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."