Hagerty (Insurance)

Hagerty is an automotive insurance company based in Traverse City, Michigan. It is the world's largest provider of specialty insurance for collectible vehicles.[1][2]

Hagerty Insurance Agency, LLC
Hagerty
TypeLimited liability company
Private
IndustryInsurance
FoundedTraverse City, Michigan
(1984 (1984))
Founder
  • Frank Hagerty
  • Louise Hagerty
Headquarters
121 Drivers Edge
Traverse City, Michigan
,
United States
Area served
Canada, United Kingdom, United States
Key people
McKeel Hagerty, Chief Executive Officer
Websitewww.hagerty.com

History

Frank and Louise Hagerty started out as personal lines insurance agents. With a personal interest in vintage boats and classic cars, they had a problem finding insurance coverage for their collectibles. In 1984, the couple started their own agency in the family basement offering agreed value policies for boats. This specialty coverage was a big hit; within a few years, half of all vintage boat owners were Hagerty clients. In 1991, the company added coverage for classic cars, offering a specialty auto policy The company is led today by McKeel Hagerty, son of Frank and Louise.[2]

The company sponsors scholarships to students interested in working in the collector car market. They started this through their former Collectors Foundation in 2005, and continued in partnership with LeMay–America’s Car Museum since 2014.[3] In addition, company employees participate in a program to get hands-on experience restoring classic cars. In one such project in 2013,

123 employees donated 2,750 hours of labor, made 900 telephone calls chasing down parts, worked through 215 lunch breaks, used three tubes of super glue to repair cracked fingertips and, according to the project Web site, uttered "too many four-letter words to count" as they brought a decimated 1969 Chevrolet Camaro SS back to life,

according to the New York Times.[4] The car has been used both to educate employees of the company on what clients experience in restoration, as well as for marketing and promotional purposes. After restoration of the Chevrolet Camaro SS was completed in 2013, the company sent it to the Woodward Dream Cruise and other events.[5]

This experience in working with the details or restoration was touted by Nationwide Insurance when that company partnered with Hagerty in 2014 to offer specialty car insurance.[6] Hagerty has also partnered with Progressive Auto Insurance and Esurance to provide collector car insurance policies to consumers.[1][7] These policies come with a number of restrictions. Insured vehicles cannot be in daily use, and they must be kept in secured storage. The company also places restrictions on the driving records of its policy holders.[8]

Hagerty showcases classic cars at its Traverse City headquarters. For the 50th anniversary of the Ford Mustang, the company displayed the eight convertible of that model built in 1964.[9] In addition, the company publishes a monthly magazine for car collectors, Hagerty Classic Cars (ISSN 2162-8033) that is available online and in print.[10] Hagerty has also partnered with Hemmings Motor News to provide vehicle pricing information for classic cars.[11] They also release lists of cars deemed to be collectible in the future.[12]

The company became the organizer of the Greenwich Concours d'Elégance in 2019 and the California Mille in 2020.[13]

References
  1. Staff. "Additional Insurance Choices". Progressive Auto Insurance. Retrieved May 12, 2014.
  2. Staff. "Our Story". The Hagerty Group, LLC. Retrieved May 8, 2014.
  3. Sejnost, Natalie (January 22, 2014). "Get a Classic Car Restoration Scholarship: Hagerty and LeMay Museum Join Forces to Create New Collector Car Education Program". Autoweek. Retrieved May 12, 2014.
  4. Edsall, Larry (June 13, 2013). "Hagerty Employees Restore a Classic Camaro". The New York Times. Retrieved May 12, 2014.
  5. Kozak, Graham (August 16, 2013). "Dream Cruising in Hagerty's 1969 Camaro SS: Comeback Camaro the Perfect Woodward Ride". Autoweek. Retrieved May 12, 2013.
  6. Weese, Evan (April 1, 2014). "Nationwide Launches Classic Car Unit with Specialist Hagerty Insurance". Columbus Business First. Retrieved May 12, 2014.
  7. Staff. "Collector Car & Classic Vehicle Insurance". Esurance. Retrieved May 12, 2014.
  8. "Hagerty Car Insurance Review". Car Insurance Comparison. Retrieved May 12, 2014.
  9. Payne, Nathan (April 21, 2014). "TC Man's Mustang Turns 50". Traverse City Record-Eagle. Retrieved May 12, 2014.
  10. Staff. "'Hagerty Classic Cars' Magazine". The Hagerty Group, LLC. Retrieved May 12, 2014.
  11. Staff. "Classic Car Price Guide". Hemmings Motor News. Retrieved May 12, 2014.
  12. Gorzelany, Jim (April 17, 2014). "Tomorrrrow's Hottttestt Olld Carrs: A Leading Classic Car Insurer Looks into its Crystal Ball to Predict which of Today's New Vehicles Could Become Valued Collectibles down the Road". Front Page. News Transcript. Manalapan, NJ: Greater Media Newspapers. CTW Features. Archived from the original on May 12, 2014. Retrieved May 12, 2014.
  13. Hagerty acquires California Mille - Vintage Motorsport, 28 October 2020
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.