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I have my classic car insured with Hagerty. I have been insured with them for five years. Every year my annual premium has been about $600 or maybe it has slightly increased each year but nothing significant.
I just received the notice for renewal of my annual policy and my premium has gone up 40%! From $675 to $942.
I immediately called Hagerty and ask them why this happened. They said there was a rate increase for all California customer in my area Los Angeles / San Fernando Valley. I spoke to 2 reps who seemed unsure and not good at math. They mentioned something about 28% but as I stated mine has increased 40%. They were not able to clearly explain to me why this happened, no solid answers, and said they would get back to me.
In the five years I have been insured with Hagerty I had made no claims until in 2019 when my baby got damaged in three separate occasions. I guess these things happen in threes, I wish they did not happen at all but that is what insurance is for, when these things happen. All three claims are non collision and are not at fault. The representatives said that he does not think these claims caused my premium to increase.
Has anyone else here has their auto insurance, more specifically classic car insurance, more specifically Hagerty insurance increase?
Do you live in Los Angeles / San Fernando Valley?
What was the percentage of increase annual premium?
What are your thoughts on my situation?
I feel that I am being singled out and treated unfairly. I read somewhere that California rates have increased 43% from 2011 to 2017. If my rates went up 10% in one year I would not be so alarmed, but as i said they went up 40% !
Thank you all for your advice and time I really appreciate it.
I grew up in the 818, but I haven't lived there for a good 15 years. I used to have a condo on a little side street near Galpin Ford just off of Roscoe Blvd.
Well, you got a 28% bump for general principles and the rest must have something to do with either your experience rating or an increase in the stated value of the vehicle. What kind of car do you drive?
Have you gotten a quote from Heacock? They might be lower. You should also try American Collectors.
Make sure you ask the place that's quoting you whether you can still drive the vehicle. Some types of classic car insurance (such as that offered by Liberty Mutual) would basically require that the car be insured only as a display piece and not as something you actually drive around.
I have my classic car insured with Hagerty. I have been insured with them for five years. Every year my annual premium has been about $600 or maybe it has slightly increased each year but nothing significant.
I just received the notice for renewal of my annual policy and my premium has gone up 40%! From $675 to $942.
I immediately called Hagerty and ask them why this happened. They said there was a rate increase for all California customer in my area Los Angeles / San Fernando Valley. I spoke to 2 reps who seemed unsure and not good at math. They mentioned something about 28% but as I stated mine has increased 40%. They were not able to clearly explain to me why this happened, no solid answers, and said they would get back to me.
In the five years I have been insured with Hagerty I had made no claims until in 2019 when my baby got damaged in three separate occasions. I guess these things happen in threes, I wish they did not happen at all but that is what insurance is for, when these things happen. All three claims are non collision and are not at fault. The representatives said that he does not think these claims caused my premium to increase.
Has anyone else here has their auto insurance, more specifically classic car insurance, more specifically Hagerty insurance increase?
Do you live in Los Angeles / San Fernando Valley?
What was the percentage of increase annual premium?
What are your thoughts on my situation?
I feel that I am being singled out and treated unfairly. I read somewhere that California rates have increased 43% from 2011 to 2017. If my rates went up 10% in one year I would not be so alarmed, but as i said they went up 40% !
Thank you all for your advice and time I really appreciate it.
I have 5 specialty automobiles, all insured through Grundy. My rates have been super cheap and the same for the past 10 years. I got a quote from Haggerty years ago, and they were about twice or more of what Grundy quoted.
California is an unusual case in that it has a comparative fault law. Basically, even if an accident is 99% your fault, in California, you can still sue for damages.
If I understand correctly, the OP suffered damage to his vehicle three times in the past year as the result of the negligence of others. However, if he was considered partially at fault (even just 10 percent) it is possible that his insurance had to pay out a certain amount even though he wasn't primarily at fault.
For example, if someone rear ended his vehicle but one of his brake lights was out, he might well have to pay $500 for damage to the other vehicle (even though the total damage to the vehicle was $5,000) plus $400 to repair his own vehicle (even though the damage to his vehicle was $4,000).
OP feels that since he was not at fault, his rates should not go up. It's a fair point of view, but insurance companies don't necessarily see it that way.
The other possibility is that his classic vehicle was originally worth $35,000 whereas now it is in greater demand and is worth $45,000. If so, the increased value of the vehicle may have resulted in the increase in premium as the insurance company is providing more coverage.
It's just sad that the OP can't get a straight answer out of his agent.
Hagerty did take a massive base rate increase this past year. That's where the 28% comes from. The segmentation of risk probably places you on the higher risk end, thus the 40% net to you.
$950 is pretty steep for a classic car, but there's not a lot of competition in the market in SoCal for that, so you might be stuck.
I'd take a look at Grundy though, provided you qualify (need to have a daily driver and be Prop-103 GD complaint)
I grew up in the 818, but I haven't lived there for a good 15 years. I used to have a condo on a little side street near Galpin Ford just off of Roscoe Blvd.
Well, you got a 28% bump for general principles and the rest must have something to do with either your experience rating or an increase in the stated value of the vehicle. What kind of car do you drive?
Have you gotten a quote from Heacock? They might be lower. You should also try American Collectors.
Make sure you ask the place that's quoting you whether you can still drive the vehicle. Some types of classic car insurance (such as that offered by Liberty Mutual) would basically require that the car be insured only as a display piece and not as something you actually drive around.
What is an experience rating? My car is a 1964 Lincoln Continental Convertible. When i signed up for Hagerty I valued it at $90,000. My annual premium was always about $600. I did not increase the value since then.
3 claims in 12 months? surprised it didn't go up even more.
yeah, i guess these things happen in threes, none of the claims were collision or my fault, but thanks for the useless comment.
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