Hagerty International Limited has acquired the renewal rights for the policies of Gilbart-Smith Associates, a specialist classic car insurer that has been in operation since 1998.
The transaction, effective September 1, will see Hagerty become the appointed broker for existing Gilbart-Smith Associates policy renewals. To facilitate the transition, Bertie and Emma-Jane Gilbart-Smith will serve as consultants to Hagerty for the next twelve months.
Gilbart-Smith Associates has built a client base comprised of owners of classic and enthusiast vehicles. The company has established relationships with collectors and enthusiasts across the UK.
Commenting on the acquisition, Bertie Gilbart-Smith said, “Regulatory requirements and increased consumer duty are making it more difficult for smaller independent companies to operate, consequently we felt it was time to pass the baton.
“Hagerty has the same interests as us, along with an excellent reputation in the market and will continue to offer a personal service to our clients,” Bertie Gilbart-Smith said.
“I look forward to welcoming their clients with our innovative products and solutions as well as our unique client membership experiences as they renew with us and assure them of our highest levels of service, at all times,” Mark Roper (pictured above), managing director of Hagerty International, said.
Meanwhile, Hagerty this year also expanded its product offerings in the UK, launching new insurance products underwritten by Aviva that are designed to make classic car ownership more accessible to younger drivers.
These new policies allow drivers as young as 21, who have held a full licence for at least three years and have another everyday vehicle, to insure a classic car manufactured before 2010. Hagerty has also introduced a daily-driver policy for classics over 15 years old, permitting more regular use up to 5,000 miles annually, with the main driver required to be at least 25.
The market for classic car insurance has also seen notable changes, with premiums in the UK rising by approximately 17% year-on-year to an average of £469.
Despite these increases, new products are making ownership more attainable for younger enthusiasts, with specialist providers managing risk through measures such as mileage caps and enhanced security requirements.
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