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Hagerty Motorcycle Insurance Review

Hagerty Motorcycle Insurance Review

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Hagerty Insurance Agency is a company that provides coverage for individuals with antique, classic, and collector vehicles. If you own a vintage or classic motorcycle, this is a company that will provide you with quality coverage to best fit your bike. There are specific qualifications for insuring your bike with Hagerty – so if you are looking to insure a typical, non-classic bike with Hagerty, you’d be better off looking elsewhere. This is a company aimed towards serious collectors who want to keep their collections’ safe and secure.

Hagerty is a company that is underwritten by many different companies including: Nationwide and Essentia. Additionally, their touring liability program is underwritten by Hiscox and overseas shipping program by Lloyd’s. The Hagerty plus packages are provided through the Signature Motor Club or the National Motor Club.

Hagerty has many different companies that they work with to provide their customers with top notch policies on collector bikes and other vehicles. In addition to vintage motorcycle insurance, Hagerty also provides classic: auto, boat, commercial, private client, international, and motorsports insurance. If you have a classic bike or vintage vehicle that you’d like insured, Hagerty is one of the top choices for insurance.

Hagerty Company History

In 1983, Frank and Louise Hagerty sought out insurance coverage for their collector wooden boats. After searching all around Michigan, they couldn’t find any insurer willing to offer a fair policy to cover their collector boats. Since the Hagerty’s were unable to find insurance for their collector boats, they decided to create their own insurance company in 1984. Prior to the creation of their own company, both had experience working as personal lines insurance agents for years – this gave them some general ideas for policies.

Initially their company was run directly out of their family basement. This was where they created an “Agreed Value” policy for collector boats. An “agreed value policy” meant that they would provide insurance on a value that was agreed upon by customers. This revolutionized the way that classic boats were insured. This specialty coverage became widely popular and by the year 1990, nearly half of vintage boat owners in the United States were insured with Hagerty.

In 1991, the company decided to expand business and provide coverage for collector cars. For collector cars they used a policy that combined “agreed value” coverage with “flexible usage” and “in-house claims” handling. Flexible usage meant that people could use their collector cars on a flexible basis agreed upon with Hagerty and the “in house claims” made claims handling quicker. More individuals began insuring their collector vehicles through Hagerty due to their upstanding reputation and unique services.

In 1995, two of Frank and Louise Hagerty’s children (Kim and McKeel) were helping run the family insurance business. These two helped the company expand in all areas including: product lines, client services, technology, and marketing. By the year 2000, the company had launched overseas shipping and touring coverage. Just two years later in 2002, the company launched Hagerty Plus – a roadside assistance program exclusively designed for collector vehicles. This program featured guaranteed flatbed trailers for towing.

They also published a piece of popular literature called “Drivers Beware: The Ten Most Dangerous Foods to Eat While Driving.” The article became so widely read that it even was used as a question on the game show “Jeopardy.” In 2004, Hagerty developed PCS – an elite suite of services and products geared specifically towards high-end collectors. In 2005 they founded the Collectors Foundation – a non-profit company with the tagline “protect the past, build the future.” This company helped to fund training and general education among the car collector community.

In 2006, Hagerty Magazine was published for the first time. The magazine is now called “Hagerty Classic Cars” and became widely popular among vintage vehicle owners. This same year, the company opened an office in the United Kingdom. By 2008, they published the first copy of “Hagerty’s Cars That Matter” – an accurate price guide for collector vehicles – it was later renamed “Hagerty Price Guide.” They also began introducing commercial coverage to help protect companies that serve the collector car community.

In 2009 they created the Historic Vehicle Association – which serves as North American’s FIVA affiliate. The Historic Vehicle Association helps people celebrate and understand automobile heritage in the United States. This same year they also began providing coverage for drivers in Canada. In 2010 they created a “Guaranteed Value” policy – an evolution of their “Agreed Value” coverage. This same year an employee of Hagerty named Jonathan Klinger drove a ’30 Model A every day for a year. This helped inspire a company tradition of restoring a classic vehicle every year.

