CHERRY HILL, NJ (March 16, 2009) – American Collectors Insurance now offers a new program that includes lower rates for street rods, custom cars and modified vehicles (including “resto-mods” and “resto-rods”).
“Car collectors are making street rods, custom cars and modified cars more popular than ever, and this new collector-vehicle insurance program is designed especially for them,” explained Laura Bergan, vice president of marketing for American Collectors Insurance.
“A sustained trend in the car hobby is that car lovers are taking stock versions of classic cars and restoring and enhancing them,” Bergan pointed out. Restoration of classic cars is booming: retail sales of restoration products grew by 81 percent from 1996 to 2006, according to the Specialty Equipment Market Association (SEMA). What’s more, modified-car lovers are an attractive market for insurance professionals: SEMA research shows the average household income of modified-car owners was more than $96,000 (more than 2.5 times the national per capita income).
The new American Collectors specialty program also does away with mileage restrictions in most states, making it even more attractive for hobbyists to buy collector-vehicle coverage from American Collectors.
The new, lower insurance rates for modified vehicles are available nationwide through independent agents/brokers. American Collectors offers brokers easy-to-use online tools for quoting and binding collector-vehicle insurance coverage.
Car lovers are modifying their collector vehicles for safety, comfort and performance. Typical modifications include safety features such as power steering and brakes; comfort features such as modern seats, air conditioning and stereo equipment; and performance changes such as engine and transmission improvements. “Resto-mods” and “resto-rods” are common terms for vehicles that have been restored with modern parts and components.
For example, one American Collectors customer took a 1957 Ford Fairlane and added safety belts, power brakes and steering, and air conditioning. He also made engine performance improvements and completely refurbished the car inside and out. “More and more, car lovers are spending time and money to make these types of modifications, either themselves or through a professional restoration shop,” Bergan said.
The program is available exclusively through American Collectors Insurance and is underwritten by member companies of Assurant Solutions.
About American Collectors Insurance
American Collectors Insurance is the nation’s leading provider of collector-vehicle and collectibles insurance. Based in Cherry Hill, N.J., and licensed in 50 states, American Collectors offers products through independent insurance agents, in partnership with several major insurance organizations, and direct to consumers.
Company information:
www.americancollectors.com
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