Saturday, August 16, 2008

Insuring the 70s Dodge Challenger

So you've got a classic American muscle car and you want to insure it. Insurance options should be getting better.

Earlier this year, Chubb ended its exclusive arrangement with Grundy Worldwide, the oldest insurance agency specializing in classic and antique cars, and now sells policies directly to collectors as well. To attract business, Chubb lifted a previous mileage restriction on coverage, provides free towing after a breakdown to the garage of your choice and has increased liability limits up to $50 million. Fireman's Fund Insurance Co., a unit of Allianz SE, and American International Group's Inc. Private Client Group are two other high-end property insurers expanding into the market. Added to the longtime players in the market, these new insurers -- which are trying tactics like dropping mileage limits or adding extra coverage -- give consumers more coverage choices.