A specialty insurance company offers classic car insurance that covers those who own or drive an antique, muscle, or collectible car. These policies provide better coverage at a lower cost than standard auto insurance policies. When comparing classic auto insurance companies, there are many things to take into consideration. Every company has its advantages and disadvantages. It is crucial that you choose the right insurance company for your needs.
Hagerty Classic Car Insurance, which offers specialty collector vehicle insurance, has been in business since 1991. It is one of the most well-known and largest collector car insurance companies. Because they are car collectors, they know the insurance requirements of classic car owners. They offer the following:
Agreed value coverage: You receive the entire insured amount in case of total loss
– A large range of deductibles starting at $0
– One liability charge. This saves money on your premium if you insure more than one classic car.
– In-house claims Management – Most claims are handled by Hagerty’s collector car insurance specialist, seven days per week from April through Oct
You choose the repair shop that you prefer – any repairs will be handled by this shop.
Instant coverage for new purchases – A new addition to your collection will automatically be covered up to $50,000
Car show medical reimbursement – Clients and their families get pre-determined medical coverage in the event of an injury at a car-show.
Hagerty Classic Car Insurance offers additional coverage for active restoration, business-use endorsement, overseas shipping coverage, foreign liability and property damages if your car is taken to an overseas event. Additional coverage can be purchased for automotive tools and memorabilia as well as spare parts and motorcycle safety equipment. Hagerty also offers a car club liability program.
Hagerty Plus offers additional benefits to its members. This includes flatbed towing coverage and emergency roadside assistance, as well as a subscription to Hagerty magazine and access to the “Ask Hagerty” concierge service. They are advocates for legislative issues related to collector cars. A portion of their membership fees goes to The Collectors Foundation which grants scholarships and grants to other organizations that work to preserve the hobby.
Hagerty has some limitations on who and what is eligible for their insurance. Drivers who have been involved in more than two minor traffic offenses or an accident within the last 3-6 years could not be eligible. You cannot drive the vehicle more than a few times a year, or go to any automotive-related events. You might consider a specialty insurance company that does not limit the amount of time you can drive your classic car. Your vehicle must be kept in an enclosed, locked garage. Like most collector car insurance companies you will need a “daily” driver that is also insured under your name.
Most antique and classic cars, muscle cars and street rods, as well as military vehicles, antique firetrucks, tractors and motorcycles, are covered by insurance policies. Hagerty doesn’t offer insurance for Cobras, Cobra-replicas, off-road cars, many Pro-Street vehicles, any vehicle with nitrous or dune buggies as well as modified motorcycles. Some of their “late model classics”, exotic or special interest vehicles and limited production vehicles are covered. However, they will only offer insurance if the vehicle is being kept as a collectible or driven on a restricted basis.
Hagerty Classic Car Insurance can be a great choice, provided you and your vehicle meet the requirements and you don’t drive your car for extended periods of time each year. I will soon add articles about other collector car insurance companies with different restrictions and qualifications. Check out my other articles to ensure you find the classic car insurance company that best suits your needs.