Insurance

[CBuff]

I beleive you need to get a VIN assigned to get the insurance. I am currently on that step of the process. 

[TurboWood]

Thought I would share that Hagerty won't touch Caterham in CA. At least that is what I was told by their sales person. American Collectors rates also doubled since last year.

 

Daniel

[wdb]

My experience with Hagerty isn't great but one thing I did learn is that what they will cover seems to vary by agent as well as region. It really makes me wonder.

[Croc]

12 hours ago, wdb said:

 I did learn is that what they will cover seems to vary by agent as well as region. It really makes me wonder.

 

Insurance is regulated state by state in the US.  Each state is a completely different insurance experience.  Just because Hagerty is good in NJ does not mean it will be good in an adjoining state.  This means risk conditions, limits, premium rates, special conditions, and claims experience differ by each state as Hagerty use different insurance companies to issue the policy behind the scenes.  They are also in the middle of migrating from being a Managing General Agent issuing policies via a third party insurer (Markel) to actually having their own insurance companies.  Its very hard to generalize insurance experience across the US.

[KnifeySpoony]

19 hours ago, TurboWood said:

Thought I would share that Hagerty won't touch Caterham in CA. At least that is what I was told by their sales person. American Collectors rates also doubled since last year.

 

Daniel

My car has been insured with Hagerty in CA since 2021. Ask for someone else?

Edited December 17, 2025 by KnifeySpoony

[slowdude]

7 hours ago, Croc said:

 

Insurance is regulated state by state in the US.  Each state is a completely different insurance experience.  Just because Hagerty is good in NJ does not mean it will be good in an adjoining state.  This means risk conditions, limits, premium rates, special conditions, and claims experience differ by each state as Hagerty use different insurance companies to issue the policy behind the scenes.  They are also in the middle of migrating from being a Managing General Agent issuing policies via a third party insurer (Markel) to actually having their own insurance companies.  Its very hard to generalize insurance experience across the US.

If they are their own insurer, prices will remain the same or go up, but their spread on the insurance products will go up?

[Croc]

12 hours ago, slowdude said:

If they are their own insurer, prices will remain the same or go up, but their spread on the insurance products will go up?

 

No such thing as a spread - thats life insurance.

 

Prices are based on cost (losses) plus anticipated expenses plus a profit margin and sometimes investment income offset if it is a long enough loss settlement pattern.  Costs as based on how badly you crash or get sued, etc. 

 

By switching from MGA to insurer you just switch out a commission for a direct cost.  Hard to tell if there is a ton of profit margin in this - I doubt it.  Gives you control of your destiny though if you have ambitions to grow larger.  

 

 

[CBuff]

[TurboWood]

Grundy also rejected to quote in CA.

 

Daniel

[Slonie]

 

On 12/16/2025 at 3:48 PM, TurboWood said:

Thought I would share that Hagerty won't touch Caterham in CA. At least that is what I was told by their sales person. American Collectors rates also doubled since last year.

 

Daniel

 

 

This is kind of crazy how much these things vary from state to state and anecdote to anecdote. I have Hagerty here (in California). Never had to make a claim but everything has been straightforward. However — I got my policy more than five years ago, so clearly YMMV.

[Nocturnal005]

I checked into hagerty and was given a quote that was essentially the same premium as I'm paying via state farm but with significantly less coverage. One thing that I did like w the hagerty quote was the guaranteed value they provide in the event of loss. I elected to stay with my current insurance after the quote.

[Croc]

11 hours ago, Nocturnal005 said:

I checked into hagerty and was given a quote that was essentially the same premium as I'm paying via state farm but with significantly less coverage. One thing that I did like w the hagerty quote was the guaranteed value they provide in the event of loss. I elected to stay with my current insurance after the quote.

 

What makes Hagerty less coverage than State Farm?  

[Vovchandr]

45 minutes ago, Croc said:

 

What makes Hagerty less coverage than State Farm?  

 

You might have an answer for an insurance question for me.

I'm with state farm now. Is there any way to know exactly what they value the car at in an event of a total loss?

 

It's not like I can KBB it. I know an adjuster will find a value for it after the event but it would be nice to know what total value I'm actually paying my premium on. 

[SENC]

1 minute ago, Vovchandr said:

 

You might have an answer for an insurance question for me.

I'm with state farm now. Is there any way to know exactly what they value the car at in an event of a total loss?

 

It's not like I can KBB it. I know an adjuster will find a value for it after the event but it would be nice to know what total value I'm actually paying my premium on. 

The value is fluid, unless you select an "agreed value" type of policy where that value is set annually.  The Hagerty policies I have on my 2 Lotus are agreed value, which amounts are stated in the policy documents.  I also have elected their "cherished salvage", which gives me the guaranteed right to the vehicle should they deem it totalled.

[Vovchandr]

35 minutes ago, SENC said:

The value is fluid, unless you select an "agreed value" type of policy where that value is set annually.  The Hagerty policies I have on my 2 Lotus are agreed value, which amounts are stated in the policy documents.  I also have elected their "cherished salvage", which gives me the guaranteed right to the vehicle should they deem it totalled.

 

I know it's fluid but I'd like a ballpark not a number I'll pin them on. 

 

Am I getting an offer for $20k if it's totaled or $40k? 

Statefarm recently let me know that even though they ask me what I paid for the car it's not agreed value with them, it's regular policy.

 

Statefarm is easier for me to have as a policy but a true agreed value Hagerty policy is about the same amount of money as State Farm

 

So if my State Farm is covering me for half the value of what my agreed policy quote is with Hagerty it makes sense to switch.

 

Which is why I'd like to know exactly what ballpark value I'm being covered for with State Farm. 

[SENC]

I have a hard time wrapping my head around "exact ballpark".  But I'd start by calling my agent and asking if SF offers an agreed value policy or even a stated value policy (and, if so, an explanation of how SF's defines the two and implications for settlement).  You can also ask the agent if they can help determine approximate value under your current policy, but as that value is based not just on "value" but also depreciation (which is often subject to appraiser evaluation after an incident), I'd bet even if they could give you a ballpark it wouldnt be as exact as you want.

 

Avoiding this ambiguity is the purpose of agreed value and stated value policies, which many insurers offer - I'd bet SF does, too.

[Vovchandr]

12 minutes ago, SENC said:

I have a hard time wrapping my head around "exact ballpark".  But I'd start by calling my agent and asking if SF offers an agreed value policy or even a stated value policy (and, if so, an explanation of how SF's defines the two and implications for settlement).  You can also ask the agent if they can help determine approximate value under your current policy, but as that value is based not just on "value" but also depreciation (which is often subject to appraiser evaluation after an incident), I'd bet even if they could give you a ballpark it wouldnt be as exact as you want.

 

Avoiding this ambiguity is the purpose of agreed value and stated value policies, which many insurers offer - I'd bet SF does, too.

 

My last conversation with state farm told me that they do not do state value policy with a caveat of doing some antique policies that have an appraisal. They also told me that have no way of determining the value of vehicle at this time and it will only be done once vehicle is totaled by claims based on KBB and comps in the local market.

 

So I'm paying a premium for an arbitrary value thats determined by KBB (not applicable) or local comps (not applicable).

 

None of this makes sense from a customer viewpoint to continue doing business with them. 

 

Likely will switch over to Hagerty in spring.