Hagerty Insurance Review: The Best Protection For Your Classic Or Collector Vehicle?

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Classic car convertible with top down (caption: Hagerty Insurance Review)Hagerty specializes in insuring a wide variety of classic, antique, and collectible vehicles. With low premiums, a guaranteed agreed value, and fantastic low-priced add-on options, Hagerty sounds like a solid choice. But do they deliver their customers reliable coverage and claims?

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Article Overview

Hagerty Insurance

4.3 / 5
Hagerty Insurance
Rates 4.8
Add-On Options 4.8
Ease Of Claims Process 4.0
Customer Support & Reputation 3.8

Pros

  • In business for more than 25 years
  • No mileage limitations for classic/antique cars (as long as it’s not a daily-use car)
  • $750 of coverage for lost or stolen spare parts and $250 for personal items
  • Automatic 30-day coverage if you buy a second collectible car
  • Optional restoration coverage
  • Roadside assistance add-on

Cons

  • Some model-year and value restrictions
  • Several users report 3-4 hour wait times for their flatbed towing assistance

Key Features

  • Long history as a financially sound insurance provider
  • Guaranteed value coverage — you receive all of your car’s insured value in the event of a covered total loss (no depreciation)
  • Ability to file claims online, by phone, or with your local agent
  • Most claims are paid within 15 days
  • Also offers classic boat insurance
  • Instant new purchase coverage: 30 days of coverage for up to $50,000 of the vehicle value for your second collectible car
  • Up to $1,000 of coverage for motorcycle safety apparel including leather pants, gloves, jacket, and helmet
  • Excellent website resources about classic car values, market trends, and more
  • BBB rating: A+
  • A.M. Best rating*: A (excellent)

*A.M. Best is an independent rating organization that measures companies’ financial stability.

Premiums

Hagerty classic car insurance premiums vary widely based on the year, make, and model of your collectible car as well as your state of residence.

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Policy Add-Ons

Vehicle Under Construction Coverage

If you’re restoring or building a classic car, you can purchase Hagerty’s restoration coverage for $20 per year, which includes:

  • An automatic 10% increase per quarter (up to $25,000) until the restoration is complete.
  • An additional $750 of coverage for automotive tools.
  • A dedicated toll-free number to classic and collectible vehicle towing specialists to get your car back and forth from the shop.

Traveling Collector Coverage

For just $25 per year, you can also add on $1,500 coverage for trip interruption reimbursement for the use of a rental, repayment of expenses (tickets, fees, etc.) and food and lodging during repairs. This add-on also includes $10,000 accidental death coverage, $500 of which can cover a family pet.

Roadside Service

All roadside service plans include guaranteed flatbed towing and unlimited service calls.

 1st Gear2nd Gear3rd Gear
Annual Price$45$70$175
CoversClassic CarsClassic CarsAll Household Vehicles
Miles Per Tow1560150
Emergency Services$50$100$100
Friends/Family NotificationsCheckmarkCheckmark

Can I Get Coverage For A Newer Collectible Car?

In addition to classic and antique cars, Hagerty also specializes in insuring certain collectible “modern” cars and supercar/exotic vehicles.

Hagerty will consider some vehicles 1980 and newer that are maintained for collector vehicle activities and are of a special interest nature. Desirable vehicles include:

  • Convertibles
  • Two-door sports cars
  • Cars with big-block V8 engines
  • Vehicles that are rare and have limited production

Examples include Mustangs, Corvettes, Miatas, and Ferraris.

Supercar/exotic vehicles manufactured in 2000 and later may also be eligible. Examples of qualifying vehicles include:

  • Lamborghinis
  • Aston Martins
  • Dodge Vipers

These vehicles require special underwriting approval because their values can exceed $100,000.

Qualifications

To qualify for coverage, Hagerty has some of the following guidelines. Keep in mind, this isn’t an exhaustive list, and every vehicle and owner situation is different. But their agents can help answer all your questions.

