Hagerty Insurance
05-04-2020, 01:03 PM
#1
Hagerty Insurance
Ok guys I contacted Hagerty Ins. they quoted me $935 a year for full coverage with 100K 300K 100K on my Cayman valued at $46K. Is this enough coverage I own my home and everything in it? This will be a weekend car car not a daily driver...
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Jay Compton (05-04-2020)
The following users liked this post:
Jay Compton (05-04-2020)
05-04-2020, 02:44 PM
#4
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I'm not an insurance adviser, nor have I slept at a Holiday Inn Express.. but in general - if you have no assets or savings then having low liability coverage may seem to make sense. If you have anything of value - like some equity in a home, some vehicles you may own, savings, stocks, etc - It's generally considered wise to carry liability equal to your gross assets. The reason I sad "may seem to make sense" is in a lawsuit awards can be given based on your future earnings... so if you think you'll be doing something besides flipping burgers at MickyD's - well - worth considering that.
I've solved this by having a blanket liability policy. Any insurance agent worth snot should suggest this as soon as you start insuring against liability. The blanket policy covers from $XX,XXX,XXX up. Meaning your primary insurance policies must provide insurance up to $XX,XXX,XXX - then if a judgement is issued in excess of that - the blanket policy takes over. This allows you to lower the liability on all your other policies that cover it - down to whatever the base level of the blanket policy is.
Example:
Have automotive policies for several cars: ALL liability on those policies is set to $100,000.
Have a motorcycle policy for my bike. Liability on this policy is set to $100,000
Also have homeowners liability policy - like the others, liability is set to $100,000.
Etc...
Then I have a general liability policy that kicks in at $100,000 - and covers me up to $3,000,000. The cost of this general policy is around $500/year - but the savings from lower liability on the other policies saves me about $1,500/year. Net gain to me - $1,000 not spent needlessly. It also offers me better coverage - since many of the "underlying" policies (the primary ones) won't write coverage that high.
I've solved this by having a blanket liability policy. Any insurance agent worth snot should suggest this as soon as you start insuring against liability. The blanket policy covers from $XX,XXX,XXX up. Meaning your primary insurance policies must provide insurance up to $XX,XXX,XXX - then if a judgement is issued in excess of that - the blanket policy takes over. This allows you to lower the liability on all your other policies that cover it - down to whatever the base level of the blanket policy is.
Example:
Have automotive policies for several cars: ALL liability on those policies is set to $100,000.
Have a motorcycle policy for my bike. Liability on this policy is set to $100,000
Also have homeowners liability policy - like the others, liability is set to $100,000.
Etc...
Then I have a general liability policy that kicks in at $100,000 - and covers me up to $3,000,000. The cost of this general policy is around $500/year - but the savings from lower liability on the other policies saves me about $1,500/year. Net gain to me - $1,000 not spent needlessly. It also offers me better coverage - since many of the "underlying" policies (the primary ones) won't write coverage that high.
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05-04-2020, 03:00 PM
#5
Rennlist Member
As a former insurance broker, I have to totally agree with deilenberger. A blanket liability policy is the way to go. Much cheaper in the long run.
Todd
Todd
The following 2 users liked this post by Last_935:
deilenberger (05-05-2020),
Jay Compton (05-04-2020)
05-04-2020, 05:25 PM
#6
What is the difference between blanket and umbrella insurance?
PS: Just make sure that you fully understand the restriction of these collector insurances. There are usually many restrictions. I decided to stay with my ordinary insurance company because even though my car is a weekend driver and I driver only 4-5k miles per year, I still want to stop at the grocery store or restaurant without being afraid to lose my coverage.
PS: Just make sure that you fully understand the restriction of these collector insurances. There are usually many restrictions. I decided to stay with my ordinary insurance company because even though my car is a weekend driver and I driver only 4-5k miles per year, I still want to stop at the grocery store or restaurant without being afraid to lose my coverage.
Last edited by john981; 05-04-2020 at 06:17 PM.
05-05-2020, 12:12 AM
#7
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There is none.
On the quotes I got from Haggerty - item # is says: Flexible Usage. Classic and collectible cars were made to be driven. Whether you're going to a show or taking a cruise to an ice-cream shop, you're protected."
They were the only ones who offered this.
PS: Just make sure that you fully understand the restriction of these collector insurances. There are usually many restrictions. I decided to stay with my ordinary insurance company because even though my car is a weekend driver and I driver only 4-5k miles per year, I still want to stop at the grocery store or restaurant without being afraid to lose my coverage.
They were the only ones who offered this.