Within 30 years of company business, it had grown from a tiny vintage boat insurer with headquarters in the family basement to the number one company for collector car and boat insurance in the world. Hagerty is now a leader in collector car and boat insurance. They continue to find ways to expand and please their passionate customers. They currently protect over 700,000 vehicles, 10,000 boats, and 25,000 motorcycles and are worth over $19 billion as a company.

They also find ways to give back to the community by donating 10% of revenue to programs and organizations dedicated to classic vehicles. They also give their employees 16 hours of paid community service each year. They have been recognized at state and national levels for their employee volunteering commitment.

Hagerty Motorcycle Insurance Coverage Options

If your bike qualifies for Hagerty, you probably already know that they offer the most extensive coverage possible for your collectible bike. If you are curious as to what they offer or how they compare to another popular classic vehicle company like Grundy – read below and compare their coverage options.

Auto Show Medical Reimbursement – You will get up to $10,000 in medical payments if you or your family members are injured during an auto-show or vehicle-related event.

Customized Policies – Whether you are looking to insure just one classic bike or twenty, you can create a policy specifically for your needs. Are you restoring your bike? Do you bring it when you travel? What is the value of all the parts? Each person will want unique coverage, so with Hagerty you can customize your policy.

Emergency Roadside Service – Older motorcycles have a greater chance of breaking down. If this is the case, Hagerty Plus roadside services will have you back on track in no time. They will tow you with a flatbed, deliver you fuel, and help you get back on the road.

Exceptional Claims – They handle all of their claims on an “in-house” basis. All of their adjusters are trained specifically towards handling classic motorcycle repairs. They also let you choose the repair shop if your bike needs fixing. Additionally, they will pay you to do the fixing yourself if you’d like to go that route.

Flatbed Roadside Assistance – They offer an optional roadside assistance program that is rated best-in-class. They provide guaranteed flatbed towing should your vehicle need to be taken to a repair shop or experience a breakdown.

Flexible Usage – Classic vehicles are great to look at, but still were meant to be driven. Whether you are driving to a show or taking your bike for a spin down the road, it will still be covered.

Full Coverage – You will receive Collision, Comprehensive, and Liability protection with Hagerty’s full coverage. This means that you will be insured if you get into a crash, get your vehicle stolen or vandalized, or injure another driver or passenger. You will be able to choose what coverage limits you’d like to purchase on your policy.

Guaranteed Value – They help you determine the value of your classic motorcycle, then create an agreed value policy to cover it. In the event of a covered total loss, Hagerty pays the agreed upon amount – guaranteed.

Instant Purchase Protection – Get 30 days of coverage for up to $50,000 of the vehicle value for new collectible vehicles.

Low Annual Premiums – They promise that they offer low annual premiums to help you save money. They only insure antiques and collectible vehicles – so they can provide coverage at a significantly lower price than vehicles driven daily.

No Fixed Mileage – They allow flexible use of your classic motorcycle with no “fixed limits” on your mileage. Whether you take your bike out for a ride on a random sunny day or are going to a bike rally, you’ll be covered.

Safety Equipment Insurance – Get up to $1,000 worth of coverage for motorcycle safety gear including leather jackets, pants, gloves, goggles, boots, and helmets. If any of this apparel is damaged in an accident, they will pay for it.

Spare Parts & Tools Insurance – If you have spare parts for your collectible motorcycle, you will get up to $750 worth of coverage towards keeping them insured.

Hagerty Motorcycle Insurance Requirements

  • Motorcycle Qualifications:
  1. Motorcycles must be from 1985 or older
  2. Sidecars must be original equipment from the era of the bike’s actual manufactured date
  3. Motorcycles must be stored in a fully enclosed garage, carports are NOT acceptable
  4. Motorcycles being restored can be considered if they meet the minimum value requirement
  5. Minimum value is $3,500
  6. Collections of 3 or more motorcycles:  minimum value is $2,000 per bike
  • Frame & Structurally Modified Motorcycles:
  1. Motorcycles must be 1975 or older
  2. Minimum insured value is $7,500
  3. Replica motorcycles can be considered (A 1951 Harley is restored on a 1973 Harley frame)
  4. Custom built motorcycles (Choppers) are NOT eligible
  5. Trikes (three-wheeled custom motorcycles) are NOT eligible

