ConcernedCitizen

New Member
1
Hello,

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.
 
Hello,

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% !

You are free to feel however you want, but this is not the case. The basic concept of insurance is that we all pay into a pool, and if someone needs to pay a claim, then the sum of the premiums will cover it. Your insurance premiums are only partly based on your claims history, and largely based on the claims of others.

The reality is that people are driving while playing with their phones, and they are getting into more accidents at higher speeds (in some cases murdering their fellow drivers), and the accidents they are getting into are with todays cars with crumple zones, cameras, and sensors that are much more expensive to repair. The cost to insure autos in California is going through the roof, largely because the new cars coming out are becoming dramatically more expensive to repair. While your car may not have these features, another car you may hit, likely will.
 
3 claims in one year? How much was each claim and who paid? Although Comp claims usually do not affect rates, Claims history and frequency can
 
Out of curiosity I went on to Hagerty's website to get a quote on my 1996 Dodge Viper for $28,000. With liability limits of 100/300/100 and 1000 miles per year use.

The premium was $701 .

My renewal with Grundy for January 2020 is $385 for the same coverage. I'm in Phoenix, not California.

It's not you or your claims or your location. It's that Hagerty is horribly overpriced.

I suggest you look to the other collector car insurance companies like J. C. Taylor, Condon & Skelly, Grundy, American Collectors, etc, and see if you can do better in spite of your claims.
 
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