Nationwide Mutual Insurance Co.’s newest venture is a bit of a throwback.
The Columbus insurance coverage giant has partnered with Hagerty Insurance Agency LLC to bolster its providers for owners of collectible vehicles.
While Nationwide has extended supplied merchandise geared toward the niche, it’s launched a new Nationwide Traditional Car Insurance unit that taps into Hagerty’s pedigree. The Traverse City, Mich.-based company touts an in-residence claims group skilled in traditional motor vehicle restore, flatbed roadside assistance and valuation knowledge.
“They’ve embraced the culture,” mentioned Kurt Ely, vice president of strategic partnerships at Nationwide. “The traditional car market place, they have their personal specific elements, most men and women don’t want individuals towed with just any tow truck.”
Nationwide’s new unit covers every thing from antiques to muscle autos and vintage race cars. http://www.nationwide.com/hagerty-traditional-automobile-insurance coverage.jsp
To qualify for coverage, the vehicles cannot be every day-use and should be stored in personal, enclosed garages. As such, premiums tend to run considerably decrease than regular insurance.
Nevertheless, Ely stated it’s an eye-catching industry to be in at about $ 1.2 billion in revenue and expanding.
“We estimate there’s possibly 2 million insured on standard policies and possibly an additional 2 million on specialty policies,” he explained. “And, 2 million of that 4 million almost certainly either want or need to be covered in a different way.”
Evan Weese covers funding and capital for Columbus Company First.