Sent Gaggerty's Down The Road...

[KW5413]

That's right...Haggerty's finally got the cost of insurance so high it made me gag.

Their most recent renewal quote finally crossed the red line. It was damned near the cost of our daily drivers. Been with them for over 10 years, no claims on any auto insurance. Went with American Collectors Insurance, at about half the cost. Apples to apple quotes. I drive it less than 600 miles / year now days.

The cost increase of total loss has nothing to do with it since most of us likely insure these puppies at agreed value. So, their risk is no higher than it has been from that regard. Its dialed in. And I doubt the frequency of accidents has increased. A lot of guys I know are driving their classics less just because of fuel costs. It probably costs me $ 5.00 just to move the truck from the garage, in back, to the front of the house LOL!

Hell, it sits in my garage while my GMC Denali sits outside.

Rant, temporarily, over. Thanks

[57taskforce]

Interesting, the only reason mine has gone up in the last two years was to add my IROC a couple months ago, and that was less than $20 a month. I wonder if mine is fixing to climb this fall when it renews. I’ve got 3 vehicles on mine.

[KW5413]

Pre-pandemic, I had (3), as well. Maybe it was my punishment for culling the herd. LOL!

[special-K]

My renew is coming up. I'll see what happens with the next premium. I only have liability w/Progressive on my '95 daily driver and it costs me a good 250% more than Haggerty charges for crazy good coverage on my '72. I hope they don't give me a reason to jump ship

[KW5413]

I insure my classics like I do my daily drivers regarding liability, comp, collision etc. I pay more to get more...than most might. I have been paying a premium (pun intended) with Haggerty for years. The difference, now, is just to great to ignore. Insurance companies, in general, lost their customer loyalty way...a long time ago.

For that reason, for all my other insurance needs, I use a broker. She looks out after my best interests much better than any single insurance company does.

[special-K]

I was saying I have really great coverage on my '72 with Haggerty at a small fraction of the cost of my '95 daily driver that only has liability. I don't believe in wasting money and paying for full coverage on a vehicle they'll only give a couple/few grand for is senseless

[Ironhorse]

I have Haggerty's coverage on all three of my classics. '57 Chevrolet 210 2 dr sedan, '71 Chevelle and my '71 K10 4x4. They are coming up for renewal this May. Will be watching to see what my premiums do at that time. With Haggerty I have no restrictions for use either by mileage or driving locations or functions. I have heard but can not verify that coverage costs vary greatly because where one lives. Large metropolitan areas equals more risk of damage during use so I guess that would make sense. Insurance companies are rarely in the habit of losing money.

[joedoh]

look no further than the "blazer gets hit by a train" insurance fraud thread for your explanation. the value of old stuff skyrocketed in the last couple years and actual value policies are taking the hit when they get totalled. insurance is like a big pool of insured throwing in monthly premiums and never pulling them out while a few have accidents and get paid. the actuary figures out the normal risk of payouts and with old car prices at the top of the market its going to take more insured money to keep the pool filled.

if you expect actual value policies its gonna be expensive till things calm down. I run liability until my car or truck drives. then I insure it as antique with a rider for improvements. its less than actual value, but i dont have anywhere near actual value invested and if i have an accident it isnt likely to be my fault, so the rider covers what the other driver doesnt. and I can always build another

[special-K]

Classic vehicle values haven't gone up since we all renewed last year. Was that truck hit by train insured as a classic? Full coverage for classic insurance is dirt cheap compared to regular use full coverage because they are far less exposed to risk by the fact they don't get driven nearly as much and not for regular use, plus they are coveted possessions. My motorcycle insurance is even cheaper than my classic insurance. So cheap there is no need to consider classic insurance, and it's insured at $30k value. By their very nature, they are not exposed year 'round nor practical for daily use. And they get stolen easily and when there is an accident it's typically major loss and injury, or death. I remember before Harleys became mainstream it was difficult to find a company to insure one. But ones that did were cheap. The same is true for classics

[joedoh]

Originally Posted by special-K

Full coverage for classic insurance is dirt cheap compared to regular use full coverage because they are far less exposed to risk by the fact they don't get driven nearly as much and not for regular use, plus they are coveted possessions.

this is what i said, from the opposite direction. the values of old cars and trucks have gone wild. so the pool needs more people of low risk to pay for the guy with the 396 ss chevelle losing traction on a florida highway an wiping out a camry, or the hurricane destroying two dodge daytonas.

if you look at the dirt cheap insurance as a percentage of the coverage, its still a relative bargain, just 3-4x higher, like the prices of collectable cars have been inflated the last few years.

[57taskforce]

I know I’ve gotten recent emails from Hagerty regarding my ‘72 K20, ‘87 Iroc-Z, and 2010 Camaro SS all saying that I’ve got them under valued. I’ve had the policy on my K20 and Equivalent Camaro (traded one loaded 2010 SS in for another loaded 2010 SS last year) since 2019. Those two are $10K and $35k guaranteed payout policies. It’s suggested that I take the truck to $15-17K and the Camaro to $40K. The IROC-Z has a 10K policy I started in December of last year. They are suggesting I take that to $15K as well. It does seem that the values (or inflation) have risen over the last year or so and it is being reflected in the Hagerty suggestions of my policy. I will reevaluate payout numbers when I renew this fall.

[Palf70Step]

I left Hagerty about 5 years ago. When I went to renew, they told me I could not get covered for over 5K in mileage a year like they had been doing. I switched to Grundy who oks me to 10K a year. No issues really with either one and both were about the same price. My regular insurance no longer covers anything over 25 years old at all. I have heard many of the big providers seem to be forcing it that way so they don't have to deal with old stuff on the road. Many folks I know seem to now use the American Collectors Insurance.

[special-K]

Same here, Tyler, on my '72 I've had a Haggerty policy on since '11. I think my renew is coming up in May. I'll be getting notice soon on that. I hope I'm not shocked

[davischevy]

I just switched to J C Taylor from Grundy. I have been with Grundy for years with no complaints, but I decided to shop all my insurance and J C Taylor was less money for more coverage. I too worked through a broker.