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Hagerty (insurance)

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Hagerty, Inc.
Company typePublic
NYSE: HGTY
IndustryInsurance
FoundedTraverse City, Michigan
(1984; 40 years ago (1984))
Founders
  • Frank Hagerty
  • Louise Hagerty
Headquarters
Traverse City, Michigan
,
United States
Area served
Canada
Germany
United Kingdom
United States
Key people
McKeel Hagerty, CEO
Websitewww.hagerty.com

Hagerty, Inc. is an American automotive lifestyle[1] and membership company,[2] as well as the world's largest provider of specialty insurance for classic vehicles.[3][4] Hagerty is based in Traverse City, Michigan and also operates in Canada, Germany and the United Kingdom.[5]

History

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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]

In 2000, McKeel Hagerty, son of Frank and Louise, became CEO.[8] Under McKeel Hagerty's guidance, the company developed an automotive media arm by launching Hagerty magazine (ISSN 2162-8033),[9] covering the classic and enthusiast vehicle market. In 2020, the magazine was renamed Hagerty Drivers Club Magazine.[10]

Hagerty published its first annual Hagerty Price Guide in 2008, a valuation tool[11] that informs[12] classic car buyers on how to best navigate the digital automotive age.[13] Hagerty also originated both the Historic Vehicle Association (HVA)[14] and the RPM Foundation.[15]

In 2017, the company adopted saving driving and preserving automotive culture for future generations as its corporate mission.[16] To support the mission, Hagerty launched Hagerty Drivers Club,[17] offering members access to events, automotive discounts, roadside service[18] and more. In 2017, Hagerty also acquired DriveShare.[19] The company became the owner and organizer of the Greenwich Concours d'Elégance[20] and established MotorsportReg.com[21] and Hagerty Garage + Social[22] in 2019. In 2021 it bought the California Mile, the Concours d’Elegance of America, and the Amelia Island Concours d'Elegance.[23][24]

In December 2021, Hagerty went public by merging with Aldel Financial, a SPAC, under the symbol HGTY.[25][26] The merger deal was valued at $3.13 billion.[27]

In January 2023, Hagerty launched Hagerty ECO (Enthusiast Carbon Offset) scheme for classic motorists to offset their carbon emissions. Hagerty partner with a third party to plant trees on your behalf. The scheme quickly came under scruitiny when the third party was found to be taking 20-30% of offset donations to simply pass the funds on to other charities. There are also no calculations provided as to how they achieve their CO2 or 'Trees' figures.[28]

A 2023 Bloomberg News article documented how within two years McKeel Hagerty turned the small family business into a conglomerate with dominance in the industry and classic car insurance markets.[29]

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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."[30]

