AIG Private Client Group, a division of the property and casualty insurance subsidiaries of American International Group, Inc. (AIG), announced the launch of the AIG Private Client Group Auto Program, a new insurance offering designed specifically for owners of collector cars.
Collector cars are typically maintained for use in car club activities, exhibitions, parades or private collections, and are driven with less frequency than everyday vehicles. However, many owners of these vehicles obtain mass-market auto insurance or deal with different carriers for each type of car. With the AIG Private Client Group Auto Program, collectors can purchase insurance that reportedly takes limited usage into account during the underwriting process and allows for collector and regular-use vehicles to be covered on one policy.
The AIG Private Client Group Auto Program is currently available in California and New York.
Developed for high net worth individuals who own vintage automobiles, the AIG Private Client Auto Program includes:
— Agreed value provisions: Coverage amount determined at the onset of a policy is locked-in for the entire term;
— Coverage for specialty vehicles, including motorcycles;
— Freedom to choose a repair facility if damage occurs; and
— A single bill for all auto insurance needs.
“Collector cars should not have to be insured as if the owner is driving them every day,” said Ross Buchmueller, president, AIG Private Client Group. “With the AIG Private Client Group Auto Program, we recognize that collectors need another coverage option and are offering a policy that specifically serves their needs.”
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