Most of mine never leave the garage, and for the past several years, the cars that do leave are on a trailer. I just figured after 15 years with Hagerty, I should compare prices, I am still looking, but have found Hagerty the best deal, all cars have agreed values.
Insured my recently purchased 308 with Hagerty. Price seems reasonable. Agent asked me how many miles I will drive it and what Agreed Value I wanted. He sent in the application and in a few days I received an email confirmation that I was insured. But, I did not do a lot of shopping around. I am just too lazy.
I just checked rates for my 3 specialty cars. Highest to lowest (approx $1300 to $600): Grundy Hagerty Safeco J.C. Taylor Condon Skelly ANPAC
This is really strange - I don't understand how Hagerty can give me essentially the coverage you have from Condon Skelly, no restrictions except not to be used very much for commuting, yet you get quoted more than double my rate, with severely restricted use, from Hagerty. How long ago was that quote? Did you have any recent claims, payouts, speeding tickets, that might have caused them to offer a high premium with restrictions on use?
Really, it finally comes out! Not everyone gets the same price on insurance. Duh? Driving and claims history, location, even your credit score can affect the rate, if they check. Also, what kind of limits are you getting quoted? I carry 500K because you know if there is an accident I will be the "rich guy in the Ferrari" who ruined their lives with a tap on the bumper. Lawyers salivate over that type of lawsuit. Imagine being handed a 250K + legal fees judgement for Welfare Betty's sore neck and knowing you are undercovered. If you only have a 100K liability limit, you might lose everything in a lawsuit. Also, the real value is to be found if you have a claim and what kind of service you get. I needed roadside assistance one time, they sent someone who was knowledgable about my Ferrari and I was treated like a king, compared to AAA where I felt like I was asking them for a favor. Costs me $800 a year from Hagerty with a high agreed value, 3000 miles and NO driving restrictions. They also guarantee to use OEM parts for repairs and even have a parts locator service to help. I sleep better at night too. Apples to apples people and you usually get what you pay for. No free lunch out there that I have found. Unless you post your driving and claim history, location and limits these price comparisons are meaningless. Alden
Hagerty tacked on for $150 an extra towing package. Without my say. They call it Hagerty Plus but never told me and it's not on my policy! Anyway dropped that and raised deductible so now paying the same. Sent from my iPhone using Tapatalk
Been quoted twice in the last 2 years. I'm 53, married, no kids, have no tickets, no accidents, no claims, live in the safest, lowest risk community in the state, have 820+ credit, don't commute to work or school, have 6 cars that accumulate a grand total of about 8,000 miles/year. I have the highest available liability limits and $1,000 deductible. I asked the Hagerty rep each time why they are so expensive and they couldn't give me an answer. Other than mumbling something about how their rates are set by the state, which sounds like BS to me when other companies are much lower. Hell, when my Ferrari, '67 Pontiac GTO, 5-series BMW, and 3-series BMW were insured through my regular insurance company (Erie) my total annual premium for all 4 cars was less than what Hagerty quoted just for the Ferrari. And they wanted over $1600 to insure my GTO for $50K! I asked the Hagerty guy why their ads said their rates were much lower than regular insurance yet their premium quote for just the 2 specialty cars was almost 4 times as much as my regular insurance premium. Then they got pissy and and I hung up.
Here's just a couple of data points on why I choose to stick with Hagerty. 1. They allow me to *occasionally* drive the car to work. Most others I spoke with were adamantly opposed to that. 2. A good friend has had several major claims (and I have one on-going now, as the fire damage to "old blue" is repaired), with never a raise in premium. 3. I found their prices to be at least "competitive" even if not the absolute lowest. All things considered, it works for me. One other thing the OP might consider - with so many cars which seem to be driven so seldom, he could choose to assume some of the risk himself and lower the agreed values, thereby saving on the premium. If you want the insurance company to assume *all* of the risk, you pay for that. Assume some yourself, and save quite a bit (especially over a bunch of cars). Just a thought. Thanks, gp
The reality is that making a comparison in rates on this threat is all but impossible. Each company have their own rates by state. Each state allows different basis for setting rates, and the credits and debits to those rates. That is just to start, each individual has their own particular characteristics - location, credit score, age, use, liability limits, willingness to accept deductibles, agreed value (some companies just do not offer the coverage), repair with OEM parts or after market etc etc. So how is someone living in CA, NY, WA, LA going to compare rates with one another?? Just too many variables to make a valid comparison hear. I was an independent insurance broker for 40 years and represented over 150 different insurance companies writing all types of insurance. Best to ask friends living in the same state and general area who they have good experience with recently - three to five years ago doesn't matter. Then do your own comparison using the exactly same list of criteria. Still a difficult analysis.
Safeco: $220 for 308 per year for 1500mi/yr. Same limits on 456 is $800/yr. Both cars worth about the same. They told me 456 is high due to horsepower. Sometimes its nice to have only 230hp.
Chris - I seriously doubt you are getting the same type of coverage with Safeco (good company, I represented them for years) but the valuation is likely actual cash value ACV which means haggling at the time of loss and also may mean using lesser cost after market parts for repairs which could detract from the resale. The speciality exotic and antique auto insurance companies have better insuring forms relative the physical damage insuring forms. If those things are important to you if not SAFECO is just fine.
