Hagerty Reports Strong Q1 2026 Growth with Record Policy Additions and Auction Success

"This marks our 13th consecutive quarter of executing on our strategy to deliver compounding top-line growth," a Hagerty spokesperson said. The firm added a record 112,000 policies during the quarter, with retention rates holding steady at 89%.

Expansion in Collector Car Market

Hagerty's growth was driven by strong demand for coverage of classic and modern enthusiast vehicles. The top models added to its portfolio included Mustangs, Miatas, C10 pickup trucks, and Camaros. The company also noted increasing interest in German and Japanese imports, reflecting broader trends in the collector car community.

A key driver of Hagerty's expansion is its partnership with State Farm, which is expected to bring 19,000 agents into the fold by year-end, selling policies in 40 states. The conversion of State Farm's existing 525,000 collector car policies to Hagerty's platform is progressing smoothly, further solidifying its market position.

On the reinsurance front, Hagerty Re reported a combined ratio of 87%, with reserves reduced by $6 million in Q1. The company highlighted its disciplined underwriting approach as a factor in maintaining profitability.

Auction Division Sets Records

Hagerty's Broad Arrow Auctions division continued to shine, hosting a two-day sale during Amelia Car Week in Jacksonville, Florida. The event generated $111 million in total sales, with a 92% sell-through rate. The top lot, a 2003 Ferrari Enzo, fetched $15 million, underscoring the high-end market's strength.

International demand was robust, with buyers from 23 countries participating. Hagerty set 12 pricing records at the event, cementing its status as one of the world's leading collector car auction houses in just four years.

The company's addressable market of 36 million vehicles continues to grow annually, positioning Hagerty for sustained expansion. "The enthusiasm for collector cars is global, and we're well-positioned to meet that demand," a spokesperson noted.