Hagerty Insurance

Hagerty Insurance is a leading insurance provider specializing in classic car insurance, founded by Frank Hagerty and Lou Hagerty in 1984, with its headquarters in Traverse City, Michigan. The company has grown to become one of the largest and most well-known insurance providers for classic cars, with a presence in the United States, Canada, and the United Kingdom. Hagerty Insurance has partnered with various organizations, including the Classic Car Club of America, Antique Automobile Club of America, and Pebble Beach Concours d'Elegance, to provide insurance coverage for classic car owners. The company's success can be attributed to its unique approach to insurance, which takes into account the specific needs of classic car owners, such as Jay Leno and Jerry Seinfeld, who require specialized coverage for their valuable vehicles.

● History

Hagerty Insurance was founded in 1984 by Frank Hagerty and Lou Hagerty, with the goal of providing specialized insurance coverage for classic car owners, including those who own Ferrari, Porsche, and Chevrolet models. The company's early success was fueled by its partnership with the Classic Car Club of America and the Antique Automobile Club of America, which helped to establish Hagerty Insurance as a leader in the classic car insurance market. In the 1990s, Hagerty Insurance expanded its operations to include coverage for boat and airplane owners, partnering with organizations such as the Marine Retailers Association of the Americas and the Aircraft Owners and Pilots Association. Today, Hagerty Insurance is led by McKeel Hagerty, who has continued to expand the company's operations and partnerships, including a recent partnership with the Concours d'Elegance and the Gooding & Company auction house.

● Products and Services

Hagerty Insurance offers a range of products and services designed specifically for classic car owners, including agreed value coverage, zero deductible coverage, and in-house claims handling. The company also provides coverage for classic boats and vintage airplanes, as well as collectible motorcycles and automotive memorabilia. In addition to its insurance products, Hagerty Insurance offers a range of services, including vehicle valuation and restoration consulting, through partnerships with organizations such as the National Automobile Museum and the Petersen Automotive Museum. The company's products and services are designed to meet the unique needs of classic car owners, such as Carroll Shelby and Lee Iacocca, who require specialized coverage and services for their valuable vehicles.

● Company Operations

Hagerty Insurance is headquartered in Traverse City, Michigan, with operations in the United States, Canada, and the United Kingdom. The company employs a team of experienced insurance professionals, including underwriters, claims adjusters, and customer service representatives, who are trained to handle the unique needs of classic car owners. Hagerty Insurance has also established a network of independent agents and brokers who can provide personalized service to clients, including those who own Rolls-Royce, Bentley, and Aston Martin models. The company's operations are supported by a range of technology systems, including policy management software and claims handling systems, which enable efficient and effective service delivery.

● Financial Information

Hagerty Insurance is a privately held company, and as such, its financial information is not publicly disclosed. However, the company has reported significant growth in recent years, with revenues exceeding $500 million in 2020. Hagerty Insurance has also invested heavily in its operations, including the development of new technology systems and the expansion of its marketing and sales efforts, through partnerships with organizations such as the National Insurance Crime Bureau and the Insurance Information Institute. The company's financial stability has been recognized by A.M. Best, which has assigned a rating of A+ (Superior) to Hagerty Insurance, indicating its strong financial position and ability to meet its obligations to policyholders.

● Awards and Recognition

Hagerty Insurance has received numerous awards and recognition for its products and services, including the Alfred P. Sloan Award for excellence in management and the National Underwriter Award for innovation in insurance. The company has also been recognized as one of the Best Places to Work by the Traverse City Business News and as a Top Workplace by the Detroit Free Press. In addition, Hagerty Insurance has been named as a Top Insurance Company by Forbes and as a Best Insurance Provider by Consumer Reports, which has recognized the company's commitment to providing high-quality insurance products and services to classic car owners, such as Barrett-Jackson and RM Sotheby's.

● Community Involvement

Hagerty Insurance is committed to giving back to the community, with a focus on supporting organizations that promote the preservation and appreciation of classic cars, such as the Classic Car Club of America and the Antique Automobile Club of America. The company has partnered with a range of organizations, including the National Automobile Museum and the Petersen Automotive Museum, to support educational programs and events that promote the hobby of classic car collecting. Hagerty Insurance has also supported a range of charitable organizations, including the United Way and the American Red Cross, through donations and volunteer efforts, and has partnered with organizations such as the Boy Scouts of America and the Girl Scouts of the USA to support youth development programs. The company's community involvement has been recognized by the Traverse City Business News, which has named Hagerty Insurance as a Top Corporate Citizen. Category:Insurance companies of the United States