This article was create in partnership with Hagerty.
As international tariff negotiations continue to ripple across global industries, the collector car market, often thought of as a world apart, is beginning to feel the effects. What once seemed like a niche corner of the insurance landscape is now facing headwinds from broader economic and geopolitical currents, including rising restoration costs and tightening parts availability. For owners and insurers alike, the challenges are becoming more complex, especially as values fluctuate and maintenance becomes more costly.
According to Todd Hutcheson, vice president of business development at Hagerty, staying ahead of shifting supply chain dynamics and valuation trends is more than a best practice, it’s essential.
“Like many segments of the insurance industry, ongoing tariff discussions remain a key topic in the collector car world, particularly due to the potential impact on parts availability and cost associated with the broader supply chain,” Hutcheson told Insurance Business. “With negotiations continuing to evolve week by week, collector car owners are preparing for rising costs tied to both restoration and routine maintenance.
“On a more optimistic note, the collector car supply chain is notably diverse, which may help soften the blow compared to the mainstream automotive market. Still, the trend is clear: cost pressures are mounting.”
When it comes to selecting the right sort of classic car insurance, even the most experienced collectors could benefit from a helping hand – especially around accurate value estimations. For Hutcheson here, he explained that Hagerty is passionate about education.
“One of the key opportunities we recognize, specifically when a collector vehicle changes hands or when coverage is misaligned; is the chance to educate owners on insurance solutions that truly reflect the value of their appreciating asset,” he told IB.
“For many, especially first-time buyers, the excitement of owning a collector car is rooted in the joy of restoration or the thrill of the drive (or both), often leaving insurance as an afterthought.”
At Hagerty, their mission is to empower broker partners across the country to ride shotgun with their clients, helping them navigate the road ahead with confidence and the right protection in place – something that can’t go amiss in today’s increasingly complex insurance market.
In that vein, Hutcheson explained that his team is all about helping brokers ensure their clients’ vehicles are both accurately valued and protected – all while avoiding even the most nuanced challenges.
“In today’s post-COVID insurance landscape, Insurance to Value has become a central theme, and the same principle holds especially true in the collector vehicle space, where looming tariffs and supply chain pressures add the potential for further cost and complexity,” he told IB.
And, while bills of sale or purchase receipts are sometimes used to determine insurable value, seasoned brokers often strongly caution against this approach. These documents represent only a moment in time and may not reflect the true, current value of a collector vehicle - particularly in an appreciating market.
“At Hagerty, we’re proud of the continued investment in our Hagerty Valuation Tools,” added Hutcheson. “This platform offers brokers and automotive enthusiasts’ real-time price guide values and sales results on more than 40,000 different collector cars, trucks and SUV’s down to the VIN, empowering brokers and enthusiasts with the insight needed to ensure that special collector car is properly protected.
“In addition, these insights are available to brokers at the time of quote or on a larger scale, with the ability to scan a broker’s collector car portfolio, looking for vehicles that could use a simple tune up from a value perspective - spotting undervalued vehicles and proactively adjusting coverage before a claim ever arises.”
Discover how Hagerty can help improve your knowledge and build client rapport here.
