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Hagerty has the numbers — such as the values of cars bought at recent auctions and the number of insurance quotes searched for on the Hagerty website over the past year — to gauge where the ...
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. [6] In 1991, the company added coverage for classic cars. [7]
According to Hagerty’s 2023 Bull Market predictions, not all vehicles gain value with the passing of time, and some of the best upticks in value can be found on models built after 2000.
Myth #2: Your red car will cost more to insure. One of the most persistent myths about auto insurance is that insurance companies charge more to insure red cars.
Full coverage premiums are based on, among other factors, the value of the insured's vehicle. This coverage, however, cannot apply to rental cars because the insurance company does not want to assume responsibility for a claim greater than the value of the insured's vehicle, assuming that a rental car may be worth more than the insured's vehicle.
That same year, Hagerty finished a three-year restoration of his first car with his father – a 1967 Porsche 911S. [4] Hagerty started the restoration at the age of 13 with $500 in lawn mowing money that he had saved. [5] At the age of 18, Hagerty earned his insurance license and was selling marine craft policies. [6]