Insurance Woes - New/Recent Issue!

[Chuck G.]

Re: Insurance Woes - New/Recent Issue!

After having been with Hagerty for years, about 2 years ago, I switched to the NCM (National Corvette Museum) policy. The NCM policy is written through/by American Modern. Adam Boca is the agent. You can reach him at the NCM. Adam also posts a lot over on Corvette Forum.

I saved about $200.00 per year keeping the same coverage on all 3 of my old cars, the two Corvettes and the 56 Chevy.

I had no problem with Hagerty, and had never had a claim, but like many, my premiums kept going up and up.

Chuck

[Reba W.]

Re: Insurance Woes - New/Recent Issue!

"Well what do you think the difference in value is between an original motor Z28 RS and a pretty Camaro with a new target master engine. The agent didn't understand, the VP did."

My experience has been that it is the agent who makes all the difference in a claim. When I wrecked my 1972 a couple of years ago, the claims representative who arrived appeared to be younger than the car. He readily admitted he knew nothing about classic autos. However, he did know enough to refer my claim to someone experienced in the field. We arrived at a settlement that allowed us to keep the car although the estimate bordered on being a total loss. And this is all through our regular home and auto insurance agent--not one of the collector companies.

[Stuart F.]

Re: Insurance Woes - New/Recent Issue!

I guess it is necessary to understand the basic tenent of Insurance in the first place, and that is to "Share the Risk".

I just had a sitdown with our State Farm agent yesterday to review our policies; both Auto and Home. Ironically, they were being proactive and called us in for that purpose. The result was an anual savings of only $100. overall. We have a big problem here in Florida as we continue to pay for others losses from the 2004 hurricanes. My homeowners alone has doubled over the last two years, even though we have not had any claims and we are able to take advantage of all their discounts for security and safety, for both our home and autos.

Stu Fox

[Michael J.]

Re: Insurance Woes - New/Recent Issue!

I serve on several boards of private companies, and insurance, in general in most all areas, is getting more expensive, and will for some time to come. The companies had some big losses over the last several years and they will recoup those on the current policy holders, and more property is insured that has higher risk of loss. That along with a lack of competition as smaller companies have gone under, will drive rates higher in all areas. A fact of life.

[Robert K.]

Re: Insurance Woes - New/Recent Issue!

68 z28 motor suffix is MO. Maybe you meant 69?

No, I meant MO, it was a 68. You forget alot in 20 years.

[James G.]

Re: Insurance Woes - New/Recent Issue!

My bet is HAGERTY had a ''large'' claim at SCOTTSDALE RUSSO-STEELE tent blow down in the January 2006 or 07. The damage was in the millions. So their underwritter, said guess what.....we need more money

[Mike G.]

Re: Insurance Woes - New/Recent Issue!

Mr. Lowe,
I too suffered the Hagerty "Insurance rate creep" found the cure when I dumped them in favor of another company. There rate was better and I got better coverage. If enough classic car owners leave Hagerty maybe they will get the hint.
Mike

[Philip P.]

Re: Insurance Woes - New/Recent Issue!

I also switched from Hagerty (rate creep). I have often wondered what the claim rate is for all of the companies that insure our cars. Mine is driven at the most 4 months a year and normally less than 3000 miles. It is kept under lock and key and is never intentionally exposed to any bad weather. I would think that I am not alone making the risk low. I imagine a claim is expensive but would think that it happens at a very low rate. They may have had claims during the storm at Scottsdale but that was a rare happening.
Just my 2 cents
Phil

[Thomas H.]

Re: Insurance Woes - New/Recent Issue!

I also had Hagerty for a few years. I was pleased with the rates and accepted the increases every year as just the cost of doing business. The increases were not all that much plus I was able to increase the agreed value accordingly.

I ended up changing over to NCM when Hagerty refused to write insurance for my C6. NCM accepted all three cars and didn't balk at the fact that only one is kept at my house. The other two are kept offsite at a local shop that provide secure, temperature controlled car staorage. An added bonus was the rate savings that NCM gave me. Had them for three years now and no rate increase.

