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.