References

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  1. ^ "Hagerty Gears Up for an Impressive 2021". Columbus Underground. Retrieved May 3, 2021. Hagerty Garage and Social, which launched in 2019, collector car insurance company turned automotive lifestyle brand Hagerty has made a powerful shift outside of just specialty insurance.
  2. ^ "Hagerty announces plans to open new OH-based facility". Insurance Business America. Retrieved May 3, 2021. Specialty insurance and automotive lifestyle company Hagerty has revealed that it will establish a new operations center in Dublin, OH.
  3. ^ "Mystery surrounds $3.74M sale of 1968 Mustang Bullitt: 'Only one person knows' buyer". USA Today. Retrieved May 3, 2021. At the time, McKeel Hagerty, CEO of the largest classic car insurer in the world and founder of the Historic Vehicle Association…
  4. ^ "For Hagerty, it's old cars, young people". Automotive News. Retrieved May 3, 2021. Hagerty started in the 1980s as an insurance agency for classic boats and cars, but it has grown and diversified in the auto industry…
  5. ^ "Hagerty Announces New Operations Center". Ticker. Retrieved May 3, 2021. Now with offices across the U.S., Canada, U.K., and Germany, the company is the largest insurance agency for collector cars.
  6. ^ "Auto insurance provider Hagerty to go public via $3 bln SPAC deal".
  7. ^ "Hagerty Auto Insurance: Reviews, Costs, and More (2021)". Automo Blog. Retrieved May 3, 2021. The company was founded in 1984 as a boat insurance company and started insuring classic cars in 1991.
  8. ^ "McKeel Hagerty". Forbes. Retrieved May 3, 2021. McKeel Hagerty is the CEO of Hagerty
  9. ^ "The 10 hottest collector cars for 2020". Design News. Retrieved May 3, 2021. Hagerty magazine's annual roundup of the hottest collector cars of the year...
  10. ^ "Hagerty Names 2 to Top Roles to Drive Global Automotive Lifestyle Brand". Insurance Journal. Retrieved May 4, 2021. But in pursuit of its global lifestyle mission, Hagerty has also created a suite of automotive services for car lovers, including Hagerty Drivers Club, Hagerty Valuation Tools, Hagerty Drivers Club magazine
  11. ^ "EXCLUSIVE: Why No One Should Buy A Classic Car... Without Checking Hagerty's Database First". Hotcars. Retrieved May 4, 2021. Hagerty offers a Valuation Tool via the company's website and app.
  12. ^ "10 Collectible Cars To Buy And Hold For Fun And Profit". Forbes. Retrieved May 4, 2021. The list was created using data from the Hagerty Price Guide, Hagerty Valuation Tools, Hagerty auction research and requests for insurance quotes.
  13. ^ "What It's Like to Work at Hagerty". City Pulse. Retrieved May 4, 2021. In 2008, we first published our annual Hagerty Price Guide…"
  14. ^ "About The HVA". Historic Vehicle Association. Retrieved May 4, 2021. The HVA was founded in 2009 through the philanthropic support of Hagerty…
  15. ^ "Who We Are". RPM Foundation. Retrieved May 4, 2021. Founded through the vision and support of Hagerty, the RPM Foundation serves as the educational arm of America's Automotive Trust.
  16. ^ "Movement rises to keep humans, not robots, in the driver's seat". Detroit Free Press. Retrieved May 4, 2021. But Hagerty called it a "life-changing experience" that prompted him to launch a new mission called Save Driving, aimed at preserving human driving and keeping the car culture alive for future generations as the push toward self-driving cars accelerates.
  17. ^ "Traverse City's Hagerty gathering steam for the future". Associated Press. Retrieved May 4, 2021. Hagerty Drivers Club, which offers members-only events, a magazine, automotive discounts, roadside service, membership in a historic vehicle association and access to an automotive help desk.
  18. ^ "Hagerty gathering steam for the future". Traverse City Record Eagle. Retrieved May 4, 2021. Hagerty Drivers Club, which offers members-only events, a magazine, automotive discounts, roadside service…
  19. ^ "DriveShare lets you rent your dream car from a car collector". The Verge. Retrieved May 4, 2021. Hagerty… is launching DriveShare…
  20. ^ "Hagerty acquires Concours d'Elegance of America". Racer. Retrieved May 4, 2021. Hagerty announced that it has acquired and will partner with the Concours d'Elegance of America in Detroit.
  21. ^ "Traverse City's Hagerty Acquires MotorsportReg.com Car Events Platform". Detroit Premier Business Journal. Retrieved May 4, 2021. Traverse City-based Hagerty, an automotive lifestyle brand, has acquired MotorsportReg.com
  22. ^ "Hagerty Gears Up for an Impressive 2021". Columbus Underground. Retrieved May 4, 2021. With its Drivers Club memberships, car valuation tools, magazine, media operation Hagerty Media, and partnership with Collectors' Car Garage rebranded as Hagerty Garage and Social
  23. ^ "Hagerty acquires Concours d'Elegance of America". Racer. March 23, 2021.
  24. ^ "Hagerty acquires Amelia Island Concours". Racer. June 23, 2021.
  25. ^ Staff REPORTS (December 3, 2021). "Hagerty stock debuts on NYSE". Traverse City Record-Eagle. Retrieved December 9, 2021.
  26. ^ "Hagerty Goes Public, Amidst Rapid Collector Car Expansion". December 6, 2021.
  27. ^ Frank, Robert (August 18, 2021). "Classic car insurer Hagerty to go public via SPAC in $3 billion deal with Aldel Financial". CNBC. Retrieved August 18, 2021.
  28. ^ Carwitter. (2023). https://carwitter.com/the-truth-about-hagerty-eco-and-why-you-shouldnt-use-it/
  29. ^ Elliott, Hannah (March 31, 2023). "How a Midwestern Insurance Salesman Cornered the Classic Car Market". Bloomberg News. Retrieved April 14, 2023.
  30. ^ "Hagerty and Gran Turismo 7 Partner to Offer Exciting In-Game Benefits for Car Enthusiasts, Game Players and Hagerty Drivers Club Members". Hagerty. Retrieved October 25, 2022.
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