NCM insurance rep Adam Boca is usually at Carlisle which is how I found out about them. I asked him if they would cover my C6 along with the other two. He said no problem. Told him about the offsite storage, again he said no problem. I switched that week.

Tom

[Don L.]

Re: Insurance Woes - New/Recent Issue!

Thanks for the advice folks. I REALLY appreciate the help thus far!

I am checking with the alternatives that have come recommended in this thread and hope to report back soon. I spoke to Hagerty yesterday afternoon and was told that the increases were:
A) because Hagerty Plus costs went up from $24 to $29.
B) Michigan MCCU increased approx $30 per car. That said, I'd expect to see increases from all others too, because of the MCCU increase. Interesting to hear how others here have seen similar increases in other states.

Phil/Mike: You each say that you went away from Hagerty because of climbing rates. How long ago did you move? Have you been satisfied to date? Are you willing to say with which company(s) you went with?

BTW, I typically drive my '72 less than 1,000 miles/year. I don't have my 2010 Grand Sport with Hagerty because of cost (it's with Citizens) but would move it to NCM, Taylor or MK if there was net value to it. This year, I've driven the Grand Sport approx 800 miles so far. (Shameful, no?)

[Philip P.]

Re: Insurance Woes - New/Recent Issue!

Don. I went with American Collectors Insurance, its coverage was comparable, rates somewhat lower and would insure a low milage 1994 Mustang GT with an agreed value policy which Hagerty would not do. I switched earlier this year and have no claim experience but the research I did before switching was positive.
They seem to have a good reputation from what I could gather, My car was insured with Hagerty for over 10 years.
Phil

[Anthony P.]

Re: Insurance Woes - New/Recent Issue!

I also had Hagerty for a few years. I was pleased with the rates and accepted the increases every year as just the cost of doing business. The increases were not all that much plus I was able to increase the agreed value accordingly.

I ended up changing over to NCM when Hagerty refused to write insurance for my C6. NCM accepted all three cars and didn't balk at the fact that only one is kept at my house. The other two are kept offsite at a local shop that provide secure, temperature controlled car staorage. An added bonus was the rate savings that NCM gave me. Had them for three years now and no rate increase.

NCM insurance rep Adam Boca is usually at Carlisle which is how I found out about them. I asked him if they would cover my C6 along with the other two. He said no problem. Told him about the offsite storage, again he said no problem. I switched that week.

Tom

That sounds strange, my son has his 2011 vette insured by Hagerty and he is only 28 years old!!! could there be any other circumstances concerning the policy that may have made them "balk"? I have a number of friends that have C6s insured by Hagerty. also have other friends that have chose to use other companys, that plan to go back to Hagerty at renewal.(Multiple Reasons) Bottom line is we each have to do what we feel is the best to cover each individual set of needs. Each company can customize the policy to meet the needs of each customer, could be usage needs(no mileage limits), Storage parameters, and of course Cost. I'm sure Hagerty as the others can get the cost to a level that will make that customer feel comfortable, but like anything in life it would involve some trade offs! Enough said, I will stay with Hagerty, it makes me feel comfortable about my cars.

[Jim R.]

Re: Insurance Woes - New/Recent Issue!

Try Condon&Skelly collector stated value.

[Jim D.]

Re: Insurance Woes - New/Recent Issue!

Try Condon&Skelly collector stated value.

Stated value will leave you screwed if you have a total loss. You MUST have agreed value. They are two totally different things.

[Tom L.]

Re: Insurance Woes - New/Recent Issue!

Insurance companies have strange ways of assesing rates. Here in NY I'm 1/8 mile from water, since all the hurricanes came I've been told I'm in a a "flood zone" because of the "Distance" from water. I checked my survey, I'm 117' above the high tide mark!!! Honestly, if my home is threatened due to rising waater I have bigger problems than making an insurance claim. I don't think anyone will figure these guys out.....