Hagerty Article

Ask the Fox

How the Chicken tastes from the hen house. They cite their volume of new business and quotes. Plus it's really funny that they don't say let's lower you're premium to reflect a lower value.
 
hagerty

The wife and I have 5 Sunbeams insured with Hagerty. The facts are that our premiums are based on the stated value that is listed for each car along with other factors for the area we live in. Unlike State Farm, State Auto and others, Hagerty will pay out up to that stated value for any repairs needed due to an accident or any other damage to the car. I found out a long time ago that classic car insurance policies from other insurers such as State Farm will not do that. We had three Sunbeams insured at that time so we switched to J C Taylor. When a local Tiger owner became a Hagerty agent we switched to Hagerty as did many owners. He has a knowledge of what it takes to repair a car so values are set based on that along with the quality of the car. I have seen Hagerty repair many Sunbeams. You get what you pay for and if an owner wants to cut his premiums I've always said that's their choice. FYI, our total premium for the five cars is less than $1000.00 per year and that includes tow coverage and road service for not only the Beams but also the two SUV's , the van and the two Malibus with a tow distance of 250 miles. Where the Tigers may be shown as far as popularity does not reflect what your stated value is which helps determine your premium. What do other owners think?
 
Apple to Oranges

Territorial rating is used by companies the price in 90004 is nearly double what it is in 90277. Call the agent and say you are moving to 90274 ask em what it'll cost.



My point was their barometer is inaccurate and disregards the facts that maybe they are overpriced on a Nationwide level or that guys aren't buying cause they don't have to. Many self insure but the smarter guys when allowed go comp only or storage. I know a MK2 that has been in the rough part of town uninsured and garaged for 25 years. I look at the garage and the old wax coated wiring and say :eek:


Don't take my word for it I only sold that crap for 22 years
 
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Warren,
I know where you're coming from. Prior to retirement my years as GM of operations of an oil company which operated in 13 states and all aspects of the lube/ fuel/c store business taught me to understand that insurance and attorneys are two needed evils. I agree that rates are different in different areas based on location and loss history. Cheap rates in rural areas, high in cities like Columbus or Cincinnati. Personally I get cheap insurance rates based on loss for the area I live in. The rates thru Taylor and Hagerty were very close but we switched to Hagerty due to knowing the agent. He also owned two Tigers.
 
Just another spout

The 'stated value' premiums offered (Chubb/Grundy/Haggerty) is an absolute bargain regardless of local adjustments. Keep in mind, I am looking thru the eyes of a restorer who operates both in toy builds and standard collision environments. We fight with the adjusters daily on Mom & Pop drivers, whereas the iron toys get whatever they need to rescue in kind. Just sayin'
 
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0neoffive said:
The 'stated value' premiums offered (Chubb/Grundy/Haggerty) is an absolute bargain regardless of local adjustments. Keep in mind, I am looking thru the eyes of a restorer who operates both in toy builds and standard collision environments. We fight with the adjusters daily on Mom & Pop drivers, whereas the iron toys get whatever they need to rescue in kind. Just sayin'
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Randy,
My wife's car was involved in a middle of the night 4 car demolition derby on our street back in late September. We have State Farm so I called the 800 number and filed a claim. I was given a list of four preferred shops and it was my choice where I wanted it repaired. I asked when an adjuster would be at the house to see it. I was told that they don't have adjusters in southern Ohio. The preferred shops do the estimate, e mail to State Farm and proceed with repairs. State Farm in this area does not require after market or used parts, everything needed was new Ford parts. When it was done I paid the shop our $100 deductible and the wife drove it home. Too easy!
 
Pay Me Or Not

65beam said:
Randy,
My wife's car was involved in a middle of the night 4 car demolition derby on our street back in late September. We have State Farm so I called the 800 number and filed a claim. I was given a list of four preferred shops and it was my choice where I wanted it repaired. I asked when an adjuster would be at the house to see it. I was told that they don't have adjusters in southern Ohio. The preferred shops do the estimate, e mail to State Farm and proceed with repairs. State Farm in this area does not require after market or used parts, everything needed was new Ford parts. When it was done I paid the shop our $100 deductible and the wife drove it home. Too easy!
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Our citizen legislature still has a bunch of insurance cronies sitting in power.
 
Sorry

My personal opinion topic about what insurance companies do,or say has drifted away into other personal lines insurance comments.



I can lift the topic back on track



Some classic car insurance companies use outside adjusters and that is rarely ever a good thing. Most every classic car policy I have seen has many covenants the client must comply with for example garaging the car as well as listing your daily driver(s) and all the usual hobby or parade like clauses as well as the timed event exclusion* You can buy daily coverage that will allow track use.



I knew a Tiger owner who parked in his driveway and then went in and for some reason left the car in the driveway to find it gone the next morning. His tale of woe continued as he said the had offered up way less than the stated amount because he left the car outside. He ended up in court and would not say much else on the sore subject.



* These are opinions and not legal advice read your policy and use your own judgement, or take an agent's word for the explanation of the big print that giveth and the small print that taketh away. I pick bold as agents say most often say what they need to retain the business.
 
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The facts are that you are seeing a broad picture of what happens around the country from current and long term owners and that gives interested owners something to think about and ask questions in the future in order to protect themselves and their cars. What Randy sees and what I see have probably happened to others and I remember someone mentioned rates not dropping. Just because someone sees cars dropping in current value doesn't mean you receive a lower rate. Repairs still cost the same.
 
Most if not all cars dip in value - you need to buy them for the fun factor, if you but them as an investment you will be to afraid to drive them.
 
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