How do most people handle insurance on classic cars?

[JABCAT]

Originally Posted by Henn28

Sat next to a re-insurance guy on a plane and took the opportunity to ask him why rates for almost everything have been skyrocketing over the past 15 years or so.

I’m not saying we aren’t being g milked as consumers, which seems to be the default position of most industries, but his explanation made lots of sense. In a nutshell, insurance companies used to be able to spread their risk predictably throughout the country…i.e. fire season out west, hurricane season in the south, Midwest tornadoes and hail, etc. Increasingly they are unable to do this because the risk has moved to everything, everywhere, all the time.

He used my city as an example. We used to have a very weak tornado once every few years, at most. Now we are seeing at least one strong tornado that kills people and causes lots of damage almost every year. This is going on with almost all risks he said.

Not sure I buy his explaination, as most analysts are showing the big insurance carriers raking in record profits. On my recent home claim the SF adjuster was trying to deny everything too. Then they nickel & dime stuff like "we'll pay for new garage doors but not to paint them"

or "we'll pay for 1/2 the damaged screens but not all of them because we don't understand how you have hail damage on all sides of your house. Hail usually only comes from one direction". Yes he actually said that.

[JABCAT]

Originally Posted by JABCAT

Not sure I buy his explaination, as most analysts are showing the big insurance carriers raking in record profits. On my recent home claim the SF adjuster was trying to deny everything too. Then they nickel & dime stuff like "we'll pay for new garage doors but not to paint them"

or "we'll pay for 1/2 the damaged screens but not all of them because we don't understand how you have hail damage on all sides of your house. Hail usually only comes from one direction". Yes he actually said that.

Oh - I also received a letter from SF stating my home is in what they now consider a "high wind & hail zone" so my deductible for any storm-related claim is now double.

On my previous home, about 30 mi away from my current, we had 2 roof claims within 6 months. An actual tornado ripped through my neighborhood. My house was one of the only ones that didn't have it's windows blown out. All-State dropped us after the 2nd repair. So, no I don't believe the insurance guy's explanation.

[ctdriver320i]

Originally Posted by Phillies8008

I'll also mention, FWIW, that Hagerty is super-easy to work with. I've never waited more than about 30 seconds to speak to someone, and it's always a live person based in the US. The only downside, if it is one, is that you do have to call for most things; they have an app, but there's not a whole lot you can do in it.

I have many clients with Hagerty. They also offer an endorsement that if the car is a total loss, you get paid the agreed value and also can keep the car.

[DocL]

Originally Posted by MJBO

Um, what???

I know. I live in the most expensive county in Florida, and in the most expensive city to insure a car in said county. It's highway robbery.

[MJBO]

Originally Posted by DocL

I know. I live in the most expensive county in Florida, and in the most expensive city to insure a car in said county. It's highway robbery.

That’s so mad for an F80 considering the values of them now. Great car, but still, wow.

Insurance quotes for my X5 M60i were extortionate, I managed to improve on it significantly with a broker but still a bit mad completed to what it would have been just a few years back here in Australia.

[ChiTownM]

Insurance companies are also dealing with more and more injury claims and higher car repair costs. Home insurance and car insurance have skyrocketed, now they are tripling umbrella rates. The industry is very fragmented and the cost per claim settlement have gone up as well.

There is only one way up for rates in the near future.