Al, if you are interested in a good insurance contact shoot me a PM and I'll happily forward my guy to you. He can try and help you out.
Stew - Unless your broker is licensed in 50 states or at least Al’s state of NY he likely will not be able to help. Usually smaller brokers don’t get licensed in states other than those immediately adjacent to their own state.
I checked with them before offering to pass along the info, they said they'd be able to help him out even though he's in NY.
Does Hagerty do Daily Drivers? I'm getting a 2021 G63 next week and I'm getting quotes in the $5,000 range. So, should I look into USAA also? What other insurance would you recommend. I have AAA and Farmer's is coming in high.
Another note I'd add, the high networth individual carriers like Chubb, PURE, and AIG have (usually) much better coverage for similar pricing points, like 200$/day for rental car instead of the measly 30$/day or whatever Like for home owners insurance, Chubb master policy is a work of art, unlimited loss of use....!
From what I found, in order to get a policy with certain companies, you can't do it yourself, you have to go through a broker
I'll offer what I just went through I like USAA a lot , had them for over 20 years after Allstate. No other carrier could beat their policies apples to apples It turns out high end is another story. They assessed my 812SF last year no problem , a bit much , but hey I'm in NY , and I have a 19 yr old in the household. The 812 SF model has been out since 2018 (I think) This year the 812 GTS is a new model . It was not in USAA's data base. I was told the computer probably assessed it at the lowest score , iow the highest value , practically double the 812 SF. I tried to insist on another review , they said no, the computer is what they go by (ok that's what we have to look forward to) I went to 2 others (not Chubb , they work w USAA anyway , no offer for me in NY) . USAA suggested I try their affiliate which turns out to be Liberty . No go with Liberty the car's msrp was too much for them. American Collectors wouldn't touch me because my son lives with us. Hagerty came in with collector car policy since the car was over $500k. The annual cost came to more than my SF but less than what USAA wanted for the GTS To save more money I am giving them my '21 Targa & '19 ZR1. Now I am saving more than last year when I had those & the SF on the USAA policy I do not think they do daily drivers that are not high value or collector . Obv you should contact them . It was easy peasy I still have 4 other cars on the USAA policy . Only thing the Hagerty policy excludes my son from driving the the covered cars (I suspect they meant by himself ) I'll wait a year and check out USAA again to see if they changed their pricing model . Good luck
Do you have umbrella coverage through USAA? I was wondering if I could split my high ends off to a separate policy when the kids hit driving age but keep home/umbrella on the original. Sent from my SM-N975U using Tapatalk
good ques. I do not know yet if those cars will come off my umbrella, I suspect yes , too much of a pia to ask the ques , f'n run around & computer prompts suck I canceled the cars yesterday , so I suspect a few mailings will come soon, I'll let you know.
Like I said before USAA was the most competitive insurer . No broker could get a better deal, some brokers wouldn't even try.
If you DIY it then you can only get quotes from "Direct Write" insurance companies (GIECO, AAA, USAA, State Farm, Farmers etc.. Sometimes they are good choices and sometimes not so much depending on a very wide range of variables. A good broker can access all the "agency" companies but not the direct write companies. If you DIY then you best know what you are doing or you will not be getting comparable quotations. My experience (40+ years as a broker) is than most folks really don’t know even though they think they do – just a lot of nuances to be aware and non-professionals are just not up to speed. IMO
Hagerty does drivers- have to be enthusiast grade or high value. I think it imparts a different risk class which they are exploiting in the modeling. For others, they do not have enough data, or clients to collect or benefit from that level of data. Odd but for Hagerty on my 812, they were 33% more than USAA. I agree that Hagerty made me exclude my niece/daughter ( who is at school but lives with us when not). Chubb is interesting and I have been with them for homes for twenty years, but cars, were significantly more than USAA and Hagerty starting last year. Not sure why. I was moving all over to them, when their rates spiked and made it a no brainer. I am still not syure why. And I use a broker for all of my needs- and she manages many very high net worth people in the area ( starting with a B) who has access to all of the boutique coverage devices. In the end, USAA and Hagerty are all one needs I think.
