Insurance Woes - New/Recent Issue!

[Don L.]

Has anyone else seen continued "creep" in insurance rates for our cars? While the value of the cars seems to be sliding, my rates with Hagerty continue to increase every year. I understand that the value alone doesn't drive insurance rates, but it does figure into my thinking to some extent. This year, like last year, my policy rates increased by 10%. Even the Hagerty Plus rate increased. I have had no claims (knock on wood).

While I like and have never really ever heard anything bad about Hagerty, I can't help but be tempted to shop some of the other collector car companies. I know about the different coverages and deductibles, etc, just wanting to know if the creep I'm seeing with Hagerty is being seen by other Hagerty policy holders and/or if this creep is being seen through Hagerty's competitors.

Feedback is appreciated. Thanks...

[Jim D.]

Re: Insurance Woes - New/Recent Issue!

I've been with American Modern Insurance Group for 6 years. No increase in premiums since day 1.

[Bill C.]

Re: Insurance Woes - New/Recent Issue!

Don; I have had Hagerty since 2009. You are correct. It looks like I have $30 - $40 increase every year, with the same coverage.
I have tried NCM but they can not write in North Carolina.
I am going to shop around next year.
Regards
Bill

[Louis F.]

Re: Insurance Woes - New/Recent Issue!

Ihave JC taylor, no increase that I can remember.Certainly not in the past 5 years.

[Dave B.]

Re: Insurance Woes - New/Recent Issue!

I also have my cars insured with American Modern. Not only has there not been an increase, but they were less expensive. Tamra with MK Insurance is great to work with. They are one of the sponsors of the Yenko site. http://www.mkinsuranceagency.com/ind...Auto-Insurance Join the yenko.net site and you can save 10% on the premium.

[Michael G.]

Re: Insurance Woes - New/Recent Issue!

American Modern Don. No change since sign-up.

[Anthony P.]

Re: Insurance Woes - New/Recent Issue!

I have my cars insured with Hagerty,, but with past proplems (getting Cheated on a claim) with a different un-named company, I chose Hagerty based on their Integrety and proven history in the event that you (God Forbid) need to submit a claim. Paying a small amount more (in my Case) is money well spent for a piece of mind. In my opinnion our cars are like family, and I wont skimp on that. Again just my thoughts. I have been screwed by "collector car insurers" in the past and hope none of you ever have to go through that.. With that said shop around!!

[Harry S.]

Re: Insurance Woes - New/Recent Issue!

Don; I have had Hagerty since 2009. You are correct. It looks like I have $30 - $40 increase every year, with the same coverage.
I have tried NCM but they can not write in North Carolina.
I am going to shop around next year.
Regards
Bill

NCM is actually AMI (spelling). The folks at NCM may not be able to write for NC but ask them for the phone number of their insurance backer. NCM could not write for NH but the folks at their insurance backer could. Same pricing I got over the phone from NCM.

[Kenneth H.]

Re: Insurance Woes - New/Recent Issue!

Before I switched to NCM insurance I had Grundy and every year my insurance cost increased, along with the agreed value. I called them and was told that they automatically increase the agreed value by 7% annually which bumps the cost up. I asked about reducing the agreed value back to where it was originally, so they gave me a quote which was just a few dollars less that the current quote, and nowhere near what I was paying two years before at the lesser agreed value.

Thanks.

[Don L.]

Re: Insurance Woes - New/Recent Issue!

I have my cars insured with Hagerty,, but with past proplems (getting Cheated on a claim) with a different un-named company, I chose Hagerty based on their Integrety and proven history in the event that you (God Forbid) need to submit a claim. Paying a small amount more (in my Case) is money well spent for a piece of mind. In my opinnion our cars are like family, and I wont skimp on that. Again just my thoughts. I have been screwed by "collector car insurers" in the past and hope none of you ever have to go through that.. With that said shop around!!

Good advice, Tony. Thanks. I should point out that I am and will remain focused on VALUE, not PRICE. I think Hagerty has a solid reputation for outstanding service. While I've been fortunate enough to not have any claims (did I just say that out loud?), I know a couple folks that have had claims with Hagerty and they were handled very well.

I started this thread to see if the same service is out there for a competitive rate. It would be one thing if Hagerty's rate for me had additional coverages or was small in size. 30% in 3 years for the same exact coverage and covered value sounds like it's inconsistent with the market and it also feels like a lot to me. Looks like several here (so far - hope still more info comes forth) are seeing comparable service for competitive cost.

