With a garage full of insurance choices, who should cover those classic rides?

With a garage full of insurance choices, who should cover those classic rides? | Insurance Business Canada

Motor & Fleet

With a garage full of insurance choices, who should cover those classic rides?

Brokers have one option that stands out in heavy traffic

Motor & Fleet

By
Desmond Devoy

This article was produced in partnership with Hagerty, Canada’s leading provider of classic and collector vehicle insurance.

Desmond Devoy, of Insurance Business Canada, went on a cruise to find out why classic car owners should think about Hagerty Insurance first to insure their collectible wheels.

When it comes to classic cars, why Hagerty?

It’s fair to say your client’s classic car is very important to them – so shouldn’t their insurance be equally important?

Hagerty’s insurance program was built by car lovers, for car lovers, meaning they care for and understand what your clients are passionate about. They know how hard it can be to find the coverage that your customers’ need.

Going above and beyond

Since Hagerty only protects collector vehicles – not daily drivers – its Guaranteed Value™ coverage is built specifically for the cars your clients love. This also means premiums tend to be much lower than standard insurance: Talk about a win/win. In a hardening market, there has never been a better time to move these truly special vehicles to a specialized policy offered through Hagerty.

Brokers also have the necessary tools to finely tune that motoring-enthusiast’s policy with Hagerty’s broad range of custom-designed endorsements. For the hands-on tinkerers, the Vehicle Under Construction endorsement features automatic quarterly value increases, so these clients will feel confident their project is properly protected as their work progresses. Additional coverages like Seasonal Commute coverage, and a client-favourite, Cherished Salvage®, are also available.

With exceptional products, it’s no surprise Hagerty has consistently delivered exceptional service with Net Promoter Scores of over 80 in Canada – compared to an industry average below 50. They regularly hear feedback like: “I wouldn’t insure my very special cars anywhere else.” And with 90% of customers choosing to stay insured with Hagerty each year, brokers will appreciate the loyalty and passion of these customers.

With Hagerty, there are also offerings that go above and beyond plain old insurance – Hagerty Drivers’ Club, automotive events and Hagerty Garage + Social.

Like any good driver, Hagerty is always looking at the road ahead. That’s why they invest in young drivers and young mechanics through the Hagerty Drivers Foundation. They also help to keep our country’s scenic roads scenic by providing access – and contributing directly – to an optional Enthusiast Carbon Offset program for all car lovers.

It’s a family tradition

Founders Frank and Louise Hagerty could not find insurance for their favourite wooden boats. So, what did they do? They started Hagerty Insurance out of the basement of their family home.

While they loved their time on the water, they were also loyal members of the car-loving community, and soon expanded the business to protect their beloved vehicles as well. That business has grown into a global automotive enthusiast brand and the world’s largest membership organization for car lovers, all driven by the passion for the automobile.

How does a company grow like that? Hagerty knows collector vehicles and understands what makes their value unique when compared to a vehicle that’s used as a daily driver. Collector cars require tailored protection and their owners want to make sure their vehicles are properly insured. A big part of that is knowing what the vehicle is worth. Hagerty prides itself on curating vast amounts of vehicle valuation data and market trends for more than 15,000 cars, trucks, and SUVs, which simply means your clients can be protected for what their vehicle is actually worth.