This article was produced in partnership with Hagerty.
Karen Surca, of Insurance Business, sat down with Saqid Saeed, market development manager for Hagerty, to discuss the classic car insurance sector.
There is one segment of the insurance market that goes beyond standard auto insuring and encompasses the passions and unique coverage requirements of a select specialty automotive community: classic car enthusiasts.
Within this niche market, there is also one provider that stands above the competition and steers the insurance needs of those fortunate to own classic and collector automobiles.
Hagerty is a name that is synonymous with the world of specialty automobiles and can be found in the signage of many collector automobile events.
Saqib Saeed, market development manager for Hagerty, pointed out that it is not enough for the firm to provide first-rate coverage for its insureds. To truly cater to its clients, the Hagerty team lives and breathes the collector auto world. Many Hagerty employees are car aficionados themselves with a passion for all that goes with it.
With offices in Canada, the US, and the UK, Hagerty is filling the insurance gap for insureds who pour their heart and soul into their prized vehicles.
This passion for all things automotive is reflected in the unique insurance packages that Hagerty has on offer. The company works overtime to anticipate the unique insurance coverage needs of its insureds, as well as stepping out of the standard auto insurance box to offer activities and programs that appeal to its clients.
“Our mantra here is to be the number one automotive lifestyle brand globally. We really support the hobby outside of insurance,” Saeed explained. “First and foremost, we work hard, but we play hard as well.”
“We recently opened a new Hagerty Garage + Social® space near Toronto,” he added. “This is the first in Canada, but it is the sixth one in North America. Each location features climate-controlled garages with 24/7 security, plus premium social space to gather with fellow automotive enthusiasts. Garage + Social is a car lover’s home away from home. You can hang out with other members who have collections, race on the simulator, and bond over your automotive passion.”
“We really like to think of ourselves as enthusiasts as well as insurance providers. So, Hagerty is really servicing a community that serves us in return,” Saqib elaborated. “We have a large team with a lot of expertise, and we’re all committed to Hagerty’s mission: to save driving and car culture.”
With events including ‘Cars & Caffeine™,’ Hagerty is focusing its efforts on bringing the automotive community together to share experiences.
Hagerty also offers Hagerty Drivers Club® to its members, which includes access to Hagerty Drivers Club magazine, roadside assistance, special discounts, and access to exclusive events.
When asked what insurance products Hagerty can offer its insureds, Saeed pointed toward two comprehensive packages including Cherished Salvage® coverage and Vehicle Under Construction coverage that are both measured, in part, by Hagerty’s in-depth pricing tools. *
“The Hagerty Valuation Tool® is revered in the industry,” Saeed said. “It is basically a breakdown of vehicles and their values depending on what condition the cars are in. The guide is not just used for insurance, but in general to see what is happening in the market.”
“Our Cherished Salvage coverage is trademarked by Hagerty, and it is unique to Hagerty as well,” Saeed described. “It’s an optional endorsement that somebody can put on their policy, so if something happens to their vehicle and it is a total loss, the client retains their vehicle, while still being paid what we call its Guaranteed Value™. **”
To put clients at ease, Hagerty talks with its insureds up front and agrees on a value for the vehicle, and then guarantee that value.
Saeed pointed out that, unlike other auto insurance companies that normally require an appraisal, Hagerty has the specialized pricing knowledge and is confident with upfront agreed-upon values for its clients’ collector cars, rather than relying on an outside appraiser – so they don’t require appraisals on most stock collector vehicles.
To further meet the needs of its clients, Saeed said Hagerty’s Vehicle Under Construction coverage steers its clients in the right direction.
“Car projects can often go on for a year or two and while they are building there is no coverage to be offered in the regular market. We offer coverage so that as the vehicle is being built up and as its value increases, the insured value on their policy can be amended and increases accordingly,” Saeed outlined.
With programs in place that address the specific needs of the specialty car market and the worst of the pandemic in the rear-view mirror, Hagerty is on the road and returning to in-person auto events.
“During COVID, we were able to pivot very quickly to virtual platforms and virtual interactions as well, things like virtual car shows. One way the community stays engaged is online,” Saeed reflected.
Saeed is quick to point out, however, that nothing beats the rush of being able to get back to attending events in person.
“Cars are a very tangible thing. You have to experience a car and experience a car show. You need to be able to look at a $25,000 paint job in person. So that has been the missing piece,” Saeed said.
“You have to enjoy the ride.”
