All Insurance Companies are Great , until you have a Claim against the policy . Imagine the nightmares the victims of the California Firestorms will have trying to negotiate a Fair Settlement . not a chance
I’ve had three small claims and one car totaled (by my son) for 45 yrs now on daily drivers. I have also added the old cars about 25 yrs now. All on State Farm. They never have raised rates due to an accident. Have been great to deal with on all claims. Hell this last time they sent me two checks on a small claim by mistake. Yes I returned it.
I use Chrome (AMPAC) and have never had any problems and fortunately have never filed a claim. I got dropped like a hot potato wit State Farm when I had a small claim on my home owners and 2 years later had a accident..not my fault. I honestly believe they all the insurance company's have a policy of 2 or more claims in a certain allotted time and they show you the road.HRP
...just canceled 3 collector cars from State Farm,...switched to Hagerty, got lots more coverage for less money,...State Farm kept bumpin up our premiums and never had a claim...have heard lots of good comments on Hagerty,...the more cars you have with them helps the premium go down.
Hate to say it but they are probably losing money having you as a customer. How much are your premiums a year? For instance if you payed an average of $1000 a year for 29 years they are in the hole $3600. They did what they promised to do, pay your claims, and then decided you were no longer a worthwhile customer to have anymore. No company wants customers that cost them money. I realize that is not the way insurance really works but it's the way they will look at it.
It doesn't seem fair, but they did what you contracted them to do. You had a claim, and they paid you your money. Right? Now, you want to continue, but they don't want to-you cost them money. They run on statistics and yours aren't good, for whatever reason. Since your policy/contract can be ended by either party, you are left without any coverage. What if you decided you didn't want to continue the policy but switch to someone else? Would be be ok for Grundy to post a rant? Just asking.
They got well over $2000 a year, that's $58000, and what about the other , let's say 75% that payed a $1000 a year fffor those 29 years and never filed a claim. I know they are in business to make money, but it still pisses me off
Yeah, but what about the other 1,000 or so customers that paid a $1,000 a year for 29 years and didn't file any claims. There still making a shit load of money! Doesn't seem like your claims would even put a dent in that
None of the other policy holders count. There wasn't a group coverage, there were lots of policies with individuals. Individual bets if you will. They bet you would not have a claim and you bet you would. And you didn't have 29 years of coverage, you had one year of coverage 29 times. That's quite different. Twenty-eight times, they won the bet. Once time, you won they bet. May not seem fair to you, but once the ONE YEAR Contract/Bet is over, no one is forced to play. They may have a million policy holders, but each one is an individual bet. It has to work this way or no one would have insurance.
Take your time and compare Anpac/Chrome! I bet you will be surprised. Not sure about any of the companys when you have 2 claims in a short time.
It doesn't matter. It is always one person making a deal with the company. Your contract is as if you were alone in a vacuum. The insurance company has figured out-and pretty damn accurately, what it needs to charge overall to cover all the claims that might be made against it as well as making a profit and then what your individual piece of the action is. You both made a deal and everyone got what they agreed on.
I use hagerty on both of my classics, no issues but I haven't had to file a claim yet either. Hope I never have too! Sent from my SM-G900V using The H.A.M.B. mobile app
5window and K13, you both make some great points. I am not a fan of insurance companies by any stretch but you did put it in perspective.
I don't know much about Insurance companies, but the premiums we pay go straight out to pay other claims. The way they historically actually made money was by investing what's left over in government Bonds. With government interest rates at historical lows for so long , that business model doesn't work anymore. Pensions are completely buggered as well, but that's another issue. The classic or antique underwriting as a whole are a pretty good risk, and that's what Insurance is all about. The cars don't get driven all that much, not daily drivers usually, aren't parked on the street, the owner (and they are owners, no monthly nut involved here) - has a real attachment, babies it, and is (usually) more mature or a little older and better off financially etc etc.
... Michigan Catastrophic Claims Association's mandatory $170. per vehicle per year (including motorcycles) is legalized extortion IMO ... ... Imagine you have a family of four drivers and insure five vehicles annually. Your six month MCCA fee would total $425 bringing your annual amount to a whopping $850. All the money goes directly into a fund which covers catastrophic automobile injuries. Michigan is the only state in the US to have a mandatory unlimited medical coverage for automobile accidents.
