To submit an application for the Modified Program, go to Dashboard > ForemostSTAR > Collectible Auto. After you’ve completed the online application you’ll contact JC Taylor directly to quote and book the policy.
Once the policy is written and bound, collect the premium and deduct the 10% commission. The payment is then sent to JC Taylor directly. For example, if a customer writes a check for their $200 premium you keep $20 and send the remaining $180 to JC Taylor. At renewal, you will receive a statement in the mail and your customer will receive a renewal offer with the option of direct bill. For now, all applications and payments must be sent through the mail.
Questions? For customer service questions call JC Taylor at 1-877-468-7637, a JC Taylor representative will be happy to assist you.
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Collectible Auto
A great market to expand your business and retain existing households
Now you have access to a new Modified Auto Program through Farmers Specialty. This opens up a new market and a unique, profitable opportunity to grow your business. You write Antique Auto business today on FPPS, and now Foremost is providing you access to a nationally recognized Modified Auto Program.
You have a great opportunity to expand your business through the Farmers Specialty Modified Auto Program. Since you currently write antique auto business successfully through a Farmers program, you should continue to do so. The Modified Auto portion of this new Foremost program offers you a new market to expand your business.
What is a Modified Auto?
Any automobile that has been modified from its original condition. Think street rods, replicars, kit cars and exotic vehicles like muscle cars that are used as hobby vehicles. Eligibility requirements include but are not limited to: minimum vehicle value, minimum operator age, mileage guideline and storage requirements.
Eligible cars:
Whether it’s chopped, channeled, lowered, chromed, Frenched or flamed – or it’s powered by a flathead, hemi, mouse motor, side oiler, Caddy or an Olds rocket the Modified Auto Program is the perfect fit.
Street Rod – a vehicle manufactured prior to 1949 whose body, chassis, engine suspension or interior has been modified.
Customized/Modified – a vehicle manufactured after 1948, which is at least 20 years old and has been altered from its original condition.
Replicar – a commercially assembled reproduction of any motor vehicle at least 25 years old.
Kit Car – a motor vehicle at least 25 years old consisting of separately manufactured components that are assembled by the purchaser.
Exotic Vehicle – a motor vehicle that is considered to be increasing in value rather than depreciating because of its specific make, model year of manufacture and exceptional physical condition.
Eligibility Requirements:
Automobiles in this category are primarily used as a hobby vehicle. This includes exhibitions, club activities, parades or other functions of a public interest. Occasional pleasure drives are acceptable.
Racing is prohibited. As are vehicles with nitrous oxide and roll cages.
The minimum vehicle value is $3,000.
All vehicle operators must be at least 25 years of age and should have a good driving record with no more than one moving violation and one at fault accident within the last three years.
All vehicles must be kept in a locked, fully enclosed garage when not in use.
The underwriting mileage guideline is 3,500 miles per year, but additional mileage requests are considered.
Features & Benefits
Your customers will enjoy several features and benefits in the Farmers Specialty Modified Auto Program:
Agreed Value
Collectible Autos have a stable market value and usually appreciate over time. To protect the value of your customer’s car, you and your customer will come up with an “agreed value” to represent the vehicle’s current market value. In the event of a total loss, the insured will receive the full agreed value amount less any applicable deductible. The agreed value should be changed on the policy if the market value of the car changes during the policy period. That way the policy is always up-to-date and your customer knows exactly how much they will receive if a claim should occur.
Low Premiums
A collectible vehicle insured under a specialty policy rather than a standard auto policy will save your customer hundreds of dollars and hassles. They’ll be paying less and they’ll reap the rewards of a program designed with the true enthusiast in mind. This program has more features customized specifically for collectible auto owners.
Multi-Vehicle Discount
Your customer receives a discount when they want to insure more than one collectible car.
Expert Claims Service
Foremost’s claims staff has the expertise and experience needed to settle claims quickly and fairly. And they strive for excellence in customer satisfaction. Collectible auto experts who understand what makes these vehicles so special will service your customers.
Repair Shop of Choice
Because collectible auto owners put a lot of time into their cars, your customer will choose where they prefer to take their car for repairs or parts. Most hobbyists will have a preferred repair shop that they trust or they will make the repairs themselves. Claims adjusters are also available to help locate parts and find experienced restorers and repair shops.
Spare Parts Coverage
Up to $250 in spare parts are covered at no additional cost.
No Attendance Clause
Contrary to other collectible auto insurers, there is no attendance requirement for loss settlement on the policies. That means your customer can bring their car to a show and not have to worry about a loss while they’re walking around and enjoying other displays.
JC Taylor is the Managing Agency for Modified Auto Business
All underwriting and processing for the Modified Auto Program is done by JC Taylor, a general managing agency that has maintained a relationship with Zurich for over 40 years. Maryland Casualty, a part of Zurich, previously handled the JC Taylor book of business. JC Taylor has been involved with the antique auto business since the 1950s, and is nationally known for support of the hobby through its quality service, specialty product and its involvement with local and national clubs.
JC Taylor is the agent service center of the Farmers Specialty Modified Auto Program; underwriting and processing business, providing agent service, handling commissions and contracts, billing, binding, quoting and the initial claims call. Once filed, all policies will be on Foremost paper and Foremost adjusters will handle the claims.
Some Key Points to Remember
Modified Auto business does qualify for E&O coverage as Foremost, an Exchange Company, is the underwriting company. Also, this business qualifies as underlying on the Umbrella at a Preferred Rate. And, you can write Modified Auto as a stand-alone policy, or as the first policy you write in the household.
The premiums are low and for that and other reasons, there is no multi-policy discount available on this product, or on other products because of placement of one of these policies.
Agents receive a 10% market rate commission for new and renewal business.
Agents do NOT have binding authority on the Farmers Specialty Collectible Automobile Program business. All business is on a submit basis and is individually underwritten.
JC Taylor, the Managing General Agent (MGA) maintains the processing system and sends data for back-end reporting to Foremost. Foremost is the underwriting company, but looks to the MGA for expertise in these lines (which they have managed for Zurich for over four decades). There is no information about this business resident within any of the Foremost processing systems which is why many of the unique values Farmers exclusive agents receive on other business placed with Foremost aren’t available for modified auto business as of this writing.
Modified Auto business does not qualify for New Business Production Count, PIF, Contract Value or Agency Profitability Bonus. This business will not appear on folio, Statement of Operations or Customer View.
Note: Not all products are available in all states. Information presented on this Web site is not a policy document or official program guide. The actual insurance contract is contained only in the policy. Insurance protection may vary from the coverages shown, depending on the standard coverages included in the policy and the optional coverages purchased. Please check the actual policy documents and/or state-specific program guides for details on coverages, eligibility, exclusions, limits, deductibles and restrictions, which are subject to change. Or call your Foremost marketing representative. Thank you.
