Hagerty (Insurance)

Hagerty is an American automotive lifestyle and membership company and the world's largest provider of specialty insurance for classic vehicles. Hagerty is based in Traverse City, Michigan and also operates in Canada, Germany and the United Kingdom.

History

Hagerty was launched in 1984 by Frank and Louise Hagerty after they could not find good insurance coverage for their wooden boats. The company initially focused on providing coverage for antique boats, and later expanded into cars and other vehicles. In 1991, the company added coverage for classic cars.

In 2000, McKeel Hagerty, son of Frank and Louise, became CEO. Under McKeel Hagerty's guidance, the company developed an automotive media arm by launching Hagerty magazine (ISSN 2162-8033), covering the classic and enthusiast vehicle market. In 2020, the magazine was renamed Hagerty Drivers Club Magazine.

Hagerty published its first annual Hagerty Price Guide in 2008, a valuation tool that informs classic car buyers on how to best navigate the digital automotive age. Hagerty also originated both the Historic Vehicle Association (HVA) and the RPM Foundation.

In 2017, the company adopted saving driving and preserving automotive culture for future generations as its corporate mission. To support the mission, Hagerty launched Hagerty Drivers Club, offering members access to events, automotive discounts, roadside service and more. In 2017, Hagerty also acquired DriveShare. The company became the owner and organizer of the Greenwich Concours d'Elégance and established MotorsportReg.com and Hagerty Garage + Social in 2019. In 2021 it bought the California Mile, the Concours d’Elegance of America, and the Amelia Island Concours d'Elegance.

In December 2021, Hagerty went public by merging with Aldel Financial, a SPAC, under the symbol HGTY. The merger deal was valued at $3.13 billion.

In popular culture

Hagerty partnered with Japanese video game developer Polyphony Digital in 2022 to appear in the video game ''Gran Turismo 7''. Hagerty branding appeared in the game's "Legend Cars Dealer" screen, and CEO McKeel Hagerty also featured, describing the cars that were available for the player to purchase, dubbed the "Hagerty Collection."

References

External links

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*{{cite news , url= http://www.foxnews.com/leisure/2012/11/03/hagerty-strangest-classic-car-insurance-claims/ , title= Hagerty's Strangest Classic Car Insurance Claims , first= Jeff , last= Peek , date= November 3, 2012 , publisher= Fox News Channel

1984 establishments in Michigan
Auto insurance in the United States
Financial services companies established in 1984
Insurance companies of the United States
Privately held companies based in Michigan
Traverse City, Michigan
Companies based in Grand Traverse County, Michigan
Family-owned companies of the United States
Special-purpose acquisition companies