applicable deductible) with no depreciation in the event of a total loss.
  • Inflation Guard, which increases a vehicle’s insured value by 2% every quarter, up to a maximum of 8% per year at no additional cost.
  • Spare parts coverage of up to $500, with additional coverage available.
  • A choice of deductibles for flexibility and savings.

American Collectors Insurance, which has provided collector-vehicle insurance since 1976, insures a wide range of collector vehicles, including: collector cars, collector trucks, collector motorcycles, exotics, street rods, kit/replica cars, military vehicles, amphicars, antique tractors, and resto-mods.

Source: American Collectors

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