Classic Car Insurance

Hello, Hagerty

Frank and Louise Hagerty didn’t plan on building a collector car insurance empire. In 1956, they opened a general insurance agency in Traverse City, Michigan. After selling the firm in 1979, they re-entered the industry in 1983 with Hagerty Insurance—this time targeting a niche market: vintage wooden boats. Working with underwriters, they launched an affordable full-coverage policy and soon insured half of all vintage wooden boats in the U.S. As boat owners began asking about insurance for their classic cars—an area underserved by traditional auto policies—the Hagertys pivoted once more. Existing coverage treated collector vehicles as depreciating assets, resulting in inadequate payouts. Hagerty recognized the gap and filled it.

Hello, Hanover

Nowadays, The Hanover has partnered with Hagerty to launch Hanover Collector Car, a classic car product underwritten by Hanover and powered by Hagerty. Currently available in Michigan and Illinois through independent agents, the program marks Hanover’s formal entry into the collector car space, with a broader rollout on the horizon.

This report unpacks Hagerty’s influence, insurer strategies, and the growing focus on enthusiasts—not just collectors.