When you sell your customers a collector vehicle insurance policy, do you ask whether they have an automobilia collection as well?  According to a recent survey conducted by American Collectors Insurance, it pays to ask!

In the Spring issue of our customer e-newsletter, we posted a survey asking questions regarding additional collections.  Out of 140 responses, here is what we found out: 

• The majority of those who collect automobilia do so because it relates to their interest/hobby of cars.  In fact, 98% of those who collect automobilia also own a collector vehicle.
• The most popular automobilia collectibles are diecast, literature, car parts, automobile sales brochures, vintage signs, and license plates.
• More than half said they would spend between $100 and $1,000 on a single item of automobilia.  This means if a person has a 20 piece collection, they own between $2,000-$20,000 worth of automobilia – a collection worth insuring, and not properly protected on a homeowners’ policy. 
• Exactly half of those surveyed said there is at least one additional collection within their household.  American Collectors Insurance allows all qualifying collections in one household to be included on a single policy, which means the more that is collected, the more agents can help protect valued collections.
• 49% store their collection away instead of displaying it.  Most people store collectibles in places like attics and basements which are prone to floods, or other accidents. 
• 59.5% said that given the current state of their economy, they are either equally or more likely to purchase automobilia in the next 12 months compared to the past. 
• Most important of all, we learned that 67.6% of these automobilia collectors do not currently have a collectibles insurance policy.  This means there is a large portion of the population who are in need of an agent to advise about proper coverage for collections.

If you are already selling collector vehicle insurance, it makes sense to ask whether they have a collection of automobilia that goes along with it.  Just like regular automobile insurance does not make sense for collector vehicles, homeowners insurance does not make sense for collectibles. 

You can find out more about our collectibles policy by clicking here. You can quote and submit collectibles applications electronically by logging-in to your account.