The Business of Collector Cars: Writing Commercial Insurance Through Hagerty

Walking to my Ferrari

When clients show passion for collector cars, it often extends outside the garage. Through Hagerty, agents can leverage this passion to uncover lucrative commercial insurance opportunities for specialty automotive businesses. Here’s a quick overview.

Commercial business insurance through Hagerty

Car lovers will find any opportunity to spend time with the collector vehicles they love.

For some, that means owning and driving as many cars as their garage can hold. But others make these unique vehicles their livelihood. They build businesses that nurture their passion and let them experience new and different collector cars almost every day.

In fact, 11 percent of Hagerty survey respondents tell us they work in the auto industry and three percent of these enthusiasts own their own automotive businesses. That means tens of thousands of automotive commercial business insurance opportunities! Restoration shops, automotive museums, storage facilities, and collector car dealerships are a just few examples.

Operating specialty automotive businesses sparks joy in their owners, but also brings significant risks and challenges. That’s why Hagerty offers a portfolio of commercial policies designed to protect both the business owner and the one-of-a-kind vehicles under their care.

Though coverage guidelines will differ with each unique business, the benefits of writing through Hagerty will typically include the following:

  • Vehicles protected for what they’re actually worth. Hagerty Valuation Tools® can determine the most up-to-date values that pay out Guaranteed Value® after a loss.
  • One-limit blanket policies. That means your client won’t have to call to add or remove each individual vehicle.
  • No per-vehicle value limits. Even high-value cars stay protected under the Hagerty program.
  • All physical damage claims are handled by Hagerty. Our in-house specialists understand the nuances of collector car repair and make sure claims are handled correctly.

Hagerty is here to save driving and car culture for future generations. And to us, that includes protecting the automotive businesses keeping the enthusiast community thriving.

Specialized protection for automotive specialty businesses

Here’s a quick look at the commercial businesses you can insure through Hagerty:

  • Automotive Restoration Shops: Skilled workers often attend to multiple projects at once, with restorations that can take up to two years to complete. Hagerty coverage protects these vehicles from start to finish. We’ll also cover the shop’s tools and service vehicles.
  • Collector Car Museums: Owning an automotive museum means housing a fleet of the finest, rarest, and most valuable cars on the planet. Hagerty commercial coverage protects these vehicles – including loaned vehicles on display and the installation’s memorabilia and signage.
  • Automotive Storage Facilities: Enthusiasts should keep their cars fully protected while in storage, but that won’t insulate facility owners from liability if damage occurs. Knowing these special vehicles are fully protected through Hagerty while under your client’s care provides significant peace of mind to both business owners and their clients.
  • Collector Car Dealerships: Hagerty knows collector cars, so it makes sense to offer coverage for the unique needs of collector car dealerships. Our commercial policies cover both owned and consigned vehicles under the care of an established dealership with at least half the inventory 25 years or older.

Hagerty is well known as the collector car insurance expert. But we’ve also been active in the commercial insurance space for more than ten years. We know cars. We know their owners. And we know the needs of these specialty automotive businesses.

Why write commercial business through Hagerty?

It’s simple. Car lovers make great clients.

The more you work with a car enthusiast the more opportunity you’ll find to protect both commercial and personal line assets. Through Hagerty, you’ll have the opportunity to write an entire package to best suit a client’s needs.

Writing a commercial policy through Hagerty provides your client with twice the peace of mind. Thanks to you, they know their business is protected just as well as their collector car by a trusted name in the marketplace.

If you’re writing collector car policies through Hagerty, you already know our ease of business is unparalleled. Same goes for our commercial product. Once a policy is purchased, a dedicated team is assigned to help manage the policy. And clients can rest easy knowing our world-class claims team will address any physical damage.

Net promoter scores (NPS) represent another great indicator of high client satisfaction. Hagerty members report an NPS score of 82, which is more than double the industry average. When it comes to business insurance, more than 95 percent of our commercial policies renew.

Remember, the collector car community is enormous, but its local bonds are tight. Show enthusiast clients you understand their needs and they’ll often recommend you to the other collectors and entrepreneurs they work with.

Hagerty commercial insurance guidelines

Find our commercial policy guidelines on the Hagerty Agent Business Center. We’ve also loaded our Agent Resources page with commercial policy applications and one-pagers detailing coverage benefits for the businesses qualifying for our program.

Seventy percent of Hagerty commercial policies are written through agents!3 Whether it’s a collector dealership, restoration shop, or storage facility, make sure to keep our commercial coverages top-of-mind when a client shares their automotive passion and profession.

Call 888-216-2420 or email for additional assistance. A Hagerty specialist will be happy to help.

The information provided in this article is for general informational purposes only. It is not intended to be taken as advice with respect to any specific or individual situation and connote be relied upon as such. 1 Source: Hagerty 2022 Enthusiast Report, July 2022. 2 Source: NPS score as of June 2021. 3 Source: Hagerty data, October 2022. Hagerty, Guaranteed Value, and Hagerty Valuation Tools are registered trademarks of The Hagerty Group LLC, ©2024 The Hagerty Group, LLC. All Rights Reserved. The Hagerty Group, LLC is a wholly owned subsidiary of Hagerty, Inc. Policies underwritten by Markel Insurance Company®, Markel American Insurance Company®, or Travelers®. 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.