Hagerty Insurance

[rfitzpatrick]

The 6th, Hagerty (HGTY) will go public on the NY Stock Exchange at 9:30AM.
They're going to ring the bell !!

[McMimmcs]

Originally Posted by rfitzpatrick

The 6th, Hagerty (HGTY) will go public on the NY Stock Exchange at 9:30AM.
They're going to ring the bell !!

What does that mean for us customers ?

[alexiskai]

Hopefully nothing. At least two insurance conglomerates are taking a big stake in them, so the pessimistic outlook is that they'll start to act more like State Farm and less like themselves.

[1931 flamingo]

I doubt if anything will change.
Paul in CT

[nkaminar]

We recently went to State Farm on our modern cars. They could not touch the rate that Hagerty give us for the Model A. So we stayed with Hagerty.

[burner31]

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If they do change into something like "State Farm", I will have no choice but change also...insurance companies that is.

[Gene F]

Originally Posted by nkaminar

We recently went to State Farm on our modern cars. They could not touch the rate that Hagerty give us for the Model A. So we stayed with Hagerty.

I hate to say it, but feel to say nothing is worse. If you have ever talked to anyone with a very nice collector car, and they had S/F claim...you would never even ask S/F for a price.

Sorry. Don't take this as me being negative...

[GeneBob]

Hagerty Insurance sent me a notice that the value of my car may be greater than the value on the policy. I know this is a marketing maneuver, but it did make me realize that I have made improvements that have increased the value well above my initial insured value.
1- I thought it was a nice marketing based reminder.
2- I bet a lot of us don't realize that our cars have been improved or have appreciated beyond their insured values.
Don't get caught with your insurance down.

[ronn]

quite a few choices today for insurance on our cars. I remember when there were about 3 choices.


all have different benefits and pricing. due diligence is required.

[Bruce Newbery]

All hagerty customers need to read the fine print on your policy. In Canada, it states that you are only covered for club events. In other words, you are not covered if you are out for a drive and it is not a club event. I called head office and he said that was correct. Read the fine print on your policy.

[History]

Wow, imagine you've went to get new tires put on and an uninsured hits you or you react to an animal in the road and have an accident???? Who would have guessed you'd only be covered for a club event. I'm not saying it's deceit but if you don't read the fine print you don't know. Thanks for this post!

Originally Posted by Bruce Newbery

All hagerty customers need to read the fine print on your policy. In Canada, it states that you are only covered for club events. In other words, you are not covered if you are out for a drive and it is not a club event. I called head office and he said that was correct. Read the fine print on your policy.

[denis4x4]

Just received my Hagerty annual bill for three cars and it was unchanged. I had to twist the arm of my primary carrier to extend umbrella coverage to my collector cars.

[Will N]

I'm not happy about this news. Now, Haggerty is going to have to answer to shareholders and Wall Street analysts, probably before it answers to its policyholders. If the analysts and shareholders think that its profits aren't where they should be, it will raise rates to satisfy them in order to support the share price, rather than thinking of us, the policyholders first. And if they say that Haggerty will always put the policyholders first, don't believe it. I know how this really works- I used to work for an insurance company that went public (Metlife), and I saw firsthand how propping up the share price became the only focus of all business decisions.

[txmike]

I just went with Grundy yesterday as they were cheapest on my 1929 Coupe
Hope all will go well but I did read a lot of positive comments on Grundy

[History]

I got a whopper jr the other day and was amazed at how small it is now. Its not much bigger than a biscuit. Everything is going this way now as every penny is squeezed until every last drop of value is gone.

Originally Posted by Will N

I'm not happy about this news. Now, Haggerty is going to have to answer to shareholders and Wall Street analysts, probably before it answers to its policyholders. If the analysts and shareholders think that its profits aren't where they should be, it will raise rates to satisfy them in order to support the share price, rather than thinking of us, the policyholders first. And if they say that Haggerty will always put the policyholders first, don't believe it. I know how this really works- I used to work for an insurance company that went public (Metlife), and I saw firsthand how propping up the share price became the only focus of all business decisions.

[BillCNC]

There is only two ways an insurance company can make money.

1). They got luck and no claims are made
2). By saying the word, No!

Regards
Bill

[nkaminar]

The car is one thing but the liability for damages to another car or to a person is more important. How is Hagerty and Grundy in this respect compared to the normal insurance companies? I think I need to dig out my Hagerty insurance policy and re read it.

[ronn]

I got a whopper jr the other day and was amazed at how small it is now.


time to start buying the full size whopper..............lol!