That's a good deal. I will have to give them a try. I pay £425 for £55k agreed value, 3000 miles per year with Hagerty's on An '85 gts qv.
Hagerty quote was on AIG paperwork last time. This time it's insured by someone else. So Hagerty doesn't actually underwrite the policies? Asking because I have no clue how car insurance really works. Sent from my iPhone using Tapatalk
vrdjs - There IS NO INDUSTRY STANDARD for this type of coverage. Your are confusing a "family auto policy" which there is an industry standard. With speciality auto policies each company is different and a companies policy may be different in different states. Individual state commissioners govern each states insurance laws and regulations and rates. Why would think 50 different states would have the same rules, regulations, policy forms and rates? I seriously doubt even two states are exactly alike on these issues.
Interesting but not very helpful. Does Hagerty write the policy or do they really act as just a broker?
Sounds like my experience. Went on their website and asked for a quote. The website is anonymous, so they don't know my driving record, credit score, etc. They quoted $1600 for the testarossa. Figured it was an error. State Farm is $800 and I could go shopping with it. $400 with classic coverage. I drive the car 4x a year... Called, and they said that's their price. Didn't ask for my social security, credit score, nada. Their price was ridiculous... Sticking with State Farm, will spend the $100 to get an appraisal every couple years, and that's it. State Farm will do agreed value over 100k with appraisal... Bo
Crowndog - Hagerty is the insuring company not just a broker. So you only get their quote and coverage options for your state when you go to them directly. My suggestion is to locate an independent insurance broker in your area who is of some size (so they can access a broader group of markets). They will have the capability to analyze rates and policy forms of specialty exotic/antique auto companies. Likely they have already done analysis for their clients who have these kind of toys. There are always tradeoffs, price, restrictive use, coverage (guaranteed value and replacement with OEM parts), limits of liability, minimum required deductibles but a good broker can you help weigh the alternatives against one another. Ask a local fellow Ferrari (or other exotic car) owner who has an independent insurance broker for his broker's contact information assuming he is pleased with the broker. Have the broker shop your insurance with the markets they represents. Make sure they can access a few of these specialty exotic/antique auto insurance companies. The alternative to that is to individually contact each specialty auto insurer writing exotic vehicles in your state and do the comparison yourself. Certainly a daunting task and without expertise I would not predict a reasonable result and not a good use of your time in any event especially since the market in all insurance is fluid from year to year. Not that I suggest marketing your insurance every year but things do change. A good broker can keep current in the market place and your insurance account current if they are worth their salt. So there is my advice for what it’s worth. I hope a little more helpful?
My Certificate of Auto Insurance from Hagerty lists Agent/Broker: Hagerty Canada, LLC; and lists Elite Insurance Company of Scarborough, Ontario, Canada as "THE INSURER". It would seem that in my case with Hagerty Canada at least, they are just a broker and the insuring company is Elite.
Depends on province. British Columbia has a tort-based system with mandatory minimum limits of $200K plus add-on no-fault medical and disability benefits. A government insurance provider (ICBC) competes with private industry providers for first party (excess) and third party coverages. Hagerty (Aviva) competes with ICBC. . I insure my 328 with ICBC under a "collector" plate and policy. I pay about C$850 (~ $US$ 670) for $5 million PL/PD, $300 deductible collision and $300 deductible comprehensive. The car had to be approved as basically stock - based on photos. I am required to own a "principal" vehicle and am not allowed to use the "collector" car for to or from work or school. Otherwise, no restrictions on use. First party coverage is based on "actual cash value", i.e., "current fair market". However, in the tort system, I could still sue, if ACV was an issue on the 1st party claim and someone else was at fault. FWIW, in BC I would not recommend insuring with less than $2 million PL/PD. Jon
GordonC You are correct on Hagarty, they are the General Agent (GA means they have the underwriting pen for the insurance company/act on behalf of the company for that program they are the company for all intense from the customer standpoint) for Essentia Insurance Company, Nationwide Mutual Ins. Co. and Nationwide Ins Co. of America in the US sorry for the mislead. Also with GAs now they often share the underwriting risk of their managing operations for their program with the insurance company. I know when I was a broker we had a couple of contracts where my brokerage firm was a GA and we did some risk sharing with the insurance company. That way the broker has some skin in the game. But of course I dont know what Hagertys contractual deals are with the companies they manage auto insurance programs. It looks like SpyderGT has the information on the Hagerty operation in Canada. I never wrote private auto insurance in Canada so I have no knowledge of insurance workings there.
Auto insurance in Canada is a real mixed bag. Ten provinces and two territories yields twelve schemes, four of which have government monopolies (provincial "Crown Corporations") for "basic / mandatory" coverage. Anathema to you in the US but works quite well. All started with farm insurance in the depression and a more left-leaning provincial government in Saskatchewan and spread from there. I have no specific knowledge of Hagerty, just some experience with auto insurance regulatory matters. Jon
5 Million PL/PD and no less than 2 million, holy s**t. I just decided to quit my job and apply to law school I will be asking for political asylum in BC when I graduate. Lawyers must be livin' large up north there. Alden
