The Hagerty Group LLC, an insurance group based in Golden, Colo., and Traverse City, Mich., provides insurance for collectible cars and luxury cars that are not the owner’s primary vehicle.
“These cars hold their value,” says James LaClair, vice president of Hagerty Canada. “Insurance rates are always subject to change, but we think we are appropriately priced. We have no plans to pull back from the market or make any changes.”
Steve Oakley, senior vice president and chief actuarial officer for PURE Auto Insurance, said luxury car insurance is still available from PURE and there should be no drastic changes in rates in the near future. Rates can range from $1,400 to $5,000 or more a year for a high-end car.
“With all of the new technology that is available -- cars can brake themselves or even drive themselves -- there will be fewer accidents and fewer cars will get dinged up and fewer people hurt,” Oakley says.