[Will N]

Originally Posted by BillCNC

There is only two ways an insurance company can make money.

1). They got luck and no claims are made
2). By saying the word, No!

Regards
Bill

No, not true. I worked for a time in the underwriting department, where past claim experience was evaluated to project future experience. Keep in mind that insurance companies are regulated by state insurance departments, and they require the companies to hold cash reserves against fluctuations to ensure their future solvency. So the combination of expected claims, reserve adjustments, state imposed taxes and other admin expenses (salaries, overhead, etc.) and a reasonable percentage for profit are the components of the rates the customers pay. Insurance companies expect to pay claims, and they expect to make profits even if claims are paid. And don't believe the politicians who claim that insurance companies are making obscene profits. They're the ones who want the gov't to take over insurance. This is a competitive business, and any company that overprices it's rates by over inflating profits will soon lose business to other companies with more competitive rates.

[katy]

Originally Posted by Bruce Newbery

All hagerty customers need to read the fine print on your policy. In Canada, it states that you are only covered for club events. In other words, you are not covered if you are out for a drive and it is not a club event. I called head office and he said that was correct. Read the fine print on your policy.

Where in the policy does it say that? I read my policy 3 times and couldn't find it.
What it does say, is: "provided that the collector vehicle is used as a collector's item for transportation to and from and for use in exhibitions , club activities, parades, or similar events and limited pleasure. Limited pleasure does not include business use of any kind, or, regular daily driving such as but not limited to commuting to and from work or school and extended vacations not involving collector vehicle activities or events."

[Don S]

In British Columbia, the only restrictions are on Vintage plates , they can only be used for sanctioned club events, weddings, graduations . I did not realize that taking the grandkids for ice cream was a no-no as far as insurance was concerned . Collector plates can be used for all driving except to work or school. I have had collector plates for many years now with no issues ,regarding use.

[rfitzpatrick]

Per Hagerty Insurance Web Site at noon December 6th: Agent Kristy: "We are very flexable with usage and millage, Your not limited to Club Functions. Your welcome to drive your Model A for pleasure usage which includes getting Ice Cream, going to Dinner, running to the Store for errands".

I'm getting Ice Cream!!

[BillCNC]

Originally Posted by Will N

No, not true. I worked for a time in the underwriting department, where past claim experience was evaluated to project future experience. Keep in mind that insurance companies are regulated by state insurance departments, and they require the companies to hold cash reserves against fluctuations to ensure their future solvency. So the combination of expected claims, reserve adjustments, state imposed taxes and other admin expenses (salaries, overhead, etc.) and a reasonable percentage for profit are the components of the rates the customers pay. Insurance companies expect to pay claims, and they expect to make profits even if claims are paid. And don't believe the politicians who claim that insurance companies are making obscene profits. They're the ones who want the gov't to take over insurance. This is a competitive business, and any company that overprices it's rates by over inflating profits will soon lose business to other companies with more competitive rates.

Will,

If I pay $220.00 for the year and didn't make a claim, they made profit of $220 for the year. If I paid $220 a year and made an $8,000 claim, they lost $7,780. No Profit to be made when a claim is made.

If I made a claim and they denied it, ... They made a profit of $220 off of me for the year.

Insurance companies are making obscene amounts of profit. The Medical side of insurance is the worst of it, but the auto insurance companies are right behind them.

I have always thought, that the insurance should be nationalized and is paid for through a fuel tax (at the pump). The more you fill up, the more you drive, the more you pay. Simple, easy, no confusion which is what the insurance companies fear, fairness.

Regards
Bill

[Gene F]

rfitzpatrick, this was orally conveyed to you, or did she direct you to language in your policy to substanciate this?

[rfitzpatrick]

"Orally Conveyed" I asked for responses by e-mail. Agent Kristy Davison on the Hagerty Web Site for Model A coverage in South Florida on this days date 12/06/2021.
I pull the information from a web-chat.
My question: Does My Policy Number XXX Cover Only Club Events.
Her response is above -- I also copied her responses.
Tks

[katy]

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If I pay $220.00 for the year and didn't make a claim, they made profit of $220 for the year.

Not exactly, methinks that they have some overhead that must be considered.

[Will N]

Originally Posted by BillCNC

Will,

If I pay $220.00 for the year and didn't make a claim, they made profit of $220 for the year. If I paid $220 a year and made an $8,000 claim, they lost $7,780. No Profit to be made when a claim is made.

If I made a claim and they denied it, ... They made a profit of $220 off of me for the year.