I really appreciate all inputs thus far. Hopefully others too are seeing some value through this thread.

[Anthony P.]

Re: Insurance Woes - New/Recent Issue!

Good advice, Tony. Thanks. I should point out that I am and will remain focused on VALUE, not PRICE. I think Hagerty has a solid reputation for outstanding service. While I've been fortunate enough to not have any claims (did I just say that out loud?), I know a couple folks that have had claims with Hagerty and they were handled very well.

I started this thread to see if the same service is out there for a competitive rate. It would be one thing if Hagerty's rate for me had additional coverages or was small in size. 30% in 3 years for the same exact coverage and covered value sounds like it's inconsistent with the market and it also feels like a lot to me. Looks like several here (so far - hope still more info comes forth) are seeing comparible service for competitive cost.

I really appreciate all inputs thus far. Hopefully others too are seeing some value through this thread.

Don I understand your position, I just can't stand to see members loose out on a claim due to bad service. good luck with your search!!

[Robert K.]

Re: Insurance Woes - New/Recent Issue!

I've had JC Taylor for 30 years. I had an issue with a claim, but I won. It did require a call to the VP of Underwriting of the Zurich Insurance Co. 10 minutes later I received a call form my local office and they were explaining to me that I misunderstood. Short story, they wanted to put a Tarket Master engine in my 68 Z28 RS with 68,000 and they wanted me to pay for half because the life expentancy was only 125,000 miles. The Z28 was stolen and found with a blown up original DZ engine. They called it "betterment". I called it BS. Then the agent slipped up and read the part of the policy that stated "if we can not return your car to it's previous value, we will pay the difference". 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 original DZ engine was rebuilt at no cost to me.

[Anthony P.]

Re: Insurance Woes - New/Recent Issue!

Robert Glad to hear the you won, although it is sad that after being loyal to them for 30 years, you had to fight for what was only right, wonder how many people not as vigilant as yourself have not be as fortunate. good for you!!!

[John F.]

Re: Insurance Woes - New/Recent Issue!

FWIW, insurance companies are in business to make a reasonable profit. Some companies are mutual companies that are basically owned by the policholders of the company. Others are stock companies that need to make a profit and share it annually thru their stock prices with capital gains and dividends. All companies try to hold costs down as much as they can including claim settlements. They should only pay what they owe per the contract and not a penny more. They are regulated by different state laws. There are bodily injury, property damage to others, collision & comprehensive, uninsured motorist, etc. coverages. Each company sets their rates by the amount of claims dollars they pay out or project to pay out based upon trends or rating models. In most states the Department of Insurance has the final say so on rates. As an example, State Farm, the largest personal auto carrier in the U.S. insures 1-4 cars on the road versus a smaller regional company that may insure 1-100 cars on the road. Who do you think pays more out in claims?? These past few years with hail, fire, tornadoes, flooding, etc. most companies took a hit. That doesn't include your everyday liability claims for injuries, whether valid or fraudulant. A simple tap on the back bumper of someone at a stop sign can run into the thousands $$$$$ after a smudged bumper turns into claims from the bumper itself $500+ up to money for everyones neck /back hurting, trips to chiropractors, etc. We all don't go to the cheapest company for everything we buy. If you are satisfied with the service from the agent/company and believe they will be there when you need them, pay the premium and get on with driving. Everything gets more expensive, from the water we drink, to groceries, clothing, etc. and will continue to do so. Sorry if I got carried away.

John F (Insurance agent)

[Gordon W.]

Re: Insurance Woes - New/Recent Issue!

I've had JC Taylor for 30 years. I had an issue with a claim, but I won. It did require a call to the VP of Underwriting of the Zurich Insurance Co. 10 minutes later I received a call form my local office and they were explaining to me that I misunderstood. Short story, they wanted to put a Tarket Master engine in my 68 Z28 RS with 68,000 and they wanted me to pay for half because the life expentancy was only 125,000 miles. The Z28 was stolen and found with a blown up original DZ engine. They called it "betterment". I called it BS. Then the agent slipped up and read the part of the policy that stated "if we can not return your car to it's previous value, we will pay the difference". 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 original DZ engine was rebuilt at no cost to me.

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