Berkley One Classics Relaunches Collector Vehicle Insurance in Arizona and Michigan
Berkley One Classics, a division of Berkley One, has relaunched its collector vehicle insurance product in Arizona and Michigan, introducing a redesigned offering with reduced rates and enhanced coverages. The updated policies specifically target multi-car collector vehicle insurance, providing cost savings and added value to vintage car enthusiasts in these states. Key policy improvements include extending the newly acquired vehicle reporting period from 30 to 60 days, removing the vermin exclusion, and adding Disaster Relocation coverage, which covers up to $500 per vehicle with a total policy cap of $5,000.
Additional customizable endorsements have been introduced to better meet the needs of collector vehicle owners. Among these are the Salvage Value endorsement, which allows policyholders to retain salvage value up to $50,000 in covered total losses, and the One Value endorsement, which combines coverage for car accessories, tools, documents, and post-loss trailering expenses. These enhancements reflect Berkley One Classics' commitment to providing specialized insurance solutions tailored to the unique risks of collector vehicles.
Berkley One Classics has a long-standing presence in the collector vehicle insurance market, having served this segment since 1974. The relaunch in Arizona and Michigan aligns with their broader footprint, which spans 26 states including Colorado, Connecticut, Florida, Georgia, Illinois, and Texas among others. This regional expansion underscores Berkley One Classics' focus on delivering expertise, stability, and personalized service to the vintage car collector community nationwide.
Berkley One is a member of W. R. Berkley Corporation, a well-established commercial property casualty insurer with an A+ (Superior) rating from A.M. Best Company. Founded in 1967, W. R. Berkley Corporation operates globally through many subsidiaries and reported $14.2 billion in gross premiums written in 2024. Berkley One Classics benefits from this strong parent company backing, ensuring financial stability and underwriting excellence.
For insurance professionals, this relaunch highlights evolving market dynamics within specialty auto insurance, emphasizing tailored coverage options, competitive pricing, and enhanced policy features as key differentiators. It reflects broader trends in collector vehicle insurance toward customization and responsiveness to insureds’ needs, underpinned by strong carrier capacity and expertise.
This move by Berkley One Classics may encourage market competition for specialty collector vehicle insurance offerings in Arizona and Michigan, potentially influencing product development and pricing strategies among regional insurers targeting similar segments. Agents and brokers operating in these states should be aware of the new product features and expanded coverage options as part of their client advisory.
Overall, Berkley One Classics' updated product launch reinforces the company's leadership position in the niche collector vehicle insurance market, demonstrating a commitment to improving policyholder value and addressing specific risks through innovative endorsements and flexible coverage terms.