Insurance companies are making obscene amounts of profit. The Medical side of insurance is the worst of it, but the auto insurance companies are right behind them.

I have always thought, that the insurance should be nationalized and is paid for through a fuel tax (at the pump). The more you fill up, the more you drive, the more you pay. Simple, easy, no confusion which is what the insurance companies fear, fairness.

Regards
Bill

Bill, Wrong again. If you paid $220 and had no claims that doesn't mean they pocket the $220. There were other people who did have claims. Your premiums are not intended to cover your claims only. You are paying for other's peoples claims as well as your own. Just like when you have a $8,000 claim and only paid $220, other people are paying for your claims. That is what insurance is- sharing the costs. And as for nationalizing auto insurance, we've all seen how efficient and fair governments are. Look at healthcare in Canada and England. If you want elective surgery, you're put on a waiting list for months and months. Why does anyone think that the government can do anything better than private industry?

[ronn]

well said Will!

[77Birdman]

I have Grundy and spoke with them on the phone when I got the policy. They allow driving your car at anytime for just about anything. You cannot use it for daily use and you cannot use it for work. But if you want to go out for ice cream on a wednesday night thats fine. They told me that 'they encourage people to drive their antique cars!'. Now the state license(historic tags) is a bit diff. Supposed to use the car for related events and occasional use, parades, holidays. To split hairs, there was an instance in my county last year that the state police stopped a car with 5 people in it. This happened at 12 am on a weeknight. Occupants and driver were charged with drug offenses. The reason for being stopped was that the car had historic/antique and the fine print says that with these tags the vehicle cannot transport passengers on the highway!

[goodcar]

Only had one claim with Hagerty. I needed a tow late at night. Called a friend who charged me much less than regular tow company. Hagerty didn't want to reimburse me because I didn't call them first. Local Hagerty agent finally paid. Do your homework before signing with any of them.

[Ted Duke]

"https://www.hagerty.ca/insurance/Frequently-Asked-Questions/General-Guidelines"

AND THIS WEBSITE EXPLAIN THEIR RULES AND THEY DO NOT ALWAYS AGREE. READ THE ONE APPROPRIATE TO YOU, AND always read your policy.

https://www.hagerty.com/insurance/fr...ral-guidelines

[denis4x4]

REMEMBER….insurance varies from state to state. What works for you in Arizona may not work in California. Same with Premium costs.

[PC/SR]

Called Hagerty tow twice. Excellent service, much better than AAA. They even called to be sure the truck had arrived within the estimated time, and one time when it had not, they called the truck then me to tell me where the truck was. Happily pay my premiums for two cars.

[goodcar]

Grade school daughter asked AAA for a map for a school project. Nope!! Your parents don't belong to AAA. Kinda harsh, don't ya think??

[Gene F]

I have used the towing insurance twice in 20 years. It is way better than the other towing coverages.

[01A]

I had the same experience with Hagerty as PC/SR in post #33 here in Pennsylvania. Called Hagerty tow twice in 6 years. Excellent service, much better than AAA. No complaints. Also my policy is not limited to Club Functions. I can drive my Model A for pleasure usage which includes running to the store for errands, going to dinner, pleasure driving. descent policy.

[KenBolton]

Just had a club member settle a deer damage claim with Hagerty. Took months of “negotiation”. Ask how the car’s value was determined and was denied the information. Not a good experience.

[ronn]

Ive had great success with AAA- and get to use it on every car I own as well as motorcycles, so dont see the point in double coverage.


I know many on here are not pleased with AAA.
best 130 bucks a year I spend.

[Gene F]

No change, hmmmmm. - I called on my impending renewal, because I wanted to boost the limits slightly on 2 of my collector cars. Now, all the sudden, they need my wife's drivers license number, etc. Like State Farm buying a big interest in the company will result in no change to the members - yeah right.

It's starting...

[Keith True]

Gene,where did you get info that State Farm bought into them? That's not something I've heard about.

[McMimmcs]

Originally Posted by ronn

Ive had great success with AAA- and get to use it on every car I own as well as motorcycles, so dont see the point in double coverage.


I know many on here are not pleased with AAA.
best 130 bucks a year I spend.

I totally agree. If you don’t use it it’s worth the peace of mind.

[GerryAllen]

I put 5000 miles a year on my Model A. The Hagerty Rep told me they did not have a policy for me, to look somewhere else. Hagerty is banking on you driving very few miles a year, in nice weather and probably on weekends. The odds are you won't be in an accident, they pay very few claims compared to most insurance companies.
Just my opinion
Gerry Birch Bay WA

[Raaf]

Gerry,

Who do you use or recommend as an alternative?

