Hagerty Car Insurance Review

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Key takeaways...
  • The Hagerty Car Insurance company holds an A rating by A.M Best
  • Hagerty car insurance is for collectors of classic cars and boats
  • Collector vehicles must only be used on a limited basis

Hagerty Car Insurance is a unique car insurance company. The Hagerty car insurance company is widely respected in the car collector world specializing in auto insurance coverage for many of the nation’s most prized automobiles.

Founded in 1983 by Frank and Louise Hagerty as a boutique insurance company for collector boats, the company quickly secured almost 50 percent of all vintage boat owners in the USA, so naturally, collector car insurance would soon follow.

In 1991, classic car insurance was added to the portfolio mix and the company has since grown to the leading insurance company for collector car and boat insurance in the world.

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Facts about the Hagerty Insurance Company

The Hagerty Car Insurance company holds an A rating by A.M Best and trades under the symbol OB on the New York Stock Exchange.

Here is what they have to offer:

  • Over 16 years experience specializing in collector car insurance and road service
  • Offers Agreed Value Coverage* – Should a policyholder suffer total vehicle loss the Hagerty insurance company will reimburse the owner for a full agreed value vs. book value
  • Multiple policy options including flexible usage, choice of repair facilities and more
  • 24 hour / four-day week Flatbed towing for classic vehicles
  • Membership in Hagerty Plus – somewhat of an exclusive club for vintage car collectors and enthusiasts
  • Online account management including policy management and payment
  • Online claims handling

Many of the worlds top car collectors insure their vehicles through Hagerty Insurance while Hagerty continues to outperform most all major car insurance companies for pricing on auto insurance rates when it comes to classic cars.

Why People Choose Hagerty

The story behind Hagerty Insurance and the founders is probably one of the best success stories in America, but unless you are a vintage car owner or enthusiast its possible, you may not recognize the Hagerty brand.

Hagerty insurance is one of the largest sponsors of car collector events, publishes the exclusive Hagerty’s Magazine and offers specific car insurance policies for many unique vehicles.

Below is a list of vehicles that has specialized insurance:

  • Classic Cars
  • Exotic Cars
  • Newer vehicles w/ limited production
  • Replica Cars
  • Modified Cars
  • Fire trucks
  • Commercial Vehicles
  • Racing Cars
  • Military Vehicles

The Hagerty group even has a dedicated Private Client Services group explicitly dedicated to owners of high-value collections.

Car collectors are known for collecting almost anything car related, so the Hagerty car insurance company also allows policyholders to add automotive collectibles to a classic car insurance policy.

Hagerty Car Insurance Downfalls

The value of a classic car significantly through two sets of eyes. One is the value the car owner believes a vehicle to be worth and the other is how much a car insurance company can justify as value.

Antique cars are often relatively easy to appraise however sometimes an owner’s opinion can differ significantly from that of an insurance company.

The company also has a strict policy when it comes to the driving record of a vehicle owner where even a couple minor traffic infractions can exclude you from coverage.

At the end of the day Hagerty car insurance company is a top choice among classic car collectors and owners should always get a Hagerty car insurance quote in addition to comparing other providers.

Hagerty Auto Insurance Details

Hagerty car insurance is for collectors of classic cars and boats. Coverage is available for collector vehicles used for limited driving for pleasure purposes, car shows, and other events.

If you are a classic car enthusiast with your first classic car needing insurance coverage, or you are looking for a better coverage option than what you currently have, Hagerty may have what you’re looking for.

What types of cars and vehicles that can be insured?

Classic cars need individual insurance because they are unique vehicles. However, not just any vehicle is considered a classic or collector car.

Your car needs to qualify if you want to get the right insurance.

The following vehicles qualify for classic car coverage:

1. Antique and Classic Vehicles

Antique and vintage vehicles are the core type of cars that are eligible. The car needs to be more than just old.

Age alone no longer qualifies a car as an antique or a classic because many cars built in the 70s and 80s were not good quality.

Assuming the vehicle is 20 to 25 years old, some characteristics of a classic car may include:

  • Convertibles
  • Sports cars with two doors
  • Foreign sport cars
  • Unique body shapes

If your vehicle fits this description, it may qualify as a classic car that can be covered.

2. Newer Cars

Some newer cars, under 20 to 25 years old, may also be eligible as classic cars, or at least collector cars even though they aren’t old.

Usually, limited production or exotic vehicles will fall into this category such as Ferraris, Dodge Vipers, Plymouth Prowlers, etc.

After the type of car, whether or not they can be considered for the insurance coverage depends on the use of the vehicle as with any collector car.

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3. Modified Vehicles

There are several different kinds of altered cards that can be considered for coverage including vehicles with a high-value custom paint job, vehicles that have been modified to increase performance significantly, and structurally changed vehicles.

Only certain modifications will be allowed, usually those that add a much higher value.

Replicas are a reproduction of conventional vehicles that may either be professionally assembled or built at home. They have to be examined by Hagerty and can’t merely be a home-built kit car.

Lowriders have been modified with hydraulic or air bag suspension systems. They can be lowered very close to the ground or bounce off the ground.

Tuners are highly customized foreign cars that may also be considered a classic car for insurance purposes.

4. Other Vehicles

The above are the main types of collectors or classic cars that qualify for Hagerty insurance.

Other qualified vehicles may include:

  • Trucks
  • Utility vehicles
  • Retired commercial vehicles
  • Motorcycles
  • Scooters
  • Trailers
  • Restored vehicles
  • Military vehicles
  • Tractors

Do you qualify?

Your vehicle needs to be qualified to get insurance, but so do you. Plus, how your car is used and stored is essential.

You must also have an excellent driving record and another vehicle that you use on a regular basis.

Collector vehicles must only be used on a limited basis, usually used for functions and exhibits. It must be stored in an enclosed and secure structure when it isn’t in use.

Hagerty Plus Roadside Assistance

Hagerty offers excellent insurance coverage, but in addition to that, you also get roadside assistance. You get guaranteed towing and roadside assistance that is geared exclusively toward collector vehicles.

Through this program, you also get automatic membership into the Historic Vehicle Association where you can get the Hagerty magazine, discounts, and other resources.

Getting Insured through Hagerty

If you think you qualify for Hagerty insurance and you want to get a policy for your collector vehicle, you can get a quote directly through Hagerty to see the estimated cost of coverage for your car.

Then you can apply, and once accepted, set up a policy for your classic collector vehicle.

If you already have Hagerty classic car insurance quotes then why not shop around for rates from other companies too? Just enter your zip code below now to get started!

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