Hagerty...Who Knew...?????

[Viet Nam Vett]

I've been looking over the Quote I received from Hagerty Insurance Co.

And.. I didn't know that they were not the Underwriters of the Policy. The Underwriter is " Encompass Insurance Co of New Jersey" How Many of you Hagerty Policy holders are aware of this ??

Hagerty is just an Agency for this company.. Who Knew..?? I guess I got sucked into the add's hype thinking .I'm in good hands with Hagerty.

This might be true and they are I'm sure a fine company.. But I thought they were the Underwriter..:confused


Just Found This Link...... Funny how it comes back full Circle...Look Who the Parrent company is..Why don't I just call them...L.O.L.

http://www.encompassinsurance.com/consumer/cc/about_us/financial_strength_ratings.asp

 

[fine69]

I was not aware of that info... Hagerty has been good to me. I had to file a claim. They quickly took care of everything... PLUS, no deductible and no increase in rates. So, no problems that I can speak of --- regardless of the underwriter.

 

[67HEAVEN]

From the Encompass website........

To find out more about Encompass Insurance, contact an independent agent through Find an Agent.

 

[Viet Nam Vett]

From the Encompass website........

Ok...Call Allstate....They own the Company...

Financial Strength Ratings

Encompass Insurance builds on more than 25 years experience serving independent agents and their customers. Our continued dedication to independent agents reflects our confidence in their ability to recommend the best insurance products and services that meet the needs of their customers.

Encompass Insurance is the marketing name for a division of Allstate Insurance Company that focuses exclusively on the sale of personal property-casualty insurance products by independent agents. These insurance products are currently written by underwriting companies owned by affiliates (listed below) of Allstate. All of the listed companies are rated B+ (Very Good), A- (Excellent), A (Excellent) or A+ (Superior) for insurance financial strength by the A.M. Best Company as of July 17, 2006.1

Underwriting Company List

Encompass Indemnity Company
Encompass Insurance Company
Encompass Insurance Company of America
Encompass Property and Casualty Company
Encompass Independent Insurance Company
Encompass Home and Auto Insurance Company
Encompass Insurance Company of New Jersey Encompass Insurance Company of Massachusetts
Encompass Floridian Insurance Company
Encompass Floridian Indemnity Company

 

[Wilkinshc]

Ok...Call Allstate....They own the Company...



Encompass Indemnity Company
Encompass Insurance Company
Encompass Insurance Company of America
Encompass Property and Casualty Company
Encompass Independent Insurance Company
Encompass Home and Auto Insurance Company
Encompass Insurance Company of New Jersey Encompass Insurance Company of Massachusetts
Encompass Floridian Insurance Company
Encompass Floridian Indemnity Company

Actually Allstate does not own them. Encompass is reinsured by Allstate. Totally different thing. Because the collector car market is a small market (compared to daily driven cars) Encompass has gotten Allstate to back them up. All insurance companies are required to keep a portion of funds in reserve to cover policies written. One way a company can get around having as much money in a reserve is to reinsure themselve thru a big company. All Allstate has done is look at their history of claim and have taken on the risk of cover claims if Encompass can not do it on their own. Basically like having a cosigner on a loan. You are responsible to pay the loan but if you don't then the cosigner is going to back you up.

If you call an Allstate agent you will get a totally different policy(coverage) and price.

Chuck

 

[Viet Nam Vett]

Actually Allstate does not own them. Encompass is reinsured by Allstate. Totally different thing. Because the collector car market is a small market (compared to daily driven cars) Encompass has gotten Allstate to back them up. All insurance companies are required to keep a portion of funds in reserve to cover policies written. One way a company can get around having as much money in a reserve is to reinsure themselve thru a big company. All Allstate has done is look at their history of claim and have taken on the risk of cover claims if Encompass can not do it on their own. Basically like having a cosigner on a loan. You are responsible to pay the loan but if you don't then the cosigner is going to back you up.

If you call an Allstate agent you will get a totally different policy(coverage) and price.

Chuck

Thanks Chuck for clearing that up. I'm also going to Look at Grundy Collector car.
They seem to have a higher rating's. What's your opinion on Grundy?

 

[fine69]

"... They seem to have a higher rating's. What's your opinion on Grundy?..."

Hey Viet Nam Vett,

What insurance company are you using now?

 

[Viet Nam Vett]

Hey Viet Nam Vett,

What insurance company are you using now?

This is scary.. I have been with Classic Auto Insurance Angency out of Indianapolis In... for many a moon. Originally I was insured thru them with American Moder Home. They dropped them and they now Issue the policy to Atlantic Employers Ins Co In Cherry Hill NJ..( Another Agent I Think) who has it underwriten by ACE USA.. who is Insurance Groupe Of North America which is a division of ACE.

Confusing Huh..???

As my Vette increases in Value I want to deal direct with a Classic Insurer who I know I can get answers from if something should happen. There's just to many hands in the pie with the insurance I have now.

 

[Wilkinshc]

Thanks Chuck for clearing that up. I'm also going to Look at Grundy Collector car.
They seem to have a higher rating's. What's your opinion on Grundy?

I think both are good companies. Obviously an A++ rating is better than an A but both are great ratings. If you get into B or lower I would start to consider looking at a different company but again a company can get a lower rating if they are having a growth spurt because their reserve fund might have dropped below a level that the rating company likes. I personally have Hagerty for my Vette. Hagerty was about $100 a year cheaper then Grundy. I personal don't think that Hagerty's rating is anything to worry about. If you start hearing about slow claims and their rating falls down to a B or lower then I would look elsewhere.

