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AutoinsuranceEZ.com Rating:Not all automotive insurance agencies try to cast a wide net and sell coverage to as many vehicles (and customers) as possible. Companies like Hagerty, for example, instead choose to carve out a niche market for themselves and their favorite hobby: the collection of classic vehicles by land or by sea. Despite being a global leader in underwriting insurance policies for classic cars, motorcycles, and boats, they still maintain that they are “just a family business built on a love for the hobby”.
If you’re in the market for insurance coverage on a classic car, then you are probably more concerned than most with how well the company is rated on several different levels. Unfortunately, there isn’t much information about Hagerty out there. They have no official rating by either AM Best, a financial strength rating agency, or the BBB. Lastly, their customer reviews on Yelp are almost consistently negative going back as far as 2014.
|Better Business Bureau||No Rating|
|AM Best||No Rating|
It does not appear as though Hagerty is big on the idea of offering its customers any sort of discount on their classic car insurance policies. They instead assure their customers that their knowledge of the classic car market gives them the opportunity to offer “better collector car insurance coverage for less”. However, it isn’t uncommon for policy details, such as discounts, to differ from one state to another. At the very least, you should ask one of their insurance agents about Multi-Car discounts; after all, it isn’t much of a classic car collection if you’re only insuring one vehicle.
What Hagerty lacks in discounts, it more than makes up for in unique coverage options for classic vehicles and their associated accessories. Classic cars have very special insurance needs, beyond that of your standard Liability/Comprehensive/PIP coverage options. For this reason, Hagerty offers coverages which most companies don’t, such as:
In the chart below, you can see what typical drivers might expect to pay to comprehensively insure a modern vehicle across different parts of the country:
Now, it may seem strange to compare these prices to those of the premiums on a classic car (or a collection of classic cars). However, Hagerty takes pride in being able to offer affordable classic car insurance to is clients. They even brag on their website that because they only insure antiques and collectables, they can offer better coverage at a lower price than daily driver insurance providers. Keeping the chart above at hand can help you verify whether or not the claim is true in the event that you receive a quote from Hagerty.
|One of the largest global providers of classic and antique vehicle insurance||They don’t insure modern cars or antique/collectable cars that are driven for daily tasks|
|Offers some of the lowest premiums on classic and antique car insurance in their niche market||Dozens of customer complaints on Yelp expressing extreme dissatisfaction with their service|
Clearly, Hagerty takes great pride in their classic car coverage options, their passion for antique vehicles, the global scope of the business, and their ability to underbid the competition. However, if the angry customer reviews on Yelp are to be believed, the unpleasant claims processing experience may not be worth the money they save on lower premiums and fancy coverages. To know for sure, however, you’ll have to use our handy quote generator to compare Hagerty with similar classic car insurance companies near you.