I own an insurance agency in NC and represent Hagerty. We have never filed a claim with them but fellow agents have told me that Hagerty is great to work with when someone has a claim.
Hagertry wouldn't underwrite me because I don't drive on a daily basis. Chubb did. I've heard about difficulties in agreeing on an appropriate value for their car with Hagerty. With Chubb, you email some recent results and a reasonable request for the value of your car and they reply and say ok. I need to up mine again soon and I don't doubt they will say ok. As much as I want to give Hagerty the business since they are Midwest based (and Chubb is an international company) -- I cannot understand why Hagerty is so highly regarded unless people just see their name as a result of all the marketing and sponsorship they do. They clearly have underwriting issues and tie themselves too much to their stupid value index. My two cents. I'm sure others have had an opposite experience but you know where I stand.
Just based on my own research, Hagarty has a $1,000,000 ceiling for payout caused by an Earthquake, and Chubb has no such restrictions. This is from what I can tell. Depending on where you live and the total value of insured cars, such a restriction can be quite problematic.
I have invested in the insurance industry for a long time. I don't know enough about Hagerty but I can tell you Chubb is by far the best out there. and they are being competitive on rate to build their vintage car business. if you combine with other products (homeowners, umbrella) you may get an even better price with Chubb.
Although the specific question is Hagerty vs Chubb I would also put forward that Pure Insurance is interested too. They cover multiple cars for an FCA national board member as well as other of his properties. He talks highly of them and that they will do some flexible coverage structures. Pure was also a sponsor of the club's 2014 International Meet.
Haven't had any claims yet, but Chubb offered a more accommodating policy (miles/usage) for my '56 Speedster, and at a better price than Hagerty.
Interesting comment, as my experience has been exactly the opposite. When I insured the old blue car, the one question I asked specifically was, "Can I drive it to work?" Only Hagerty said yes ("on ocassion"). A good friend and fellow F-Chatter has had 3 fairly substantial claims with Hagerty, and never once had a problem with payout, or with threats to raise the premiums. FWIW, YMMV, yadda yadda.... gp
We've had Chubb for a long time for everything. water in the basement... they showed up and wrote a check. More than I needed. No fuss, no muss. You PAY for Chubb.... but if you want that piece of mind that everything's going to be OK if the stuff hits the fan... Chubb is great! Minimal car experience (minor claim once, no problem)
Isn't Chubb a direct insurer versus most classic car insurers being only agents (the actual policy resides with an insurer they choose)? I am not at all positive of this, but I vaguely recall somebody making that comment in a prior Fchat thread on insurance. Nobody has mentioned it in this thread, so maybe my recollection is incorrect.
From experience with both companies. CHUBB = YES!!!! Hagerty = NO/NEVER AGAIN. RUN, AS FAST AS YOU CAN,.. DON'T WALK FROM THEM. SPRINT AWAY!!!!
I was in my Ferrari 365 GT 2+2 # 11727, which caught on fire and was declared A total loss by Hagerty after discussion With me. They could not have been better in any Respect best service I have ever had From any insurance company. I got a check for $ 160,000.00 with no problems!!!!! However they will not give be Classic car Rates on my 2004 575M nor will they insure it if I rally it Even once. (I took 2nd at the 2012 FCA National Meet & Their underwriters found out about it ) Their rate for renewal this year is about $ 2800. For high limits With a clean driving record for many years no accidents Etc. I checked with Grundy and their rate was $ 1200.00 including My 1999 Porsche 911 as well both are showcar quality with no racing or rallying Allowed but coverage available for both. This is for stated value less then 3000 miles @ year on each. The fact that Hagerty is an agent and another company writes the policy (1 beacon ins or Ossetia ins) is not a problem. Any comments ?
all insurance companies exist on reinsurance... think of the business like a pyramid scheme in reverse with many layers of insurance... this is about spreading the risk... Lloyds is not a single insurance entity, but rather many members of an association... each mega risk is shared with many associates who bid for a piece of a particular policy. where a claim is a small expense vs the total premiums received. The company that writes the policy is the one with the customer contact, while the actual risk is sold off into pools
There is a difference between being an agent (taking no risk but selling it) and being a primary insurer (even if you lay off some risk via reinsurance). I agree with the above comments on Chubb. we have them for everything as well. We had a pipe break in our attic - they literally were falling over themselves willing to pay for claims.
I have had Hagerty for 20+ years and never had a claim and really never looked at other companies until last year when I got the Boxer. With last years values they were charging me almost 2X what another insurer was going to charge me for a 12 month policy. I already had 2 cars on a policy and I bit the bullet and added the boxer. In 10 days my policy is up and I'm switching to another company which is 1/2 the rate with double the agreed value coverage on the Boxer and higher on my 2 other cars. That company is Condon & Skelly. I have agreed to a 2500 miles per year/per car policy, but I'm not close to that on my cars now, so it does not matter. When I retire and if I have just one car I will rethink that part, but for now it is more than enough. I once tried to get Chubb, but there was a reason I could not do it. Someone I know who has significant cars and millions of dollars invested in them uses a specialty division of AIG and he pays pennies on the dollar for insurance and says they have a 50% increase in the policy if the car goes up in value during the coverage period. He has them registered in Montana. Anyway, I always thought Hagerty was fine, just don't want to spend more than I need to on insurance and I believe I was starting to pay too much for their advertising. Ironic, as I use to sell advertising.
It may not be sensible or even worthwhile to talk about experiences across the pond, but in the UK Locktons (a major international broker) has negotiated a special poilcy for Ferrari Club members with Chubb. My experience is that over 5 or 6 years they have constantly been on or very close to the money. They do not quibble about agreed values and include cover for club trackdays. They know 'our' cars and from what I have been told, seem sympathetic to the problems with getting older cars fixed in the event of a claim. Previously, I used a small specialist broker - a club member - who negotiated a deal with Lloyds. He was very competitive but unfortunately decided to retire from business! It appears that there are, however, a couple of trans-Atlantic similarities. First, most of the larger companies dangle a carrot to win your business and then progressively increase their margins, regardless of claim experience, and secondly, the cheapest premium rarely gives the best service. A specialist usually betters a general motor insurance business.