Chuck

 

[Viet Nam Vett]

I think both are good companies. Obviously an A++ rating is better than an A but both are great ratings. If you get into B or lower I would start to consider looking at a different company but again a company can get a lower rating if they are having a grow spurt because their reserve might have drop below a level that the rating company likes. I personally have Hagerty for my Vette. Hagerty was about $100 a year cheaper then Grundy. I personal don't thing the Hagerty's rating is anything to worry about. If you start hearing about slow claims and their rating falls down to a B or lower then I would look elsewhere.

Chuck

Grundy has been around longer then Hagerty and there rating's are A++ across the board. I don't mind paying a little more for piece of mind. As the saying goes...

"You'll Never be unhappy with the Best"

Grundy Worldwide collector vehicle policies are underwritten by:

• American International Group (A++)
• Chubb Group of Insurance Companies (A++)
• Philadelphia Insurance Company (A+)
• United States Liability Insurance Group (A++)

 

[Wilkinshc]

Grundy has been around longer then Hagerty and there rating's are A++ across the board. I don't mind paying a little more for piece of mind. As the saying goes...

"You'll Never be unhappy with the Best"

Grundy Worldwide collector vehicle policies are underwritten by:

• American International Group (A++)
• Chubb Group of Insurance Companies (A++)
• Philadelphia Insurance Company (A+)
• United States Liability Insurance Group (A++)

It's nice to have the best but is it necessary. A rating of A++ vs A is like having a grade 8 bolt to hold down the valve covers. You know that the valve cover will not come off with the grade 8 bolt, but will you worry about it with a nice standard ss bolt. I would not.

But if it helps you sleep at night, it would be worth it to you.

Chuck

 

[Viet Nam Vett]

It's nice to have the best but is it necessary. A rating of A++ vs A is like having a grade 8 bolt to hold down the valve covers. You know that the valve cover will not come off with the grade 8 bolt, but will you worry about it with a nice standard ss bolt. I would not.

But if it helps you sleep at night, it would be worth it to you.

Chuck

I'll get a quote tomorrow and see where there at as far as the price goes. And ..if those Valve Covers are on an aircraft engine at 38,000 feet... it might make you feel alot better.

 

[Wilkinshc]

I should give you a more accurate example, as an A rating is still grade 8 bolts but just not as shiney. They both got you covered just one is chrome and one is flat black.

 

[alps66]

And, they're all owned by an overseas conglomerate , right?

I wasn't aware of the Hagerty/Encompass connection until I called Hagerty after the fire last year and was told that I would be contacted by an Encompass adjuster. The adjuster explained the relationship. Encompass was very prompt and generous with their initial payment and my body shop guy has been dealing with the adjuster for years and has never had any problems. Consequently, I'm still sold on Hagerty (or whoever they are :confused ).

I've also heard nothing but good about Grundy as well. The machinist who is redoing my engine, and who leaves nothing to chance, has his '58 and an early '70s Chevelle BB insured with them.

FWIW, I don't think you can go wrong with either company.
Jeff

 

[jims427400]

I have been very pleased w/ State Farm and all my policies are agreed upon value. My 67 tripower only costs me about $250/yr. Alot cheaper than what Hagerty quoted me but I havent had a claim yet.
Old school Buddy owns the State Farm office so he better take care of me.
Been w/ them for 35 years..

 

[IH2LOSE]

I have been very pleased w/ State Farm and all my policies are agreed upon value. My 67 tripower only costs me about $250/yr. Alot cheaper than what Hagerty quoted me but I havent had a claim yet.
Old school Buddy owns the State Farm office so he better take care of me.
Been w/ them for 35 years..

His hands may be tied when it comes to helping you. In new york state no matter how much the agents want to belive they have agreed value coverage ,they dont read your policy for the excact term "agreed value"


Get cheap or cheaper sneakers,work pants ect.ect.

But invest wisely in insurance, always insure for a catostrophic loss, I have yet to be shown state farms policies are agreed value coverage.

 

[richscorvettes]

Thanks Chuck for clearing that up. I'm also going to Look at Grundy Collector car.
They seem to have a higher rating's. What's your opinion on Grundy?

Mark,

We've used Grundy (Chubb is the underwriter as you've seen) for years. Chubb's financial rating is a plus as I always look for a company with at least an A- rating.

We've had good service from them though (fortunately) no claims so I can't speak to that aspect. Besides the agreed value coverage they have no mileage limits or deductibles. If you want the head underwriters name and number just let me know.

Rich Lagasse

 

[SIXt7]

I have been very pleased w/ State Farm and all my policies are agreed upon value. My 67 tripower only costs me about $250/yr. Alot cheaper than what Hagerty quoted me but I havent had a claim yet.
Old school Buddy owns the State Farm office so he better take care of me.
Been w/ them for 35 years..

Are you sure it is an AGREED value policy rather than a stated value? Did you have to submit an appraisal? What restrictions on driving does State Farm have? I'm currently looking to change my policies...this info would help. Thanks. ;help

 

[mcditalia]

Actually, I have both Encompass Insurance for both my personal auto's and home and Grundy for collector cars. Both have been pretty good. I had the unfortunate pleasure of getting in a car accident a couple of months after I insured the 66 and Grundy was pretty good with payments and such.

 

[JohnZ]

Are you sure it is an AGREED value policy rather than a stated value? Did you have to submit an appraisal? What restrictions on driving does State Farm have? I'm currently looking to change my policies...this info would help. Thanks. ;help

As I understand it, State Farm doesn't write AGREED VALUE policies in every state, and I'm told that Michigan is one of the states where they don't; check with your agent (many of whom don't know the difference between "agreed value" and "stated value"). :eyerole