Sunday, March 2, 2014
It's all about passion . . . . and money
Traverse City, Michigan USA
In 1983, Frank and Louise Hagerty realized that appropriate insurance coverage for their collector wooden boats didn't exist. So — armed with years of general-lines insurance experience — the Hagertys launched a revolutionary agreed value policy for collector boats. Within a few years, half of the vintage boat owners in the country were Hagerty clients.
In 1991, HAGERTY created a similar product for collector cars.
And in 1995 two of Frank and Louise's three children, Kim and McKeel, came home to run the family business - despite their vows to never make a career of insurance!
Together they've overseen the company's tremendous growth, which has been supported by a great product, exceptional client service, cutting-edge technology, creative marketing and, of course, intelligent, forward-thinking and hard-working employees.
In 25 years, Hagerty has grown from a small agency headquartered in the Hagerty family basement to the leading provider of collector car and boat insurance in the world !
Access to data is only part of the story, however. It is Hagerty Price Guide’s familiarity with the industry and close association to the market itself that translates raw data to meaningful insight. The classic car marketplace behaves differently than the new or used car market does.
In particular, classic cars are an emotional purchase and their buyers scrutinize their details to a much greater extent. There can also be a tremendous variance between cars of the same year/make/model description. As such, it is imperative that all of a vehicle’s details are understood before interpreting a sale price’s comment on the market.
Low mileage, full documentation, overall condition, rarity, and significant modifications can all greatly affect a vehicle’s value – more so than with a three-year-old car.
At Hagerty Price Guide, they don’t just look at a given model’s transactional price and volume. They note condition, history, optional equipment, quality of restoration, degree of documentation, and sales venue, just to name a few.
The values Hagerty Price Guide publishes are not programmatically computed, but rather they are filtered through their experts’ collective experience. Instead of relying on an algorithm to interpret all of the data they have compiled, their analysts go to great lengths to understand the individual reasons that a car sold for the amount it did. In addition to looking at recent sales data for a given model they also overlay other market factors to provide a more grounded vantage of the vehicle values they publish.
Inventory, demand, recent trends of similar vehicles, movement within related market segments, and general directions of the car market overall all influence a car’s published value. They also evaluate changing tastes among buyers and developing fads within the hobby, and they relate these inputs to larger economic factors outside of the car hobby, like home equity crunches, employment statistics, and fuel prices.
Through this effort, you can be assured that the prices they report are fully considered, exhaustively researched, and – most importantly – accurate.
WHAT'S YOUR CLASSIC WORTH ?
The Hagerty Valuation Tools are provided to help you make informed decisions when buying or selling a classic car.
In just 4 clicks , you'll get full access to the latest Hagerty Price Guide valuation data, including values across four condition ranges, value changes over time, model history and VIN decoder.
Best of all, it's completely free ! Value your car NOW.
Posted by Anthony