Got home from my vacation to be greated with a Hagerty renewal bill which includes a 43% premium increase. Thinking it has to be an error. Anyone else experiencing an increase?
I have no tickets, no claims, etc. Car is driven about 1,000 miles per year. Insured at high value, $125k, due to the costly restoration/build but other than that, this if routine. I have had Hagerty for several years, at least 5.
I don't think there will be any one blanket answer in a situ like this. Sounds like it is time to requote and comparison shop.
Give a call to Lars Anderson at Rally Insurance in Chicago. They represent a number of different classic insurers (including Hagerty). My experience with them has been good. 630.617.9960 ext. 104. Rally will get you a few quotes from different companies. When I went through it in 2013, we got a quote from Classic Collectors, Grundy and Hagerty. There were some differences in bells and whistles, but basic coverages were all apples to apples. Quotes varied quite a bit. Hagerty, in my experience is always among the highest. That slick magazine and carpet bombing advertising isn't free.
Rates will vary depending who you are, the car, and where you live. But at an agreed value of 125k, if Hagerty comes in at about $10 per thousand of agreed value, at $1250 a year, it gets to be a good sized bill for a limited use car. Your other option is to lower the agreed value and roll the dice a little bit. The higher the agreed value, the more you're going to pay.
I got a similar notice from my insurance company. But mine was a cancelation.
So I went to my ins. agent to clear this up. The bottom line was-agreed value. :brickwall:
If we want what -we think- is the "value" of our car for insurance we will pay a high premium. (I'm still shopping).
In another thread, the conversation is about "value". Now our insurance companies are telling us what the "value" is and charging us accordingly. :slap:
I was quoted a $1200 price for a car that sits in the garage and chose to take a gamble and reduce the agreed value by 2/3. The premium is 2/3 lower.--My choice. ::)
mine just went up about 40 buck on two cars i pay the premium for them both at the same time
Just got my Hagerty renewal on my 22 Model T Ford I have insured with them
Mine stayed the same at car valued $11,500 cost $100 plus their $40 fee for total $140 per year
Good info. We have Hagerty as well and have had no issues with them. This should be interesting to see what they hit us with when we get our renewal soon as well.
My premium nearly doubled over a two year period. They could not explain why so I kicked them out. They will not get my business again.
Weird. We've been with them for over 20 years and had two claims and never had a problem.
I switched to Hagerty this year because Grundy consistently raised my rates an average of 17% per year. Over 9 years that's a significant difference! No single year was large though. Hagerty's guote was just over half for the same coverage.
My parents' regular insurance (cars + house) did they same things. They ended up leaving a company they'd had for 20+ years because they were paying $2,300 per year for liability (NOT comp) on 3 vehicles and were told by their agent that it wasn't possible to get it any lower. The new company is a little over $200 per car.
Unfortunately, it seems that if you want to keep the best rates (insurance, cell phones, tv/internet, and so on) you almost have to switch every couple of years.
Troy
Funny, I left Hagerty for Grundy last year. :popcrn:
Quote from: Aero426 on March 24, 2018, 04:41:14 PM
I don't think there will be any one blanket answer in a situ like this. Sounds like it is time to requote and comparison shop.
Give a call to Lars Anderson at Rally Insurance in Chicago. They represent a number of different classic insurers (including Hagerty). My experience with them has been good. 630.617.9960 ext. 104. Rally will get you a few quotes from different companies. When I went through it in 2013, we got a quote from Classic Collectors, Grundy and Hagerty. There were some differences in bells and whistles, but basic coverages were all apples to apples. Quotes varied quite a bit. Hagerty, in my experience is always among the highest. That slick magazine and carpet bombing advertising isn't free.
Rates will vary depending who you are, the car, and where you live. But at an agreed value of 125k, if Hagerty comes in at about $10 per thousand of agreed value, at $1250 a year, it gets to be a good sized bill for a limited use car. Your other option is to lower the agreed value and roll the dice a little bit. The higher the agreed value, the more you're going to pay.
