W. R. Berkley is bringing its Berkley One Classics product to New Jersey, extending a collector-focused auto program already active in 28 states.
The program targets antique, classic, and modern collectible vehicles that are not used for daily driving. It follows a standard personal auto structure, with optional add-ons such as trip interruption, automobilia coverage, and limited international use—clearly aimed at enthusiasts rather than everyday drivers.
Underwriting leans heavily on usage and storage. Pricing is tied to mileage, where the car is kept, modifications, and whether the vehicle falls into high-performance or emerging collector categories. In the filing, Berkley benchmarks its rates against Essentia Insurance Company and American Modern Insurance Group, using a dataset of over 10,000 policies and quotes. The proposed rates come in about 10% below Essentia and significantly above American Modern, signaling a deliberate move toward the higher-end of the market.
“We used Essentia’s (Hagerty) and American Modern’s rate levels as a benchmark for our initial rates. Both companies are large writers in the collector vehicle space. To perform this analysis, we used a market basket of 10,373 actual Berkley Classics policies and quotes. Our proposed overall rate level is -10.3% below Essentia’s and 69% above American Modern’s. We have chosen a rate level much closer to Essentia as they are the market leader in the collector vehicle space and have much more credible data due to being so large.”
Discounts are tied to behavior and collection traits, including defensive driving, car club membership, multi-vehicle ownership, and anti-theft features. Surcharges kick in when usage begins to resemble standard personal auto risk.
The filing also introduces a “one value” style endorsement that extends coverage beyond the vehicle itself to include tools, personal effects, documents, and post-loss transport—reflecting how collectors think about the total value of ownership, not just the car.
As a side note, Berkley One’s classic car book in Michigan has grown steadily over the past 18 months, nearly tripling written premium from $27,609 (32 policyholders) in October 2024 to $84,123 (80 policyholders) by March 2026 — a 205% premium increase and 150% growth in policyholders. Notably, the program has also stabilized on pricing: after two consecutive rate decreases (-9.5% in late 2024 and -0.5% in early 2025), Berkley One filed a modest 0.07% increase in March 2026, suggesting the book has matured enough to support rate adequacy rather than requiring further cuts to attract volume.
Bottom Line: Berkley One Classics is available in Arizona, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, New York, North Dakota, Ohio, Oregon, Pennsylvania, South Dakota, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming, and is now heading to its 29th state.