Hagerty Insurance Reviews: 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 reliable coverage and claims?

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Article Overview

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+ (not accredited)
  • 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 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 $750 for spare parts and tools, $250 for personal effects, and $10,000 accidental death coverage ($500 included to cover a family pet, if affected).

Roadside Service

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

1st Gear 2nd Gear 3rd Gear
Annual Price $45 $70 $175
Covers Classic Cars Classic Cars All Household Vehicles
Miles Per Tow 20 60 150
Emergency Services $100 $100 $100
Trailer-Towing Checkmark Checkmark
Friends/Family Notifications Checkmark Checkmark

Can I Get Coverage For A Newer Collectible Car?

In addition to classic and antique cars, Hagerty also specializes in insuring specific collectible “modern” cars and exotic or import vehicles.

Hagerty will consider some vehicles 1980 and newer that are maintained for collector vehicle activities and are of a unique 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 that this isn’t an exhaustive list, and every vehicle and owner’s 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

Customer Reviews

Praise

I have been in the insurance industry for over 40+ years and have been familiar with Hagerty and this is why they are #1 in insuring classic and antique vehicles at reasonable prices. Great company to work with and easy access to their website for updates on coverages and any changes that might be needed. – Pat S., Trustpilot 6/19/2022

Hagerty is the best insurance company in the industry. Customer service is top notch, pricing is cheaper than any other company and is the one I recommend if you have classic or expensive super cars that require coverage. – Charles, Consumer Affairs 8/3/2020

Complaints

I was a loyal Hagerty customer customer for about 20 years. I started with one vehicle and then added 3 more over the years. I never had any issues with the company until now. I recently purchased new property and started the process of building a shop to store and work on my vehicles. The first step was to purchase shipping containers to securely store my vehicles in. I contacted Hagerty to update my address to find out that you can not store your vehicles in shipping containers. Garages and even pole barns are acceptable in California but not shipping containers. This is absurd. How is a pole barn more secure than a shipping container. Now I am unable to insure my collector vehicles with Hagerty. I am extremely disappointed and will not be recommending Hagerty to anyone anymore. – Jim D., Yelp 5/16/2022

Made an error on my application, so even though I’ve been driving for 20 years and have had no accidents, have had this vehicle insured for 12 years with no incidents, it appears that because of an application error I am too high risk for Hagerty to insure. I asked for some kind of guidelines or information on if/when I could be eligible again and she didn’t want to discuss it, just told me they wouldn’t be interested in providing coverage at this time. As though I was speaking to a robot. Not the customer experience I would expect from a highly regarded company. – Jesse, Consumer Affairs 5/17/2022

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?

Visit Hagerty Insurance Website

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 have not. However, we will note 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.

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.

Disclaimer: Information regarding insurance company offerings, pricing, and other contract details are subject to change by the insurance company at any time and are not under the control of this website. Information published on this website is intended for reference use only. Please review your policy carefully before signing up for a new insurance contract or any other contract as your unique circumstances will differ from those that may be used for example purposes in this article.

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