Thanks for Rally suggestion. Will see what they can offer
I called Hagerty who simply stated the NY state rates were increasing due to losses they have experienced. No other explanation offered for a 43% increase after 5 years of being a customer
Hagherty would not insure mine as antique. They required a photo of the engine for the final quote. I was informed that i had to use a race car policy because my car has an open element air cleaner and headers on it. My quote for 25k in coverage was 1500 a year..... i do not have hagerty as a result.
I just today went back to- American Collectors Insurance- for 26k value @ $231 per year.
I have Hagherty for an appraised value of 50k for $120 Canadian per year. That's like $10.00 American. :cheers:
I dumped hagerty 7 months ago after a $1800 a year increase. Ive had no claims and was with them for 9 years. Im now with Grundy. These companies are just a commodity to me, whoever has the best rate gets my business.. The way I look at it, they are way ahead...
Jc taylor, 25k, 230 a year.
Hagerty's here. I have an agreed value of $60k and unlimited miles, mine went up about $100 upon renewal last month, to $5XX/yr. I have used them previously and this is the first time I've received a rate increase. That said, my standard car insurance nearly doubled (Nationwide) this year. I had them for 15 years, 800+ credit score, no tickets, no claims, blah, blah, blah... It does seem like they force consumers hand to jump ship, which sucks. I received the same story about "cost of increase in replacement in my state"...
Regards,
John
I prefer to think that these providers of insurance -for a limited market- are very aware of what each other is doing and are keen on the market.
A big difference from one to another makes little sense.--- Maybe newbies are learning and getting spanked accordingly. :slap:
On the other hand, the "value" of our cars is very fluid and fragile. We know that ourselves. And It's a hobby. And a gamble about money for all involved.
Example (for fun)--Lot's of people post about hating green cars and many tend to like blue ones. Does that trend trigger an insurance company to shy from green cars? :shruggy:
I have to pay my hagerty bill next week so I checked it went up 11 bucks.
Tim
I have never done the collector car insurance but was looking into it this year. Thinking about making the switch but now after reading most of these I am not so sure. Grundy was about $200.00 more a year that the Hagerty quote I received per year.
Quote from: ws23rt on March 26, 2018, 03:25:04 PM
I just today went back to- American Collectors Insurance- for 26k value @ $231 per year.
Ive had then for 20+ years
Quote from: 6pkrtse on March 28, 2018, 08:58:34 AM
I have never done the collector car insurance but was looking into it this year. Thinking about making the switch but now after reading most of these I am not so sure. Grundy was about $200.00 more a year that the Hagerty quote I received per year.
If you are thinking of collector insurance, an easy way to shop is the way I outlined above. Have an independent agent get you quotes from the different companies they represent. Then you can make an informed decision without having to do all the leg work.
If you want to stick with your regular carrier, your car is still "actual cash value" which in the case of a collector car, there are easy ways to substantiate what that is, in the event of a loss. Your regular carrier isn't necessarily bad. But collector cars aren't their thing. Their adjusters are probably not skilled in that regard. They might even prefer you move the car to a collector policy.
Adam Boca
Insurance Agent
NCM Insurance Agency/National Corvette Museum
350 Corvette Dr
Bowling Green, KY 42101
p. 877.678.7626
f. 270.781.5286
w. www.ncminsurance.com
e. adam@corvettemuseum.org
these guys are great if your getting quotes try them out , its thru American Modern , great rates and service and All the snooty corvette guys use it .
Quote from: moparstuart on March 28, 2018, 12:37:05 PM
Adam Boca
Insurance Agent
NCM Insurance Agency/National Corvette Museum
350 Corvette Dr
Bowling Green, KY 42101
p. 877.678.7626
f. 270.781.5286
w. www.ncminsurance.com
e. adam@corvettemuseum.org
these guys are great if your getting quotes try them out , its thru American Modern , great rates and service and All the snooty corvette guys use it .
I had American Modern for several years. No problems, but I just went in a different direction. I think it's just like any insurance, where you may need to shop and requote periodically.
