From rodent damage to dry rot, classic cars can incur costly damages without proper maintenance.
An estimated 46 million cars in the U.S. fit the definition of a collector vehicle, according to Hagerty, representing a combined value of $1 trillion in total insurable value. These numbers denote an industry that is on the upswing, with more enthusiasts—including Generation X, millennials and Generation Z—entering the market.
Just as new generations of consumers join the classic car market, so too do new generations of cars. “Vehicles from the 1990s are now considered 'classic,' so we are seeing cars like the Mazda Miata become more valuable, collectible and popular, along with SUVs and vehicles from Japan and Germany," says Bryant Kolle, regional vice president at Hagerty. “Many of these vehicles are insured on a standard auto policy currently, which might not be the best choice for the owner."
Nevertheless, the passion behind acquiring a classic car—whether from the 1960s, 1990s or the 2000s—continues to thrive. For car enthusiasts, owning a classic car is considered a luxury and a privilege. Yet, many may be unaware of the maintenance that is entailed.
Agents can play a key role in providing their classic car clients with education about how to prevent costly damage. By sharing information and best practices for how to store and maintain classic cars, agents can help clients keep their vehicles in top condition.
Maintaining the quality of a classic car can not only help preserve the value of the vehicle but can also help it appreciate in value over time. From storing the vehicle during the winter months to taking it out for a relaxing drive on a summer day, classic vehicle owners should take precautions to ensure their classic car runs smoothly and safely.
“Creating and sticking to a pre-drive checklist for vintage cars is always a good idea," Kolle says. “These cars often sit longer between drives, which is when troubles can pop up and fester."
To keep a classic car in good shape and ready for its next adventure, Kolle recommends “visually checking tires, oil level and brake fluid, which can prevent many small issues before they become big ones," he says. “Also, remember that tires often have dry rot after 10-15 years, even though they might only have a few thousand miles on them. They need to be replaced regardless of what they look like on the outside."
In addition, as the costs of car repairs grow, protecting vehicles from the potential damage caused by rodents is a particular concern for classic car owners.
“It is impossible to outrun rodent damage for vehicles kept in barns, but making sure any openings in the walls or under doors are completely sealed can help reduce the likelihood of damage," says Tim Dadik, vice president, agency experience manager, Berkley One. “Add an end-to-end car cover for an extra layer of protection. And if all else fails, there's always humane traps to capture and relocate our furry little friends."
Kolle shares two additional tips to consider in preventing rodent issues. “First, make sure there is nothing attracting them to the garage—no bird food, lawn seed or firewood," he says, and then, “place dryer sheets around the openings to the hood and trunk and inside the doors of the vehicle. They don't like the smell."
“It's important to point out that a lot of insurance policies exclude vermin from their policies, so this is something you should check before purchasing coverage," Kolle adds. “It is a big problem for a lot of people who store their vehicles in the winter only to have the wiring chewed up or find a mouse colony nest in it."
An agent's expertise and advice may lead clients to consider the use of climate-controlled buildings, where cars are less likely to see damage from rodents.
The classic car market is driven by nostalgia, with many buyers seeking to relive their youth or connect with a bygone era. Agents with expertise in this space can offer coverage that is as unique as the cars themselves.
Olivia Overman is IA content editor.