How To Protect Your Collector Vehicle
The car you love deserves better protection. Here’s how to gain peace of mind and enjoy your vehicle even more.
Drive and ride more
Your vehicle is meant to be enjoyed and we encourage it. So take that road trip, travel to a car show, cruise the open water, have fun! A policy through Hagerty allows you flexible usage.
Get what it’s worth
With Guaranteed Value® if a covered total loss happens, you get the price you agreed on. Guaranteed.*
Talk to experienced claims specialists
Our adjusters understand the nuances of enthusiast vehicles and know what it takes to get work done right, including your choice of repair shops or paying you to do the work yourself.**
Coverage for cars, trucks, SUVs, motorcycles, boats and more
This includes 90s vehicles right up to present day. Need coverage for your motorsports car and trailer? You’ll get a policy that fits your needs and protects whatever you own.
Hagerty is an automotive lifestyle brand
It’s our mission to keep driving alive for all enthusiasts. Connect and engage with others through Hagerty Drivers Club®, daily digital content, video series, forums, events and more.
Important Considerations For Specialty/Enthusiast Vehicle Insurance
It’s worth it to take a few minutes to understand how to get the best, most affordable coverage for your enthusiast vehicle.
What’s the difference between specialty and everyday insurance?
Specialty and everyday insurance policies differ greatly when it comes to vehicle value and how you are compensated in the event of a loss. There are three ways auto insurance pay out claims:
Actual Cash Value
Most everyday insurers offer Actual Cash Value policies. This is what an insurance adjuster says your car is worth, usually based on used car values – not the enthusiast car market. If your vehicle’s stolen or declared a total loss after an accident, it’s unlikely you’ll be compensated for its true value.
Stated Value
Many everyday insurers offer Stated Value policies for enthusiast vehicles, which allows insurers to pay the lesser between Stated Value and Actual Cash Value and is based on the used car market not the collector car market. What’s more, it does not cover 100% of the vehicle’s value. In fact, it may pay less than the Stated Value if the Actual Cash Value is lower at the time of the accident.
Agreed Value Or Guaranteed Value
Most specialty insurers offer Agreed Value. Hagerty offers Guaranteed Value®: you help determine an accurate value up front and that’s what you’re paid if there’s a covered total loss*. Guaranteed Value helps ensure you’ll be compensated for the true cost to repair or replace your collector vehicle based on data from Hagerty Valuation Tools® not the used car market.
Is Specialty/Enthusiast Vehicle Insurance Right For You?
Defining “enthusiast vehicle”
Different companies have different vehicle and age requirements, but vehicles are generally considered “enthusiast” if they are not daily drivers, they maintain or appreciate in value and are of limited production or special interest.
Considerations for specialty/enthusiast vehicle insurance
- Driver experience varies. Ask about minimum driver experience.
- Vehicle storage requirements vary by company and location. Ask about garaging requirements for your enthusiast vehicle.
- Vehicle cannot be used for back-up or daily transportation. Some companies have strict mileage limitations; others are more flexible. Ask your agent about usage options for your coverage.
What should you look for when shopping around for specialty/enthusiast insurance?
- Guaranteed Value coverage — It’s the only way to make sure you get the full value of your enthusiast vehicle.
- A good reputation — Ask around and read online reviews. Find out how companies treat their clients and deal with claims, including letting you choose the repair shop or paying you to do the work yourself.
- Financial stability — Choose a company with an A.M. Best rating of “A-” or better. This means that the company is financially strong and benefits from good management.
- The freedom to drive — Check to make sure you have flexibility when it comes to driving your vehicle, both how often and where. For example, some companies limit coverage to car shows only or don’t cover a loss if the vehicle is in a grocery parking lot.
- An authentic love for cars — Choose an insurance company that has experience, expertise and passion when it comes to enthusiast vehicles.
*Less any deductible and/or salvage value, if retained by you. Guaranteed Value includes all taxes and fees unless prohibited by state law. Policies underwritten by Essentia Insurance Company. Some coverage not available in all states. This is a general description of coverage. All coverage subject to policy provisions, exclusions, and endorsements. Hagerty determines final risk acceptance. Hagerty Insurance Agency, LLC is licensed in CA under #0C15100. Hagerty, Guaranteed Value & Hagerty Valuation Tools are registered trademarks of the Hagerty Group LLC, ©2021 The Hagerty Group, LLC. All Rights Reserved.