Thanks,

Raaf

[GerryAllen]

Farmers Insurance, in our club we had an insurance appraiser who gave a talk one day about the different Companies. He had good things to say about Hagerty, apparently they pay out quickly and at the insured rate.
In my case, I use the car for work (name on door) and advertise "Old Fashion Service", they did not have a policy to cover my type of driving. I advertise in the spring, Sweet Pea is back on the road for another year, I look forward to all your smiles and waves. people love the car. My A has been such a blessing to me, I love the look and simplicity of it. The more I drive it the more dependable it becomes.

[Raaf]

Thank you Gerry.

I'm in the process of getting my '29 insured so this is helpful.

-- Raaf

[Shampipple]

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Hagerty is just a middleman. A salesman. If you look at your policy it’s likely underwritten by someone else like American Modern.

Why pay the middleman for his you tube shows, cushy office, and expensive ads.

Go thru American Modern yourself, or through Heacock classic.

Less restrictive. Great coverage. Less money.


Sent from my iPhone using Tapatalk

[alexiskai]

Originally Posted by Shampipple

Hagerty is just a middleman. A salesman. If you look at your policy it’s likely underwritten by someone else like American Modern.

Why pay the middleman for his you tube shows, cushy office, and expensive ads.

Go thru American Modern yourself, or through Heacock classic.

Less restrictive. Great coverage. Less money.

First off, some people really like the YouTube shows. I have no problem paying a little more to get those. Second, Hagerty is upfront about who underwrites their policies. And if you go to the websites of those underwriters, they don't sell separately, they direct you back to Hagerty to handle the policy writing. There's a significant difference between being an insurance broker, which is what you're talking about, and outsourcing the underwriting function.

[Redbird]

B/s. If you don't like insurance, self insure and see how far that gets you in an accident! You get what you pay for. Price is not the only thing.

[Shampipple]

Really. I can buy direct from American Modern or Heacock.

Hagerty was 15% higher than Heacock for the same policy, with less restrictions at Heacock.

I don’t mind the Hagerty YouTube shows. I just don’t want to pay for them. I really don’t have an issue with the company. I just like the option I went with years ago for the reasons stated. And I have had claims! All handled flawlessly.



Sent from my iPhone using Tapatalk

[Swingle]

When I first looked at Hagerty Insurance, they wanted you to only drive for club events and parades. This I found funny, as it is the same company that is a sponsor of the Great Race, that involves driving cars across the country.


Last time I talked with them, they said they did not care so much about the mileage driven, but wanted to make sure the insured vehicle was not being used as a daily driver.


We put over 4,000 miles on one of our Model A's this year. Until they put a mileage tracker on it, will tell them I am only putting 500 miles a year on it.

[Keith True]

My Hagerty policy in N.H. is underwritten by Essentia.(at least at the moment)in the past it has been underwritten by Encompass,and somebody else I can't remember. My friend has his old British cars insured by Heacock,he says his Heacock policy is underwritten by the Munich something or other.I've checked into them,their policy was almost identical to mine,but just a little more money.Different state laws mean different prices.

[TerryH]

I had Hagerty for several years, then got concerned about my driving in my Model A and called them. I told them that every week, I drove to the grocery store and also the Post Office…..kind of a regular routine weekly. After we talked I was told that they preferred to insure cars that were not driven that way….repeatedly. If it was just once In awhile, that would be ok…..but doing a weekly routine was not what they wanted, and THEY suggested I look elsewhere. So I talked to AAA who were already handling our home and other car insurance, and they agreed to a policy with agreed value and the only limit was not using it for work…..they did not care where else I drove it or how often.

[Gene F]

You guys are making me rethink my Hagerty policy. I'm sure I'll renew, but you can bet I'm gonna read that policy when it comes this time. I kinda hate to give up on the towing insurance they have though. Sounds like it's not the great company it was 20 plus year ago. Guess that is how it goes when a company gets bigtime.

Here's the thing about collector car insurance - we as a group are not trying to cheat the insurance company. It's a totally different clientel. We don't have a collector car to simply sit and look at, we drive them. Otherwise why have them? The other thing is we don't want a claim to start with (such as a stolen car, etc), WE WANT OUR CAR! We consider our premiums just a maintenance cost. However, we don't want to feel cheated if we get a claim, or cheated by undue restrictions.

I'm glad I read though all of this, but I'm kinda bummed-out now.

[Raaf]

I just signed up with Hagerty.

