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Hot Rods Hagerty Insurance

Discussion in 'The Hokey Ass Message Board' started by 24 Dodge, Jan 11, 2022.

  1. 24 Dodge
    Joined: May 2, 2010
    Posts: 733

    24 Dodge
    ALLIANCE MEMBER

    Has anybody heard that Statefarm Insurance acquired Hagerty Insurance?
     
  2. manyolcars
    Joined: Mar 30, 2001
    Posts: 8,696

    manyolcars

    State Farm is absolutely EVIL and has been for at least 50 yrs
     
    stillrunners and Bob Lowry like this.
  3. KJSR
    Joined: Mar 7, 2008
    Posts: 2,488

    KJSR
    Member
    from Utah
    1. Utah HAMBers

    I had not but have all my old cars covered through State Farm....as well as my new ones. I have a great agent and have no issues.....
     
  4. kabinenroller
    Joined: Jan 26, 2012
    Posts: 822

    kabinenroller
    Member

    I highly doubt that is true. Hagerty is big, a couple of weeks ago they went public, (NYSE). In the past year or so they have purchased at least three major Concours d’Elegance events (Concours of America, Greenwich Concours, and Amelia Island Concours) plus at least one “Collector Car Garage” ( in Chicago)
    Allstate was and still may be part of Sears Roebuck and we all know where they have gone in the last few years.
    https://www.thedrive.com/news/42095...-buying-up-concours-events-around-the-country
     
    hrm2k, rockable and Bob Lowry like this.

  5. carcruse
    Joined: Aug 20, 2007
    Posts: 966

    carcruse
    Member

    Found this :
    The December 1 deal that got Hagerty listed is a merger with Aldel Financial Inc., a special purpose acquisition company, commonly known as a SPAC. The merger included a $704 million investment led by State Farm and Markel Corporation, but including other parties.Dec 6, 2021
     
  6. I think what's happening here is that the major auto insurers are trying to expand their customer base by getting into the collector car coverage by either buying outright or becoming "associated" with some of the established collector companies.
     
    hrm2k, i.rant and chevyfordman like this.
  7. nosford
    Joined: Feb 7, 2011
    Posts: 720

    nosford
    Member

    My Farmers agent also did my Hagerty policy, State Farm did not last year. I was notified by our old State Farm agent that they will do Hagerty as of 2022 but I don't think State Farm owns Hagerty. When I went to get my car registered the DMV asked me who was it insured with and I said Hagerty. The lady said NO that is not a company? So I got my Hagerty insurance card and on the back it said Essentia ( think it is spelled right?) and that's who she put on the paperwork, said Hagerty just sells insurance from someone else that underwrites them. So who knows who owns who anymore.
     
    LWEL9226 and loudbang like this.
  8. Pass The Torch
    Joined: May 18, 2018
    Posts: 1,021

    Pass The Torch
    ALLIANCE MEMBER

    Sure hope the Hoffman group doesn't want to expand...!
     
  9. greenie-reddy
    Joined: Nov 23, 2009
    Posts: 883

    greenie-reddy
    Member
    from maryland

    I am quite sure the net result won’t be higher rates and less service…….
     
  10. nosford
    Joined: Feb 7, 2011
    Posts: 720

    nosford
    Member

    My State Farm agent was good but they would only insure one of my cars as they considered the others "projects" and said they needed to be finished vehicles, main problem was paint jobs. I explained that at least one of my cars (F100) will never be painted but they wouldn't budge, said it was too hard to establish a value unless the vehicle was done. That's how I ended up at Hagerty.
     
  11. tomcat11
    Joined: Mar 31, 2010
    Posts: 261

    tomcat11
    Member
    from Kalifornia

    Why do you say this?
     
    firstinsteele likes this.
  12. arkiehotrods
    Joined: Mar 9, 2006
    Posts: 6,710

    arkiehotrods
    Member

  13. arkiehotrods
    Joined: Mar 9, 2006
    Posts: 6,710

    arkiehotrods
    Member

    Allstate was spun off of Sears Roebuck in 1993.

    And it looks to me like Hagerty and State Farm are "collaborating" according to press releases

    https://newsroom.hagerty.com/press/...ance-company-to-introduce-state-farm-classic/

    https://seekingalpha.com/news/3779311-hagerty-stock-jumps-13-after-state-farm-bolsters-stake
     
    Jalopy Joker likes this.
  14. Guy Patterson
    Joined: Nov 27, 2020
    Posts: 370

    Guy Patterson

    64.6% is called a controlling stake. So yes State Farm owns Hagerty
     
    Jalopy Joker and loudbang like this.
  15. linechaser32
    Joined: Apr 8, 2006
    Posts: 1,221

    linechaser32
    Member
    from Iowa

    That would be a catastrophic.
     
  16. Rramjet1
    Joined: Mar 13, 2018
    Posts: 208

    Rramjet1

    I switched from Grundy to Heacock Classic insurance for my avatar and my Wife’s 50 Chevy convertible last year. No complaints with Grundy at all but Heacock rates were half for the same agreed coverage. Their underwriter is rated A+.
     
    da34guy likes this.
  17. rockable
    Joined: Dec 21, 2009
    Posts: 3,864

    rockable
    ALLIANCE MEMBER

    Read down further. State Farm owns 17.2%.

    From McKeel Hagerty.
    Hagerty did not sell. We have changed our ownership structure. We’re a much larger company now,” CEO McKeel Hagerty said Wednesday.

    “The Hagerty family is still the majority owner and also in control of the business. Brand stays the same, management stays the same, I will remain as CEO. It’s not a sale of the company. It’s a growing-up and diversification of our shareholders.”
     
    Paul B, Hamtown Al, hrm2k and 5 others like this.
  18. Jalopy Joker
    Joined: Sep 3, 2006
    Posts: 28,812

    Jalopy Joker
    Member

    Thanks for info, and clarifying what is happening - should benefit the automotive world
     
    hrm2k likes this.

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