The Hanover Insurance Group has partnered with auto insurer Hagerty to introduce Hanover Collector Car, powered by Hagerty, tailored to offer coverage for classic and collector vehicles.
This collaboration leverages Hagerty’s expertise in collector vehicle claims and valuation services, integrating it with The Hanover’s account protection.
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The new product is currently available through The Hanover’s independent agents in Michigan and Illinois.
The policy is designed to cater to a variety of classic and collector vehicles including classic and antique autos, collector pickup trucks, jeeps and SUVs, limited edition collector vehicles, and modified cars and replicas.
Additionally, the insurance plan covers classic vehicle trailers such as transport trailers.
The policy features Cherished Salvage coverage, which allows policyholders to keep their vehicle after a covered total loss while receiving the full insured value.
It also includes blanket personal property coverage for spare parts and automotive tools; and Vehicle Under Construction coverage, which increases the insured value of a vehicle under restoration by 10% each quarter, up to $25,000 annually.
The Hanover has plans to extend this insurance offering to additional states in the future.
Hagerty insurance business partner vice-president Nick Cassell stated: “We believe that joining forces with The Hanover further supports collectible car owners who want to protect the vehicles that mean so much to them. We look forward to working with The Hanover and their exceptional independent agent partners to achieve our mutual goal of protecting more of these cars.”
The Hanover personal lines strategy vice-president Brad McCreedy said: “We believe protecting customers’ most precious assets with one carrier is critical in helping them gain true peace of mind. The Hanover’s relationship with Hagerty allows us to strengthen our total account offerings and ease of doing business, with the outstanding claims experience our customers expect – backed by experts who really understand this unique market. It is the best of both worlds.”
Earlier this month, The Hanover appointed Richard W. Lavey as its chief operating officer, a newly created role.
