Hagerty Collector Car Insurance: Protecting Your Prized Possession

As a classic car collector, you understand the value of preserving and protecting your treasured vehicle. That’s why choosing the right insurance is essential for ensuring that your car is covered in case of an accident, theft, or other unforeseen event. One of the most reputable names in the collector car insurance industry is Hagerty. With over 30 years of experience, Hagerty offers a range of specialized insurance products that cater to the unique needs of classic car owners. In this article, we’ll explore the benefits of Hagerty collector car insurance, how it works, and what sets it apart from traditional car insurance.

What is Hagerty Collector Car Insurance?

Hagerty collector car insurance is a specialized insurance product designed for classic car enthusiasts. Unlike traditional car insurance, which focuses primarily on the market value of the vehicle, Hagerty’s policies are tailored to the unique needs and risks associated with owning a classic car. These policies offer a range of benefits, including:

1. Agreed value coverage: With Hagerty, you and your insurance provider will agree on the value of your classic car up front. This means that in case of a total loss, you’ll receive the full agreed value of the car, without any deductions for depreciation or wear and tear.
2. Spare parts coverage: As a classic car owner, finding replacement parts for your vehicle can be a challenge. Hagerty’s policies include coverage for original equipment manufacturer (OEM) and NOS (new old stock) parts, as well as coverage for custom-built or modified parts.
3. Flexible usage: Classic cars are often used for weekend drives, car shows, and other limited purposes. Hagerty’s policies recognize that these vehicles are not typically used as daily drivers and offer flexible usage allowances.
4. Expert claims handling: In case of an accident or other event, Hagerty’s claims team is comprised of experts in the collector car industry. They understand the unique needs and requirements of classic car owners and will work with you to ensure that your car is repaired or replaced to your satisfaction.

How Does Hagerty Collector Car Insurance Work?

Hagerty collector car insurance works like any other insurance policy. You’ll pay a monthly or annual premium based on the agreed value of your vehicle, your usage, and other factors. In case of an accident or event, you’ll file a claim with Hagerty’s claims team, who will work with you to assess the damage and determine the cost of repairs or replacement. If your vehicle is deemed a total loss, you’ll receive the agreed value of the car, minus any deductible or excess that may apply.

One of the key benefits of Hagerty’s policies is their flexibility. Depending on your needs, you can choose between several types of coverage, including:

1. Stated value coverage: This type of coverage allows you to specify the value of your classic car, up to a certain limit. In case of a total loss, you’ll receive the stated value of the car, minus any deductible or excess that may apply. This type of coverage is ideal for vehicles that are difficult to price or for owners who want more control over their coverage.
2. Agreed value coverage: This type of coverage involves agreeing on the value of your classic car with your insurer up front. In case of a total loss, you’ll receive the agreed value of the car, without any deductions for depreciation or wear and tear. This type of coverage is ideal for owners who want peace of mind knowing that they’ll receive the full value of their car in case of a loss.
3. In-house claims processing: Hagerty has an in-house claims team that specializes in the unique needs and requirements of collector car owners. This means that you’ll work with claims professionals who understand the value and importance of your classic car and who can provide expert advice and guidance throughout the claims process.

What Sets Hagerty Collector Car Insurance Apart?

While there are many different insurance providers that offer collector car insurance, Hagerty stands out for several reasons. First and foremost, Hagerty has over 30 years of experience in the collector car industry. This means that they have a deep understanding of the unique risks and challenges associated with owning and maintaining a classic car.

Secondly, Hagerty’s policies are tailored to the specific needs of classic car owners. This means that you’ll receive coverage that is designed to protect your vehicle and your investment, rather than simply insuring it for its market value.

Finally, Hagerty’s policies offer a range of benefits and features that are not typically found in traditional car insurance policies. For example, their policies include coverage for spare parts, flexible usage allowances, and expert claims handling. They also offer a range of discounts and other incentives to help you save money on your premiums.

FAQ

What types of classic cars does Hagerty insure?

Hagerty insures a wide range of classic and collector cars, including vintage and classic cars, muscle cars, hot rods, and exotics. They also offer coverage for motorcycles, boats, and other collector vehicles.

How do I determine the agreed value of my classic car?

You and your Hagerty representative will work together to determine the agreed value of your classic car. This value is based on several factors, including the car’s condition, rarity, and market value. Once you’ve agreed on a value, it will be reflected in your policy, and you’ll be covered up to that amount.

Can I use my classic car for everyday driving?

No, Hagerty’s policies are designed for limited usage vehicles. This means that you’ll be covered for events, shows, and other limited uses, but not for everyday driving. If you plan to use your classic car as a daily driver, you’ll need to look for additional coverage options.

Does Hagerty offer discounts on premiums?

Yes, Hagerty offers a range of discounts and other incentives to help you save money on your premiums. Some of these include multi-car discounts, low mileage discounts, and discounts for having a clean driving record.

What happens if my classic car is stolen?

If your classic car is stolen, you’ll file a claim with Hagerty’s claims team. They’ll work with you to assess the situation and determine the best course of action. If the car is not recovered, you’ll receive the agreed value of the car, minus any deductible or excess that may apply.