Description
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 August 2021, Hagerty announced that it would be going public by merging with Aldel Financial, a SPAC, officially going public on December 3, 2021. The merger deal is estimated to be upwards of $3 billion, and it should bring in up to $820 million into the public company.