I bought my 58 Edsel Citation as the second owner in 1988. It was a 100% orginal running/driving/stopping car - not a show car, but a very decent driver. I had it appraised out of curiosity, and called both Haggerty and Grundy, thinking collector car insurance would be appropriate. After some preliminary info questions, they both asked, "Is it fully restored?" When I told them for the second time what it's condition was, I was told they only insure valuable fully restored vehicles. I restrained myburge to tell them to stick their compa ies up there asses, told them what my documented appraised valuation was, and adked if they were inferring it had little value. The response from both was, basically that to them, in the condition it was in, had no value to them. Since then, every time I see one of the principles of either company prancing and posing like show ponies at Pebble Beach, Goodguys, and other car shows on gearhead channels, I call them both a very special name I have reserved for them. It's clear they really only wish to cater to mega-buck restorationsin order to justify highway robber insurance premiums, then, as described by fellow members, flee at high speed to the nearest hugh e d men's store to buy more Izod polo shirts and Gucci loafers. Money grubbing phoneys - I was able to fully insure my Edsel properly with my regular carrier, no value arguments.
Sounds to me like you should be pissed off at attorneys, not insurance cos. Most but not all states have "proof of financial responsibility" laws, for most people that means buying a liability policy. You can put up a bond that shows your good for the $$ if you take out a van full of Hazmat out on the highway or something. Part of the problem is a certain % of "the public" drive without any insurance, always have, and always will. No amount of legislation making it "mandatory" will change that. It just makes everybody else's policy cost more, and more work for the agencies. I don't know if it works anymore but it used to be routine for people to sign up for a policy to get the cards, and then stop making payment. "Proof of financial responsibility" is a good thing, I don't want some nicklefucker to put me in the hospital and make me or my insurance have to pay for that and my ride. Comprehensive or Collision is a whole 'nuther deal.
Like most of us I've often thought the insurance industry was the only industry in all of history where you can't lose money.
Michigan has a "no fault" rule apparently. And, unlimited medical expenses. Normally an insurance co. pays up to the limits of the policy, and they are done with it. "No fault" never made much sense to me, sounds like a political thing, it's kinda bass-ackwards. Then they set up a fund to pay for medical expenses over 545,000 dollars. Supposedly the fund is deeply in the red, natch. That probably only takes a day or two these days, what with the gourmet food and extra-strength placebo. Everybody gets hit with a $170 extra charge on their premiums, the insurance co. passes that cost right on to everyone in Michigan.
I switched years ago after 16 years with Grundy ! Take take ! Customers come last with Grundy !!! Sent from my iPhone using H.A.M.B.
Ha, here in MI. it still works. There is even one company that sells a 7 day policy just for these bums.
WHAT!? insurance companies just want your money then screw you over the first chance they get? whodathunkit.
I don't mind buying my own insurance, but why do I have to buy everyone else's too? Lots of people out there who want somethin' for nothin', as well. Bad drivers pay more for their policies, and good drivers get a discount. Anybody see anything wrong with that arrangement? I had a roommate in the .mil who couldn't (or wouldn't) understand this. He thought everybody should pay the same premium regardless - regardless of driving record, type of car - age or where you live, how many accidents etc. Good guy, but he was an idiot, at least on that issue. SR22 is a good example of this. Convicted Drunk drivers have to buy special insurance, they are in their own pool of other convicted drunk drivers. Now some people think that isn't "fair". But is it fair to ask people who don't drive drunk to have their rates increase because idiots like to get drunk all the time and get behind the wheel? See where I'm goin' with that? Do what you want, just don't make ME pay for it. This country has to re-learn this basic concept. I can't wait.
This exactly. After uncovering this fact with SF agent, I asked him to get me a quote for stated value policies on two of my cars, plus add a bike I had just acquired and was working to get titled and registered.. SF came back with insane numbers on the two cars, and they refused to write the bike at all (a 70hp vintage motorcycle). I wrote the bike at Hagerty, then moved the 2 cars over a couple weeks later. All stated value, and my annual bill is now 1/5th... let me write that again... 1/5th what it was with SF (not their stated value bid, just the regular policy I was on)... and that includes adding the bike, which wasn't even on the SF bill. We still have SO's 2017 Whocares at SF, along with homeowner policy, and that's it.
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