  • Must have an extra vehicle (they can’t cover primary-use vehicles)
  • Appropriate usage: pleasure, shows, hobby events, occasional drives to work, etc.
  • Owner/driver minimum age: 30 for exotics/supercars
  • Vehicles 1980-1999 must be in good condition unless under active restoration (2000 or newer must be in good condition)
  • Vehicles 1980-1999 must have a minimum value of $3,500
  • Annual mileage limit considerations
    • 1980-1989 up to 7,500 miles a year
    • 1990 and newer up to 5,000 miles per year
  • Garaging considerations
    • Carport storage for vehicles up to $100,000 in value
    • Driveway storage for vehicles up to $50,000 in value

What Do People Think Of Hagerty Insurance?

Positive Reviews

Don’t know why some in the reviews section have such bad experiences with Hagerty. I recently had a comprehensive claim when my vintage motorcycle fell over in 30mph+ winds while in the driveway. Within 2 days they sent an appraiser out, and a week after that they had a check on the way. The amount their appraiser quoted for repairs was within $10 of my estimate so pretty much spot on. Maybe there is a difference between how they handle cars vs. motorcycles, but in my experience it was very pleasant to deal with them. – Eric W., Yelp 6/4/2019

We own a classic car for which we were paying a much higher amount with a better-known company. The quote from Hagerty was far less expensive for more comprehensive coverage. When we needed road service, Hagerty dispatched a tow truck that arrived in record time. Hagerty’s dispatcher was honestly courteous (not nice-because-I-am-paid-to-be-nice) and the tow truck operator was incredibly careful, knowledgeable and gregarious. Hagerty is the gold standard for insurance companies. They have competitive pricing and terrific customer service. – Stacy, Consumer Affairs 6/9/2017

Negative Reviews

Filing a claim with Hagerty has been the most difficult and insufferable process I’ve ever had when filing a claim. There is never an adjuster available to speak with (or any upper level management for that matter) and when you finally do get someone on the phone, they are of no help. Hailey makes no effort to expedite the process, even after making promises to do so. It’s been three weeks since I filed my claim and I am still fighting tooth and nail to get things done. – Eleanor M., Yelp 4/7/2019

I bought a ‘Vehicle Under Construction’ policy to cover a truck that I was restoring. It was damaged in the process and I was told that Hagerty would basically only cover damages caused by fire or natural disaster. Collision coverage was not made available to me on the policy options that were presented to me since it was in pieces at the time you insured my truck. I thought that by this one being more expensive would cover more not less. – Adam, Consumer Affairs 3/30/2017

Why Get Collectible Car Insurance?

Check out this brief video that highlights some of the reasons you’ll want collectible car insurance.

How Does Hagerty Compare?

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We’ve found some buzz around the web that Hagerty has some of the lowest rates you’ll find for classic car insurance. When it comes to claims and customer service, reviews are mixed. Many people have had satisfying experiences, while others not so much. We will note, however, that this is a fairly common occurrence with most insurance companies. See how Hagerty Insurance compares to other companies in our comprehensive classic car insurance review.

What kind of collectible vehicle are you looking to insure?

About The Author:

While attending the University of North Carolina at Chapel Hill’s graduate school for journalism and public relations, Sally began a long career researching and writing about hard-to-understand topics, such as insurance and finance.

Her additional experience in marketing, fundraising, public relations and financial planning at various foundations and nonprofit organizations over the years has given her the practical tools to inform consumers about making the smartest business and personal financial decisions. Her work has appeared in many notable media outlets, including The Washington Post, Entrepreneur, People, Forbes, Huffington Post, and more.

Speaking of smart living — growing up in the (at-the-time) per-capita murder capital of the U.S. (Richmond, VA) taught her a thing or two about the need for personal and home safety. Sally stays on top of all the latest gadgets and services to protect her and her teenage daughters from potential predators and thieves. And she brings this knowledge to every article she writes.

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