Yes, there are some great tools you can use to help you look up what the best hashtags are for your post. I like https://www.all-hashtag.com/

I didn't really believe it helped that much but watched a video by Lewis Howes on how to increase Instagram traffic. This was one of the things he talks about. I started adding hashtags after that and saw a big difference in responses to my posts.

I have a Porsche fan site txporsche on instagram and use them when ever I post and it really does help.