About Hagerty Insurance
Founded in 1984 by Frank and Louise Hagerty, Hagerty Insurance has specialized in insuring classic and antique automobiles and boats for more than 30 years. Today, the company claims to insure more than 700,000 vehicles, 10,000 boats, and 25,000 motorcycles worth a total of $19 billion.
Because of this, Hagerty Insurance claims to be bigger than all of their specialty competitors combined and to “protect the physical connections to the best moments in your life.”
In addition, compared to their competition, Hagerty Insurance claims that many of their employees, whether in customer service, claims, or even upper management, are just as passionate about classic cars as you. In fact, Hagerty claims that 10% of their net profits go directly toward supporting the classic car community.
But despite the large number of vehicles insured by Hagerty, does this necessarily mean that they’re your best option? Consider the following:
Hagerty’s Insurance Products
Overall, Hagerty’s Insurance products fall into 3 main categories:
Classic Car Insurance
Hagerty’s classic car insurance covers:
- Classic and collector vehicles (dated 1884 through 1979)
- Classic trucks and utility vehicles (1989 and older)
- Classic military vehicles (1992 and older)
- Antique tractors (1868 - 1983)
- Vintage motorcycles and scooters (1989 and older)
- … and more.
From a coverage perspective, Hagerty Insurance provides guaranteed value coverage, which provides 100% of your car’s insured value (as well as OEM parts) in the event of a total loss, as well as flexible usage with no fixed mileage restrictions.
The company’s Hagerty Plus option is a “a comprehensive 24/7 full service roadside assistance program for lockouts, battery jumps, tire changes, emergency fuel delivery and more,” that even includes guaranteed flatbed towing.
In addition to these coverages, keep in mind that Hagerty’s classic auto policies are customizable to specifically meet your needs, such as if your car is in the middle of a restoration, if you travel with your car to different shows, etc.
For additional details, be sure to check Hagerty’s Does My Vehicle Qualify page, as well as their Value Your Vehicle tool. If you’re interested, you may also want to subscribe to the Hagerty Price Guide.
Classic Boat Insurance
Hagerty’s classic boat policies cover the following types of watercraft:
- Fiberglass (manufactured in 2000 or earlier)
- Wooden (including originals and high-quality reproductions)
- Utility boats
Like their auto policies, Hagerty’s classic boat policies are agreed value (depending on the level of coverage you choose) and come with other helpful benefits such as restoration coverage, trip interruption coverage, and coverage for consequential damage, spare parts and tools, valuable papers coverage, and more.
In addition, Hagerty claims to provide no fixed usage limits on your boat and to provide unlimited coverage within US and Canadian waters (within 12 miles of the coastline). In fact, Hagerty claims to cover your boat even when it’s trailered and being towed to another location.
If you’d like to get an idea of how much Hagerty will insure your boat for, be sure to take a look at their Value Your Boat tool.
Other Insurance Products
In addition to Hagerty’s auto and boat policies, the company also offers several other types of specialized insurance.
Hagerty’s Motorsports insurance offers guaranteed value coverage for your classic auto, although this only applies while it’s not on the track (most insurance carriers exclude coverage while a vehicle is being raced).
Hagerty’s Private Client Services (PCS) insurance is specifically tailored to individuals with large auto collections. This service includes automatic coverage for value increases, up to $2.5 million in automatic coverage for newly acquired vehicles, up to $50K for VIN theft and fraudulent titles, in addition to trip interruption coverage.
Then, Hagerty’s International coverage provides insurance for overseas travel with your classic or antique auto, including shipping, touring and events, guaranteed value coverage, and more.
Finally, Hagerty’s business insurance can provide coverage for auto-related businesses and groups, including restorers, builders, museums, dealerships, storage facilities, car clubs, and more.
What’s the Difference Between Stated Value & Agreed Value?
Compared to many non-specialized insurance carriers, one of Hagerty’s primary “claims to fame” is that they offer agreed value coverage on their policies. But what does this mean?
