Hagerty
 

Classic-car insurer Hagerty has announced a workforce reduction of around 6%, or 103 employees, as it looks to cut costs. Its loss ratio leapt by 15 points to 56% as it booked $10mn in retained losses from Hurricane Ian. I don't know Hagerty's market share in SW Florida but if they alone incurred $10mln in claims from hurricane losses you can bet many classic cars were, unfortunately, damaged from Ian. Hagerty went public last year. It will be interesting what type of information they'll provide in their Annual Report on the types of losses from the hurricane.

There are a LOT of classic cars in FL and many of them were in the affluent area hit by that hurricane and subsequent flooding. I believe the loss just in vehicles, of all years combined, could be half a billion.

Going public was 1 of 2 reasons I switched to M&K. They need to cater to the stock holders now.

Ouch. I also cringed once they went public... I know a former employee, and he confirmed that the internal culture shifted now that they cater to the shareholders. I'm probably due to get some alternate quotes.

Isn't M-K insurance Hagerty?

M-K is American Modern

Thanks Tim.

I live 10 miles from Hagerty’s main office and know a lot of people that work there. They told me they stopped quoting Florida customers in the path of Ian in the preceding 36 to the storm.

Obviously a lot of people taking a chance with no insurance.

I used to use Hagerty, but it reached a point I could no longer justify supporting McKeel’s lifestyle.

I faxed her my Hagerty coverage policy pages so she had exactly the numbers to match. Came back more than $300 less, so I switched and raised a couple values and still saved money. 5 cars, but under 100k total value.

I switched to MK from Hagerty also. Same coverage numbers, but I limited my driving to 3k miles a year, per car don't go anywhere near that. Cost was less than half or what Hagerty was charging.

I've heard before that Hagerty is more expensive but have also heard from friends that Hagerty treated them very well when a claim was made.I experienced their excellent customer service this past Summer.I had an underhood fire and was treated very well.There was no deductible,I was allowed to pick my own shop for repairs and invoices that I submitted were never questioned.And received a full refund in 3 business days.So to save a bit of money is not worth it to me cause I know Hagerty will treat me right.

I had a claim with MK and it was an amazingly pleasant experience. I chipped the door edge paint on my Gramma's 75 Firebird when I opened the door too close to my garage wall. MK paid to repaint half the car because there were no panel breaks to end the blend at. No questions asked. I also had a couple windshields replaced with date coded Pilkington glass, also no questions asked. Amazing service from MK.

I was involved with facilitating a Hagerty claim that happened back in 2011. A friend brought what was then the best restored 1973 Z28 in the world to my 2011 Norwood reunion to meet the retirees.

Original owner car, a guy who bought the car new and then restored it himself.

On the way to the Norwood event there was a pretty good accident with the trailer and the car got loose and pinballed around inside.

I went recovered the car and stored it at my place.

The Hagerty adjuster seemed fair on site and understood the damage and what it would take to repair.

Hagerty corporate offered 1/8th the value of the on site adjuster's estimate to repair.

Then the lawsuit... three years later just before trial- the settlement for the full repairs and legal costs.

My friend-the original owner NEVER recovered from the trauma of the fight to get it repaired. He was an American Airlines Pilot, and flew in to go to MCACN every year.

Instead of attending MCACN in 2016, instead he took his life at home.

So Yeah I know how bad Hagerty can be.