Hagerty Going Public
12-03-2021, 05:39 PM
#1
Race Car
Thread Starter
Hagerty Going Public
Hagerty has gone public joining the NYSE. Doubt if this will bode well for policy holders. All of those new shareholders will want to make a nice return and I'm thinking the main way to do it will be through rate increases.
12-03-2021, 06:23 PM
#2
They are already jacking the rates. I just canceled my policy due to a severe increase.
12-03-2021, 08:30 PM
#4
Lists on Monday...maybe I should buy some! Shareholder discount?
12-03-2021, 11:18 PM
#5
So a 23% increase in one year should just be chalked up to life? Whatever.
I moved to vintage and I am now paying less than I was even before Hagerty increased my premium. But hey if you want to bend over and take it in the **** go for it.
I moved to vintage and I am now paying less than I was even before Hagerty increased my premium. But hey if you want to bend over and take it in the **** go for it.
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DFI (12-07-2021)
12-04-2021, 11:08 AM
#7
Race Car
Thread Starter
I'm referring to the inevitable premium increases to reward all the new public investors which will be on top of any usual increases, high as they may be.
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12-04-2021, 07:29 PM
#8
Burning Brakes
Hagerty is a broker. The risk underwriter is Elite Insurance, which is a subsidiary of Aviva.
When insurance companies have to pay out more settlements than usual (because of fires and floods in BC for example), they need to raise the rates or their profits margins shrink - and we all know they can't possibly have smaller profit margins.
+1 for Vintage. Am literally in the process of switching myself as my 928 insurance is up for renewal in January. The annual cost with Vintage is about 60% of what it would be with Hagerty, with the car insured for a $10K higher value than it was with Hagerty (with OPCF 19A endorsement of course). Thank you @Adamant1971!
When insurance companies have to pay out more settlements than usual (because of fires and floods in BC for example), they need to raise the rates or their profits margins shrink - and we all know they can't possibly have smaller profit margins.
+1 for Vintage. Am literally in the process of switching myself as my 928 insurance is up for renewal in January. The annual cost with Vintage is about 60% of what it would be with Hagerty, with the car insured for a $10K higher value than it was with Hagerty (with OPCF 19A endorsement of course). Thank you @Adamant1971!
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ggrace (12-04-2021)
12-06-2021, 01:41 PM
#12
Race Car
Thread Starter
I checked out Vintage several years ago and if I recall they have a low, high value limit which eliminated my 993tt. There was also a deductible issue which I don't recall and they require an appraisal. Hagerty is agreed value which makes it cheaper to increase your coverage in this fast rising market. I'll check again prior to my next renewal in case anything has changed.
Last edited by ronnie993tt; 12-06-2021 at 01:44 PM.
12-06-2021, 02:13 PM
#13
Team Owner
i wouldn't let the " going public " scare me, they still need to be competitive to survive, and going public does not mean they will increase rates because of it.
i will do my due diligence as i always do and balance cost with coverage and convenience, this is a none issue for me.
i will do my due diligence as i always do and balance cost with coverage and convenience, this is a none issue for me.
Last edited by theiceman; 12-07-2021 at 10:30 AM.
12-07-2021, 06:15 PM
#14
Race Car
Thread Starter
i wouldn't let the " going public " scare me, they still need to be competitive to survive, and going public does not mean they will increase rates because of it.i will do my due diligence as i always do and balance cost with coverage and convenience, this is a none issue for me.
12-10-2021, 12:12 PM
#15
Team Owner