What it takes to grow a classic car insurance business as an agent or a company is completely different from what you are already doing in your current business (if you are already into one) or what others in other line of business you admire are doing to grow theirs.
The insurance industry is a multi-billion dollar one, and hence very competitive. Whether you are into life, home, travel, auto or health insurance niche, it takes energy and some huge amount of creativity for your firm to become outstanding from others in terms of client attraction, servicing and revenue.
Today, we shall be looking at what classic car insurance companies do and how you can build a successful and lasting classic car insurance company.
What Classic Car Insurance Company Do?
The Classic Car Club of America considers classic vehicles to be those vehicles that were manufactured between 1925 and 1948. Some good examples of collectible vehicles include: original Model T from 1923, 1941 Willys Americar hot rod, 1957 Chevrolet Bel Air with an 8-cylinder engine and 162 horsepower, etc.
What classic car insurance companies do is to insure your collector car for an agreed and guaranteed amount of money. The amount you and the insurance company will mutually agree on will be based on the figure gotten from valuation guides like the Old Cars Report Price Guide, a professional’s appraisal or from research made available by the underwriter.
Examples of Classic Car Insurance Companies
Hagerty Insurance Agency
Hagerty Insurance Agency is a classic car insurance company based in Traverse City, Michigan United States of America with branches in United Kingdom and Canada. Hagerty Insurance was founded by Frank Hagerty and Louise Hagerty in 1984 around the interest of the founders, which is, collector cars.
Grundy Worldwide was founded in the mid-1940s by James Grundy Sr., and since then till date, they have been in the business of insuring antique and classic vehicles. They are so good at what they do to the extent that the Classic Car Club of America endorsed them as their preferred insurance company. Today, Grundy Worldwide has been acquired and managed by Philadelphia Insurance Companies.
Heacock Classic Car Collector Insurance
Heacock Classic Car Collector Insurance is owned and established by Heacock Insurance Group. They have been largely featured in Vintage Racing Association and Vintage Motorsport Magazine since 1950’s
Here’s How to Grow Your Classic Car Insurance Company
Set Appropriate and Strict Policies
Clients will ruin your entire insurance business if you don’t set appropriate rules to guy your staff and most importantly your clients. There must be a limit to which your insurance coverage can go and if not adhered to, the client should be aware of losing in any form of compensation.
Typical of such include: your client must not use their classic car as an everyday vehicle (it must be for special occasions), your client whose collector car is insured in your company must live in certain districts (not just anywhere they like), a driving limit must be set for it and it must not be parked in an insecure environment.
Work with the Right Team
If you ask us, what does it take to grow a successful insurance company? The first thing that will be on the lips of all our team members is, hire and delegate responsibility to the right people. Don’t try to save money on this or you might be subjecting your agency to a horrible condition that will take years to handle if your collector company is still in existence.
Make no mistake at all: people build businesses. And for them to build your business, they must have the right mindset and the needed professional knowledge about the industry and your company uniqueness.
Attend Insurance Industry Events Regularly
What you stand to gain for participating in some of the insurance industry events are so enormous that it might take you years, coupled with series of risks to learn it yourself. When you attend insurance industry events, many of which are published on Insurance Journal, you will get to meet with potential clients, partners and new systems for handling your business successfully.
Treat Your Clients as Kings
The best recipe for business failure is to treat your clients very poorly. They will live to hate your business and everything you have to offer. A frustrated or satisfied client will tell others of the kind of services you offer, whether good or bad.
Some of the ways you can treat your clients as kings include: being honest to them about the consequences of every decision they make and always informing them of your insurance policies.
The success of your classic car insurance company will be mind-blowing the moment you start hiring people who are highly motivated and are already interested in collectors, when you start attending insurance industry events and when you start treating your customers as very important personalities.
Do you have something special that works for a classic car insurance company you know or work with? Share with us in the comments below.