According to the Hagerty website:
“An Agreed Value policy (which is the same as Hagerty’s Guaranteed Value policy) guarantees the policy will pay the full insured amount of the vehicle – with no depreciation – in case of a covered total loss. A stated value policy (sometimes called stated amount or maximum limit of liability) does not promise upfront to pay this stated amount. In the event of a covered total loss, it may pay less than the stated amount, as the insurer has the right to pay the lesser of your collector car’s depreciated actual cash value (ACV) or its replacement cost. Also, many insurers that offer stated value policies require periodic appraisals to substantiate the insured amount, adding cost and inconvenience to the client.”
In layman’s terms, think about it this way: Let’s say you have a fully restored 1967 Mustang GT insured for $30,000 and you’re involved in a accident. After a claims adjuster reviews your case, your vehicle is confirmed to be a total loss.
If your vehicle was insured on a stated value basis, this means the company can pay “up to” $30K, but this doesn’t necessarily mean that’s what you’ll receive after depreciation and a whole host of other factors are considered.
On the other hand, an agreed value policy means that you would receive a check for $30K to cover your Mustang in the above example.
Who Won’t Qualify for a Hagerty Insurance Policy?
Although Hagerty is a very large company, this doesn’t mean that they can insure every risk that comes their way. As such, there are many different factors that the underwriter will have to consider, such as:
The insured vehicle cannot be your daily driver. In fact, many of the complaints we read online (more about this in moment) claimed that all other vehicles in the household must be less than 5 years old. However, there is nothing on the Hagerty website confirming this.
In addition, while one or two minor accidents or citations are typically acceptable, no one in your household can have a DUI, reckless driving, or other serious citation.
Other Classic / Antique Insurance Carriers
Finally, keep in mind that although Hagerty may be the largest antique car and boat insurance company around, they definitely have some competition. This includes popular companies such as American Collector’s Insurance, J.C. Taylor, Grundy, Chubb, and more.
What Are Customers Saying about Hagerty Insurance?
Overall, considering the number of vehicles Hagerty insures, it seems that they have a fairly positive online reputation.
With this said, on Yelp, Hagerty Insurance held an average rating of 2 stars based on 15 customer reviews, with common complaints citing difficulty obtaining policies (strict underwriting guidelines), high premiums, and rude customer service. In fact, taking a look at most online complaints regarding Hagerty, these concerns are continuously raised.
From a company perspective, The Hagerty Group, LLC based out of Traverse City, MI held an A+ rating with the Better Business Bureau with just 4 closed complaints, as of 5/18/15. There, these complaints appeared to revolve around less coverage than what the policyholder thought they had, as well as difficulty obtaining coverage after jumping through numerous hoops.
Hagerty Insurance Pricing
Like any other insurance policy, how much you’ll pay to insure your car or boat through Hagerty depends on hundreds of factors, including the type of vehicle, how your vehicle will be used, accidents/citations held by you and any other household members, and much more.
With this said, Hagerty claims their classic car insurance is, on average, 43% lower than daily driver insurance you’d find through a non-specialty carrier.
If you’re interested, you can obtain a quote by calling a Hagerty representative at 877-922-9701.
Is Hagerty Insurance the Right Choice for You?
Chopping to the point: Compared to more mainstream companies, such as GEICO, State Farm, Farmer’s, and more, specialty insurance carriers like Hagerty will often have much stricter underwriting guidelines, so you may have to jump through some hoops before obtaining a policy (e.g. sending photos of your vehicle/the inside of your garage, descriptions of other vehicles/drivers in the household, etc.). And, even after going through all of this, you’re still not guaranteed a policy, which was actually one of the most common online complaints regarding Hagerty.
With this said, you can only find out if you qualify by contacting Hagerty directly to obtain a quote. Also, you might want to consider speaking with an independent agent in your area who represents more than one specialty insurance carrier (in addition to Hagerty). This way, they can work to get you the most policy for your money.