Nationwide Insurance will companion with Hagerty to provide a classic car insurance policy by way of Nationwide agents.
The policy, according to Kurt Ely, vice president of strategic partnerships at Nationwide, is written on Nationwide paper, but it essentially mirrors Hagerty’s Assured Worth policy with respect to terms and conditions. “We did not go out and develop a new item,” Ely says. “We are partnering with Hagerty to offer that item.”
Hagerty, meanwhile, will supply companies to help the policy.
McKeel Hagerty, president and CEO of Hagerty, says that, exclusively, Hagerty will take care of product sales, advertising and support assistance for Nationwide agents to familiarize people agents with how to communicate effectively with classic-car owners. “Open that door, if you will,” he says.
He adds that because the Nationwide policy mirrors Hagerty’s, Hagerty will take care of pricing, underwriting and claims.
“Claims is a essential element to it,” says Hagerty, noting that Hagerty’s claims department is constructed to take care of classic vehicles. He says, for instance, partial-harm scenarios can be complicated for collector autos with respect to finding the correct substitute parts, an location in which Hagerty has expertise.
A statement from the organizations notes that, aside from Hagerty’s claims services, Nationwide Classic Car Insurance buyers acquire flatbed roadside assistance, the Hagerty Cost Manual and valuation knowledge and a subscription to Hagerty Traditional Vehicle magazine.
Hagerty says that, essentially, the business will act as an MGU in the arrangement, although also doing some TPA services on the side.
Ely says Nationwide had presented a product for buyers with classic vehicles in the previous, but it was an accompaniment to the insurer’s normal-auto policy designed to “accommodate some of our members and the cars they owned.” That policy, he says, was “not truly meeting the wants of the industry we desired to be in.”
As demand grew, “that’s when we started out searching into how we could meet that require and what’s the best strategy to do that,” he explains.
In a statement, Ely says, “Our buddies at Hagerty know classic car insurance far better than anyone else, but a lot more importantly, they share the exact same commitment to their consumers as we do. Individuals variables manufactured the partnership a normal fit.”
Hagerty, meanwhile, says the partnership opens a new planet for his organization with respect to likely consumers. With regards to Nationwide, Hagerty says, “We’ve been so impressed with them to be open to this [partnership] and to make it happen.”
He says Hagerty performs with other carriers and brokers who want access to a certain Hagerty program, but the business has never prior to entered an arrangement exactly where a partner writes the policy on its own paper. “That is at the moment the distinctive attribute about the Nationwide connection,” he says.
Nationwide says its Traditional Car Insurance can cover:
- Antique and vintage vehicles, trucks and motorcycles.
- Modified vehicles.
- Autos below restoration.
- Trailers, military autos and tractors.