Quote from: Aero426 on March 28, 2018, 12:42:58 PM
Quote from: moparstuart on March 28, 2018, 12:37:05 PM
Adam Boca
Insurance Agent
NCM Insurance Agency/National Corvette Museum
350 Corvette Dr
Bowling Green, KY 42101
p. 877.678.7626
f. 270.781.5286
w. www.ncminsurance.com
e. adam@corvettemuseum.org
these guys are great if your getting quotes try them out , its thru American Modern , great rates and service and All the snooty corvette guys use it .
I had American Modern for several years. No problems, but I just went in a different direction. I think it's just like any insurance, where you may need to shop and requote periodically.
yes i have had them off and on for 20 years or more , I shop and change as needed .
Quote from: Aero426 on March 28, 2018, 10:57:21 AM
Your regular carrier isn't necessarily bad. But collector cars aren't their thing. Their adjusters are probably not skilled in that regard. They might even prefer you move the car to a collector policy.
Every regular carrier I have spoken to cannot grasp collector cars. They are completely lost in the woods. They don't know where to start regarding value, and actual appreciation, as opposed to depreciation, is a mind-blowing concept. It's like the upside-down to them.
My renewal went up $43. My 68 Charger RT is insured for $46K, and total prem was $378.
I've posted this before, but here it is again. I've had Condon & Skelly since 1989 & my rates only went up when I changed the value of a car & increased it.
http://www.condonskelly.com/
'68 Charger (project) value at $6500+/-
'68 Coronet (project) value at $3000=/-
'69 Satellite Convertible, value at $7000+/-
'70 Road Runner, value at $20,000
'71 Scamp, value at $6500+/-
The total premium is $376 for the year, & a no brainer if you ask me.
So-far, so-good with American Collectors. I've even had a claim w/them.
Quote from: moparstuart on March 28, 2018, 12:37:05 PM
Adam Boca
Insurance Agent
NCM Insurance Agency/National Corvette Museum
350 Corvette Dr
Bowling Green, KY 42101
p. 877.678.7626
f. 270.781.5286
w. www.ncminsurance.com
e. adam@corvettemuseum.org
these guys are great if your getting quotes try them out , its thru American Modern , great rates and service and All the snooty corvette guys use it .
I have them too. Good thing I read this .... mine was due yesterday.
Mine's like #341 for 40k agreed ,plus I can drive to work once in a while . Better than others when I was looking. Actually have our home owners with them now , only 3 companies would cover our house.
Just got my Hagerty renewal today. Went up $3! The nerve! LOL! Thanks for making me get all worked up over nothing! WINGNUT
Quote from: Wingnut426 on April 09, 2018, 10:06:03 AM
Just got my Hagerty renewal today. Went up $3! The nerve! LOL! Thanks for making me get all worked up over nothing! WINGNUT
at your age we were just making sure your heart was still pumping . And make sure im in the will for the convertible :nana:
Wouldn't insurance rates be higher if the median Charger is now $70k replacement value instead of $40k a few years ago?
And if more overall Chargers have an agreed upon value up near, or over, that median value? I.E. more potential claims per year.
I hate a big jump in rates as much as anyone, but it seems like rates maybe have been slow to react to market conditions. :shruggy:
Looked last night , mine actually went down about $30 from last year.
Quote from: Homerr on April 12, 2018, 09:37:01 AM
Wouldn't insurance rates be higher if the median Charger is now $70k replacement value instead of $40k a few years ago?
And if more overall Chargers have an agreed upon value up near, or over, that median value? I.E. more potential claims per year.
I hate a big jump in rates as much as anyone, but it seems like rates maybe have been slow to react to market conditions. :shruggy:
Wait. The average price of a 2nd Gen Charger is now $70K?
Quote from: Homerr on April 12, 2018, 09:37:01 AM
Wouldn't insurance rates be higher if the median Charger is now $70k replacement value instead of $40k a few years ago?
And if more overall Chargers have an agreed upon value up near, or over, that median value? I.E. more potential claims per year.
I hate a big jump in rates as much as anyone, but it seems like rates maybe have been slow to react to market conditions. :shruggy:
If my policy doesnt cover my car for 70k, then why should i pay 70k rates?