Barrett-Jackson, the well-known purveyor of collector car events and auctions, have decided to roll themselves into the world of custom and collector car insurance. Unlike "mass market" insurance, the type most carry on their daily driver vehicles, custom car insurance addresses the specific needs of the owners of special vehicles. Classic and collector cars are often only driven limited miles, sometimes highly customized, and their market values often higher than other automobiles of the same era – meaning a simple appraisal is usually out of the question.
According to Barrett-Jackson, the auction house polled its customers asking them what they would like to see from the company. With insurance a top priority, the auctioneer decided to team up with AIU Holdings' Private Client Group (formerly AIG) to offer policies which cover vehicles while they are in transit, allow up to 150% of the value documented at the beginning of the policy period, and address diminished value. Policyholders will also benefit from 24/7 roadside assistance. The new Barrett-Jackson insurance program was introduced last week at its Palm Beach auction.