I think misunderstanding from what I meant or to the comment about finding a broker. End of the day , do everything yourself , don't leave it up to a (one) broker. If you're the type of person that could trust just one broker , then have at it. Insurance companies advertisements flood our television ad nauseum . They're telling us to contact them , they're telling us to go to their website. That's what I meant , go check em all out . They're so ubiquitous that you could probably rattle off many of their names. Idk , you think they'll provide you one quote if by direct contact but a broker who offers them will quote another? Nothing would surprise me. Rarely do I see a local broker advertise... But you need to vet them too , iow , do it yourself . Kind of what I meant , maybe not obvious or maybe too obv. I'm jaded so you'll have to excuse me my tone...
Wealth also allows for freedom , freedom from having to do everything yourself. I would have no problem using a broker if I didn't think I was paying some how. I could be wrong. Also dind't know USAA was handled by brokers also , news to me. For where I'm at , I'd rather do it myself . My experience prior to USAA were not without difficulty. That said USAA seems to also be a broker of some sorts. My primary house is with Chubb but USAA arranged it and I go through them for claims, policy and questions. USAA also would have brokered Liberty Mutual for me if they're car policy offer worked out. Idk , I had 2 major claims w USAA (house & vacation house) and no issues at all, regardless of this recent car policy issue they're still in good graces with me.
Most local brokers do not advertise and rely on referrals. While I was in the business our firm mainly handled commercial lines. We also handled the personal lines for our commercial clients. We did business with a couple hundred insurance companies of which about 40 also wrote personal lines. We would “shop” the clients with insurance if with companies offering a market that suit their needs. It was computerized relative to personal lines market, so it was pretty easy to quote about 8 of the best markets. The more high end - exotic cars, yachts, airplanes, bikes, expensive homes, expensive toys the more the insurance program needed to be customized to fit the client. Usually the “Direct Write” companies could not complete/fill out the more complex insurance issues. While most any company could handle risks with no rough edges/difficult issues (exotics, high value homes, homes in high fire hazard areas, multiple states locations etc.) I would say our firm was typical of a larger regional brokers. Nation wide large brokers had much the same operation for the personal lines of their commercial lines clients, some even had contracts to write with direct write companies. However our firm generally found direct write companies very inflexible to deal with, pretty much cookie cutter. The client either fit or not with little negotiation to allow the client to “fit” their program. If a person has the skill set to negotiate all the nuances of the insurance market place then of coarse - go for it. With a house and two regular cars the insurance marketplace is lined up ten fold to write your business. The more complex your situation the more you will find doing business with a single broker to be your best alternative. All of my former clients preferred we handle their insurance issues and shop them every few years depending on how hard or soft the market was at the time. The clients usually elected to stay with our firm after they retired or sold their business. Often times acquiring even more “toys”
I am an Auto insurance executive and can offer my 2 cents here. I would suggest looking for more appropriate insurance coverage for an exotic. The key is to find agreed value (or stated value) coverage. Companies like Hagerty, AIG, Chubb offer such coverage. My F12 is insured for $230k. If it total it that's the check I'll get, and potentially more if the market goes up. Companies like USAA will offer ACV (actual cash value), which is fine for a daily driver but not for a an exotic.
To be honest after years of insuring cars I would never go with a mainstream company to insure a high value vehicle. I also think an individual doing his due diligence with some phone calls/ emails can get just as good as a broker. The person I use for all my insurance needs wasn’t even close vs. what I got with Grundy..... Sent from my iPhone using Tapatalk
I've always gotten best rates from Aig and geico. My Panamera GTS was $600 a year with Geico. The Lusso I'm getting is going to be $1500 with Geico. If you try Geico, you have to call them. Can't do online. Also these are second cars.
I also was an insurance executive, CEO of an insurance brokerage. I must take exception to one comment. Agreed Value is NOT the same as Stated Value. Agreed Amount insures the vehicle for an agreed amount (you and the insurance company agree at the contract/policy inception as to the value of the vehicle) in the event of total loss. Stated Value insures the vehicle for the actual cash value up to the stated value amount. This means in the event of total loss you still have to haggle with the insurance company as to the value of the vehicle. You are actually better off with basic ACV rather than Stated Value since you have not limited the value of the vehicle you are insuring. The two methods of valuation are NOT the same don’t accept Stated value!
Not sure I agree with your comment that you can do as good w/o an insurance broker. Of course, I was an insurance broker for 44 years so may be bias. If you regularly purchase all types of insurance in your role in life such as a business owner or risk manager you may have the skill set to be a good procurer of insurance otherwise perhaps not so much. Good brokers stay on top of the market daily and most individuals don't have the time, inclination or general access to insurance information to stay on top of the insurance market. You never know what you don't know.