Examples of brands insured:

BMW R69, Cushman, Pierce Four, Cafe Racers, Indian Chief, Honda CB350, Ariel Square 4, Flying Merkel, Ducati 750 GT, Yamaha RD350, BSA Lightning, Triumph Bonneville, Norton Commando, Harley Davidson FLH, Vincent Black Shadow, Henderson 4 Cylinder, Harley Davidson Sportster

Note: Motorcycles with performance modifications will likely NOT qualify for coverage. You also must agree to Hagerty’s usage terms – in other words, your collecor bike cannot be used as a daily driver. Your bike must also be stored in an enclosed structure when not in use. You also must not have any serious driver infractions within the past 5 years.

Hagerty Motorcycle Insurance Payment Options

Although the payment time-frame options are relatively unclear, it is known that they will allow customers to pay on a monthly basis or for a full term. It is up to you to decide what you can afford and select a payment style that allows you to best manage your budget.

Full Payments – If you can afford to pay for your entire policy in full, you may be given additional savings. This will keep you covered for a full agreed upon term with Hagerty.

Monthly – Another option is to pay your bills on a monthly basis. This can be done online or you can receive paper billing statements in the mail and pay accordingly. Monthly payments are usually easily managed for most people.

Hagerty Payment Methods

  • Check – One common method of payment is writing out a check.
  • Credit Card – Pay your statements using your credit or debit card.
  • EFT – You can set up your account to automatically withdraw money from your bank account through an electronic funds transfer.
  • Mail – The old school method of payment involves sending money to your insurer in the mail.
  • Online – As mentioned, you can configure your account and make payments online.
  • Phone – Calling Hagerty will provide you with assistance for making a payment.

Does Hagerty offer paperless billing?

Yes. Like nearly all of the major insurance companies, Hagerty offers paperless billing. This helps the environment and helps save you unnecessary clutter. You can easily configure your account to send you email notifications to remind you when your next bill is due. You can also view your paid statements and monitor any policy changes by logging into your account. Once you enroll in paperless billing, you still have the option of accessing your account 24/7 and will be able to print important documents including insurance ID cards. Just choose the paperless option when you apply for coverage and you’re set.

Hagerty Motorcycle Insurance Discounts

Unlike most top motorcycle insurance companies, there aren’t a wide variety of discounts offered through Hagerty. The reason this company has minimal discounts is because they already have strict qualifications that must be met in order to get one of their insurance policies. The drivers that meet the criteria for a policy area typically considered minimal risk. If you qualify for a policy through Hagerty, you will already be getting a reduced price. It is estimated that the premiums with Hagerty are 46% lower than those for regular (daily driver) insurance.

The only true savings that is offered through Hagerty is that of a “multi-vehicle” discount. If you have more than one motorcycle on your policy, you may qualify for this discount. With each additional motorcycle that you add to your policy, you will receive extra savings. Basically for every vehicle you keep adding to your insurance plan, the more you stand to save per vehicle.

A.M. Best Rating: A (Excellent)

Although Hagerty isn’t a very old insurance company, it is very dominant in the niche of classic boats, cars, and bikes. Due to the heavy flow of business that collectors conduct with Hagerty, it has a lot of financial clout. Additionally this is a company that has been continuously expanding and finding ways in which it can further give back to collectors. The rating of financial strength given to Hagerty Insurance by A.M. Best was that of an “A” which signifies an “excellent” company.

Independent customer reviews for Hagerty are mostly positive. Customers are satisfied with the sheer amount of coverage that they offer as well as their specialization in dealing with classic and collector vehicles. Most people that are unhappy with them are just individuals that were declined coverage because they didn’t meet the necessary requirements. Individuals that have been insured through Hagerty have very minimal complaints.

Get Free Hagerty Motorcycle Insurance Quotes Online!

If you want to get the best coverage for your classic motorcycle, Hagerty really has everything you’ll need. If you don’t qualify for their coverage, you should conduct a quote comparison with some other top companies. By using the form below (or at the top of the page), simply enter your Zip Code and our free tool will help you find the top motorcycle insurers in your area. Then all you have to do is compare the quotes with the amount of coverage that you are offered and settle on a policy.

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