When it comes to classic car insurance, Hagerty Insurance is a name that is always mentioned. The company has been providing insurance for classic cars for over 30 years and has become the go-to insurer for classic car enthusiasts. This article will provide an in-depth review of Hagerty Insurance, including its coverage options, benefits, and drawbacks.
What is Hagerty Insurance?
Hagerty Insurance is an insurance company that specializes in the protection of classic cars. The company was founded in 1984 by Frank Hagerty and has since grown to become the largest insurer of classic cars in the United States.
One of the reasons for the company’s success is its dedication to the preservation of classic cars. Hagerty not only provides insurance coverage but also offers a membership program that provides its members with access to resources to help them maintain and preserve their classic cars. The company also sponsors numerous classic car events throughout the year.
Coverage Options
Hagerty Insurance offers a variety of coverage options for classic cars. These options include:
Coverage Option |
Description |
|---|---|
Agreed Value Coverage |
This coverage option allows you to determine the value of your classic car and insure it for that value. In the event of a total loss, you will receive the full agreed-upon value. |
Stated Value Coverage |
Similar to agreed value coverage, stated value coverage allows you to determine the value of your classic car. However, in the event of a total loss, you will only receive the stated value, even if the actual value is higher. |
Inflation Guard |
This coverage automatically adjusts your coverage limits to keep up with inflation and the increasing value of your classic car. |
Flexible Usage |
This coverage option allows you to use your classic car for pleasure driving as well as limited business use. |
Agreed Value Coverage
Agreed value coverage is a great option for classic car owners who have invested a significant amount of money in their vehicle or have a rare or unique car that is difficult to value. This coverage option allows you to determine the value of your classic car and insure it for that value. In the event of a total loss, you will receive the full agreed-upon value.
One of the benefits of agreed value coverage is that it provides peace of mind that you will receive enough money to replace or repair your classic car in the event of a total loss. Additionally, Hagerty Insurance offers a guaranteed value endorsement that guarantees the agreed-upon value of your car for up to five years.
However, it is important to note that agreed value coverage is typically more expensive than other coverage options. You will also need to provide documentation, such as receipts and photos, to prove the value of your car.
Stated Value Coverage
Stated value coverage is a good option for classic car owners who want to insure their car for a specific amount but do not want to go through the hassle of proving its value. With stated value coverage, you determine the value of your classic car and insure it for that amount. In the event of a total loss, you will receive the stated value, even if the actual value is higher.
One of the drawbacks of stated value coverage is that you may not receive as much money as you need to replace or repair your classic car in the event of a total loss. Additionally, Hagerty Insurance may require documentation to prove the stated value of your car.
Inflation Guard
Inflation Guard is a great coverage option for classic car owners who want to ensure that their coverage limits keep up with the increasing value of their car. With Inflation Guard, your coverage limits automatically adjust each year to account for inflation and the increasing value of your classic car.
One of the benefits of Inflation Guard is that it eliminates the need to re-evaluate the value of your car each year. Additionally, it allows you to maintain the proper level of coverage without having to pay for additional evaluations or paperwork.
Flexible Usage
Flexible usage is a coverage option that allows you to use your classic car for pleasure driving as well as limited business use. This coverage option is great for classic car owners who want to take their car out for a weekend drive or attend a car show, but also occasionally use their car for business purposes, such as traveling to a car-related event.
One of the benefits of flexible usage is that it allows you to use your classic car for a variety of activities without having to worry about whether or not you are covered. However, it is important to note that there are restrictions on business use, and you may need to provide documentation to prove that your use of the car is limited and occasional.
Benefits of Hagerty Insurance
There are many benefits to choosing Hagerty Insurance for your classic car insurance needs. Here are just a few:
Specialized Coverage
Hagerty Insurance specializes in classic car insurance, which means that they understand the unique needs of classic car owners. They also have a network of repair shops and experts who can assist you with any repairs or maintenance that your car may need.
Membership Program
Hagerty Insurance offers a membership program that provides its members with access to resources and tools to help them maintain and preserve their classic cars. Membership benefits include a subscription to Hagerty Magazine, discounts on car-related products and services, and access to a network of classic car enthusiasts.
Expert Customer Service
Hagerty Insurance prides itself on providing expert customer service to its customers. The company has a team of classic car experts who can answer any questions you may have and provide guidance on how to protect and maintain your classic car.
Drawbacks of Hagerty Insurance
While there are many benefits to choosing Hagerty Insurance for your classic car insurance needs, there are also some drawbacks to consider:
Limited Coverage Options
While Hagerty Insurance specializes in classic car insurance, the company’s coverage options may be limited. For example, if you have a modified or custom classic car, you may not be able to find coverage that meets your specific needs.
Higher Premiums
Hagerty Insurance’s coverage options may be more expensive than other insurance companies that offer classic car coverage. This is because the company specializes in classic car insurance and is dedicated to providing the best coverage for classic car owners.
Membership Fee
In addition to paying for insurance coverage, members of Hagerty Insurance’s membership program are required to pay an annual membership fee. While the fee provides access to a variety of resources and benefits, it may not be worth it for everyone.
FAQ
Is Hagerty Insurance only for classic cars?
Yes, Hagerty Insurance specializes in classic car insurance and only provides coverage for classic cars. However, the company’s definition of a classic car is broad and includes antique, vintage, and collector cars.
Does Hagerty Insurance offer coverage for modified or custom cars?
While Hagerty Insurance does offer coverage for some modified or custom cars, the company’s coverage options may be limited. It is recommended that you contact Hagerty Insurance directly to discuss your specific needs.
Do I need to provide documentation to prove the value of my classic car?
Depending on the coverage option you choose, you may be required to provide documentation, such as receipts and photos, to prove the value of your classic car. It is recommended that you speak with a representative from Hagerty Insurance to determine the specific documentation requirements for your coverage option.
Can I use my classic car for business purposes?
With the flexible usage coverage option, you can use your classic car for limited business use. However, there are restrictions on business use, and you may need to provide documentation to prove that your use of the car is limited and occasional.
Conclusion
Hagerty Insurance is a great option for classic car owners who want specialized coverage for their beloved vehicles. The company offers a variety of coverage options to fit the unique needs of classic car owners and provides access to resources and tools to help them maintain and preserve their cars. While there are some drawbacks, such as higher premiums and limited coverage options, the benefits of choosing Hagerty Insurance outweigh the drawbacks.