Hagerty Classic Car Insurance – A Review of Their Benefits and Restrictions

Classic car insurance from a specialty insurance company has a lot of advantages for those of us who own and drive a muscle car, antique car, or other collectible or special interest vehicle. These policies offer much better coverage for less money than a standard auto insurance policy. There is a lot to consider, though, when comparing classic car insurance companies. Each company has its own advantages and disadvantages, and it is important that you find the insurance company that offers the best fit for your situation.

Hagerty Classic Car Insurance has been offering specialty collector vehicle insurance since 1991, and is one of the largest and most well-known collector car insurance companies. They are car collectors themselves, so they understand the insurance needs of other classic car owners. Their policies offer:

- Agreed Value coverage – you receive the full insured amount in the event of a total loss
- A wide range of deductibles, from $0 and up
- Single liability charge, which saves you money on the premium if you have more than one classic vehicle insured
- In-house claims management – most claims are handled at Hagerty by a collector car insurance expert, seven days a week from April through October
- Repair shop of your choice – you get to choose the shop you want to handle any repairs
- Instant new purchase coverage – a new addition to your collection is automatically covered up to $50,000
- Car show medical reimbursement – clients and their family members get pre-determined medical coverage if they are injured at a car show

Hagerty Classic Car Insurance also offers special policies for coverage during an active restoration, for business-use endorsement, coverage during overseas shipping, and foreign liability and property damage if you take your car to an event overseas. You can get additional coverage for your automotive tools and memorabilia, spare parts, and even motorcycle safety equipment coverage. Hagerty also has a car club liability program.

The optional Hagerty Plus program offers even more benefits for its members, including emergency roadside assistance and flatbed towing coverage, a subscription to the Hagerty magazine, and access to the “Ask Hagerty” concierge service. They are active advocates on legislative issues related to the collector car hobby, and a portion of the membership fees go to support The Collectors Foundation, which provides scholarships and grants to organizations working to preserve the hobby through education and other avenues.

Hagerty does have some restrictions, though, on who and what qualifies for their insurance. Drivers with more than one or two minor traffic violations or accidents in the past 3-6 years may not qualify. The vehicle must be used on a limited basis, going to automotive-related events or an occasional pleasure drive. If you drive your classic car very often or very far, you might be better off considering a different specialty insurance company that doesn’t place limits on how much you drive your car. Like most other companies, your vehicle must be stored in a fully enclosed and locked garage when not in use. And like most other collector car insurance companies, you must have a “daily driver” that is insured in your name in addition to your classic car.

Insurance policies are available for most antique and classic cars, street rods, muscle cars, military vehicles, antique fire trucks, tractors, motorcycles, and some replica cars. However, Hagerty does not offer insurance for Cobra replicas, off-road vehicles, many Pro-Street cars, any vehicle equipped with nitrous, dune buggies, commercial vehicles, or motorcycles that are modified for performance. They do offer policies for some of the “late model classics”, exotic, special interest, or limited production vehicles, as long as they are being treated as a collectible and are driven on a limited basis.

Hagerty Classic Car Insurance is a great option as long as you and your vehicle meet their qualifications and you don’t drive your car extended distances each year. I will soon be adding articles on other collector car insurance companies, with different qualifications and restrictions. Take a look at my other articles, and make sure that you choose the classic car insurance company that fits your needs the best.