Less than $200/year. For an extra $13 they added the option that if my car is "totaled" I get the agreed upon value and I get to keep the "totaled" car. This is important to me since I want to build out my engine and all of our cars are probably worth more in parts.

That said, I agreed on a 2500/year mileage and would not suit some of the use cases cited above.

I get my towing and roadside assistance through AAA, which somehow seems to get used at least once every two years by my more modern cars.

[Lee Mitch]

I had to make a claim with Hagerty last year. My 4-blade fan came off and nearly destroyed my radiator, cut through wiring harness and did significant body damage to the side panel. They allowed me to get local profession bids (mechanical/body/paint/radiator) and gave me every penny that was bid for. It was expensive. They never questioned the bids, and I received a check very quickly. I couldn't have been more satisfied with my experience. Plus they were kind and empathetic. They were aware that I was out on a personal, non-tour drive too, because they asked.

[Gene F]

Lee...they asked. The time for those questions are before a claim. Like I said before it's a different clienitell. Remember you still did all the running around. That's what the adjuster is for.

[GeneBob]

I emailed Hagerty to verify my coverage. I told them that I drive to work about once a week and out to get lunch or dinner on weekends. I also stated that I don't drive to work when it is raining or snowing because it makes a mess of the car. They verified that I was covered for my driving. I didn't say anything about club events since I have not participated in any, since Covid has pretty much prevented any of those anyway.
They seem very easy to deal with. We will see if things change after they go public.

[Keith True]

Last July a friends 39 Plymouth took some damage from an attendee at a small cruise night.It was kind of a silly act that did over $5000.worth of damage to the car.The owner took lots of pictures,and contacted Hagerty.He was told to get an estimate,and when he got it he was told to go ahead and get it fixed.He was paid,the car was fixed,and the only questions from Hagerty after was if he was satisfied with the outcome of the whole affair.

[Lee Mitch]

Gene, yes, they asked, but had no problem that it was a "joy ride." Am I missing something here? They offered to send an adjuster, but I said I preferred to do the leg work myself, knowing local services better than they did. As I said, it was a great experience for me. Just my take and that of a few others that have responded here.

[rfitzpatrick]

State Farm holds 64.6% stake in Hagerty's "A" Shares to: " -- further a relationship--"

[Gene F]

Thanks Lee. Sounds fine.

[McMimmcs]

Originally Posted by GeneBob

I emailed Hagerty to verify my coverage. I told them that I drive to work about once a week and out to get lunch or dinner on weekends. I also stated that I don't drive to work when it is raining or snowing because it makes a mess of the car. They verified that I was covered for my driving. I didn't say anything about club events since I have not participated in any, since Covid has pretty much prevented any of those anyway.
They seem very easy to deal with. We will see if things change after they go public.

Totally different than I was told. I was told you were not allowed to drive to work under any circumstances.

[GPierce]

I always read the policy. I don’t depend on what I am “told” when it comes to insurance.

[ronn]

Totally different than I was told. I was told you were not allowed to drive to work under any circumstances.



sort of like going to dmv...........all depends on who you get.

[Slowmotoring]

when i got my insurance through Hagerty, they had different levels of driving that could be chosen for the policy. 1. very limited driving/only during events. 2. seasonal driving/not a daily driver. 3. daily driver.

[Gene F]

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Originally Posted by Slowmotoring

when i got my insurance through Hagerty, they had different levels of driving that could be chosen for the policy. 1. very limited driving/only during events. 2. seasonal driving/not a daily driver. 3. daily driver.

When was this?

[redmodelt]

None of my cars, value wise, comes close to Hagerty or Grundy minimum value, even my semi restored driver Model T that I just sold. For now, I will stay with Farmers. One of the two, forget which now, is a little more open on where the car can be stored. You should also read the policies, the part about who can drive the cars. If you were thinking about teaching your kids or grandkids to drive. Also, there are age requirements for getting insurance. Not a great way to get youth involved, if they can't insure and drive their cars.

[2935ford]

Originally Posted by Bruce Newbery

All hagerty customers need to read the fine print on your policy. In Canada, it states that you are only covered for club events. In other words, you are not covered if you are out for a drive and it is not a club event. I called head office and he said that was correct. Read the fine print on your policy.

Is your A plated as an antique? Here in NB if you have antique plates that is exactly the case but it is due to the plate/registration and not the insurance company.
I have Hagerty with their drivers plus which gives me unlimited towing. I have been out tooling around not during any club event as I do not belong to any clubs. I had no issues getting a tow from them with any of my vintage vehicles.
I also though have never submitted a claim.