Safeco, one of the nation’s three largest independent agency markets for personal insurance and a classic car coverage player since 1973, drives for more new and renewal business with independent agents in this specialty.
PRODUCT: Classic car insurance
COMPANY: Safeco Insurance (admitted)
BEST RATING: A
AVAILABILITY: Safeco does business only through appointed independent agents. For a possible appointment, contact a company sales representative at a regional office. Locations can be found at http://www.safeco.com/about-us/safeco-locations.
FOCUS: Safeco, one of the nation’s three largest independent agency markets for personal insurance and a classic car coverage player since 1973, drives for more new and renewal business with independent agents in this specialty. To that end, Safeco plans to roll out classic coverage in Massachusetts later this year. Meanwhile, the carrier trumpets its broad underwriting appetite and various product features, not to mention its plans to selectively appoint more agents, according to Heather Rowe, director-classic cars program. Unlike many of their rivals in this class, Rowe notes, Safeco underwriters look at both single and large personal vehicle collections, with a caveat. All such cars and trucks must be “well-preserved,” at least 10 years old, and have annual mileage of under 5,000, says Rowe. The insurer also covers newer vehicles that motorists buy as investments, such as a Chevrolet Corvette or a Ford Mustang. Rowe also touts optional coverage features such as roadside assistance and towing. Lastly, Rowe points out that Safeco stand-alone classic car policies, with agreed-value coverage; however, producers can arrange classic car coverage on an agreed value basis even if the auto insured chooses to have his or her collector vehicle added to a Safeco private passenger automobile policy.
UNDERWRITING: Safeco classic car liability limits range from state statutory minimums to $500,000 with up to $5 million more available if sold with a Safeco umbrella policy. Producers can put together either split limits or combined single limits. Split limit maximums are $250,000 per person and $500,000 per occurrence. Combined single limits can reach $500,000. Various deductible options are available, but the most common are $250 for comp and $500 for collision. Covered vehicle values usually are worth from $10,000 to $50,000, although Safeco also can insure vehicles with values of up to $1 million. Uninsured/underinsured motorist protection can be purchased with maximum limits varying by state. Program guidelines usually require that insured vehicles be stored in a locked garage. Every household driver must have liability coverage for his or her regular-use vehicle. Drivers must have at least 10 years’ experience. Safeco selectively insures motorists with imperfect driving records—one at-fault accident or three minor violations. Collector cars cannot be used for daily transportation, but motorists can accrue up to 5,000 pleasure miles annually.
MINIMUM PREMIUM: Varies by state.
TARGET: Classic and collector/antique automobiles and trucks that aren’t used for daily transportation. There is a wide range of preferred risks with examples being 1967 Ford Mustang, 1955-1957 Chevrolets, and early model Porsches and Lamborghinis.
COVERAGE TERRITORY: All states except DE, GA, HI, MA, ME, NJ and RI.
CONTACT: Brenda Mann Harrison, communications and marketing, Safeco Plaza, Seattle, WA 98154, 206-473-5324; Brenda.harrison@safeco.com; safeco.com.
Ron Lent is an IA contributor.
