[DeTomaso] Insurance increase

[Will Kooiman]

I understand their logic.

How many stories have we heard about someone wrecking a modified car
(Pantera or otherwise) because they couldn't handle the HP?

And sometimes they do it on a track, and claim it happened on the way to the
track.

Or they wreck showing out, and call it an accident.

A car engineered for the HP (vs. modified by owner) should be safer, and
while it is true that it isn't always, it is a reasonable assumption made by
Hagerty.

Hagerty could rely on actual losses, bet it is cheaper to make this
assumption.

Think about your USAA insurance.  When USAA was founded, the assumption was
that Army/Air Force officers would have lower losses, due to being more
responsible.  For the first several years, officers got money back.  Their
subscriber savings account (SSA) grew, collected interest, and the interest
was greater than their actual losses.  So, if you had USAA insurance, your
net cost was negative.  But then USAA grew, the membership qualifications
expanded, USAA hired adjusters, etc., just like a normal insurance company.
Now they are even advertising on TV.  And the rates and coverage is only
slightly better than most insurance companies.

My point is USAA is still an excellent company, but their original plan
wasn't fair.  All officers are not responsible.  But most are, so that's
what allowed them to provide great rates.
--
Will

From:  <shawkins777 at comcast.net>
Date:  Saturday, November 23, 2013 6:10 AM
Cc:  <detomaso at poca.com>
Subject:  Re: [DeTomaso] Insurance increase

Your assuming they sell the same policy in every state but, every state has
difference rules and regulations.

Steve


From: MikeLDrew at aol.com
To: asajay at asajay.com, detomaso at poca.com
Sent: Saturday, November 23, 2013 1:41:39 AM
Subject: Re: [DeTomaso] Insurance increase


In a message dated 11/20/13 20 38 14, asajay at asajay.com writes:


> I got an unsolicited phone call from them today.  The person who spoke with me
> had seen an email trail... and mentioned "Mike Drew."  I don't think Mike was
> the source, but that was the clue they probably have eyes into this list.
> It's the -only- place I've made any comment, and as I recall... never
> mentioned their name, until now.  Of course Mike Drew hit the nail on the head
> when he said I'd been "Hagerty'ed."


>>>I certainly never contacted them, but presumably one of their customers on
the forum has read this info and called them up to ask "WTF?"

The sad thing is, I really like the company.   They apparently have great
service, and without a doubt they contribute more than others do to the
hobby on all levels (I proudly have several free Hagerty hats and have eaten
more than my share of free donuts at Pebble Beach, to name but one example).
So as a company, they seem great.   But their underwriting standards and
policies are just insane.

Here's a fer-instance.   Let's say you have a bone-stock 1969 L78 Camaro,
fitted from the factory with a 396 rat motor that made, say, 375+ hp.   Your
neighbor has a plain-jane Camaro with a 350 engine, which was factory-rated
at 290 hp.   He put a different intake and carb on it, changed the cam, and
now it makes 350 hp.   It's still 25 hp less than yours, but yours is stock
so you get to pay $4 per $1000 of coverage, and his is modified so he gets
to pay $9 per $1000 of coverage, on what are otherwise identical cars.

How screwed up is that?

It's clear that Hagerty is aiming at a very specific demographic in the
collector car world--the guy who has a bone-stock, original car, of whatever
specification or age.   There's nothing wrong with that, but I do think it
is deeply unfair to penalize people like us so arbitrarily and capriciously.

Fortunately, there are plenty of other options available to us in the
marketplace, so if we are educated consumers, we can make choices that are
best for us.   In some cases, that choice may even be to continue to pay
more for your existing policy (for instance, if you have a claims history
and your rates were *not* raised, you may find that other insurers ding you
for having a claims history).

Mike
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