Collector Car Ins large prem increases

[tman]

 I have a v code Cuda and full coverage for it was at premium of $300/yr full coverage with increased 250/500/10 limits plus other coverage thru Heacock that used American Modern Ins group.  80k agreed value and this was my prem for last 3 yrs. My renewal just came up and Heacock switched to American Family Ins and that prem is now $838.  Anyone else getting this sticker shock?  This is nutz. 

[JH27N0B]

That's really scary.  I had Hagerty, but a couple years ago I got my renewal and it was increased 50% for no reason I could figure out. No claims, no tickets, credit rating good etc. My agent shopped around and found I could get American Modern for about $100 less a year than Hagerty had charged me before the big jump.
So I showed Hagerty the door and have been with American Modern ever since. I just renewed a couple months ago and my premium looks unchanged or only a bit more than last year.
I've seen the videos of storage lots in Florida after recent hurricanes showing a bunch of vintage and exotic cars totaled by floods, and saw footage of vintage cars burned to a crisp in California, and wondered if all this carnage would end up jacking up our rates.

[cuda hunter]

Not just cars either.
Colorado insurance agents, specifically State Farm, the largest insurer is denying people's past fire insurance on their homes.
I am getting calls from homes I have built where the owners are having to do fire mitigation, Cut all their trees down, in order to retain fire insurance on their homes.
  Insurance is a scam that has raised every item we own to values far beyond what they really are worth. 

[70_440-6Cuda]

I pay about $800/ year for my '70 V code, $99K stated value with $6,000 coverage of stored spare parts - I always thought it was fairly reasonable but maybe I need to shop around? I have American Collectors Insurance through USAA.

I should not, I forgot to pu tin my hood pins once, hood flew up and did some damage, they came out, assessed an paid without issue - no premium increase and service was great so that is worth something

[Katfish]

I've been with American Collector and it has doubled in the last 2yrs.  Been with them for over 20yrs.

For you guys with American Modern, how did you get quote?
Couldn't find anything helpful on the website?
Have to call agent?

[70vert]

Not surprising, with all the destruction as mentioned. But I wonder what the point is in paying $800 per year for a $50k-$60k car, especially if it is a car that is seldom driven. I do drive mine 2-4 times per week (year round in Houston) and just have it with my other cars on Allstate knowing I will be partially paying for any damage. I am comfortable with that and pretty sure I have saved more than enough to make it financially smart.

[JH27N0B]

It would be interesting to see loss analysis data for collector car insurance.  I'm guessing accidents and injuries are not their biggest areas of payouts.  More likely storm damage, fires and perhaps even theft. All in all though, the insurance industry has been a mess in recent years probably starting with Covid in 2020 that caused supply line issues and inflation, coupled with more large fires and some bad hurricanes.
More people driving like idiots too.
One friend of mine, who is a member here but hasn't posted in a while, had a seemingly minor house fire last winter.  Furnace started on fire, and the firemen got there in time to extinguish the fire before any structural damage was done by flames.  But the smoke filled the house and it required basically gutting the place and restoring all the walls and floors and such. He is just now moving back in, after 14 months.  I'll be interested in hearing how much insurance had to pay out to fix his house, I'm sure hundreds of thousands of dollars. His Challenger that was parked in the garage is just fine at least!
Another friend of mine has a small condo, 600 sq ft, that he rented out.  The tenant was a hoarder and the condo got really trashed, including a sewer pipe that had been leaking for some time.  He moved out or was evicted last year.  It took something like 7 dumpsters to clear everything out of there.  He said insurance paid out $75K for that claim.
All that money has to come from somewhere. Sadly, that somewhere is our pockets.

[tman]

To answer Katfish, yes you must call a Broker.....just go to the AMIG website and find an agent in your area by zip code.

I spoke to American Modern, they do not make or do quotes themselves.  They only service the policy not make them.  They advised me to contact an agent near me which I just did.  I sent an email and they promptly called me.  What they will do is change Broker of record so I could renew my current policy with AM.  I just signed a Doc for them to go ahead get and renew my currently policy with the same Policy Number.  So IM waiting to see this new premium.  In the meantime, the agent sent me a quote from Hagerty which was $769 and Safeco.....wait for it.....$2027.  Safeco's premium is more than my 2 daily driver cars combined. 

[TX9AAR]

I just got my renewal from Hagerty for my 2 cars and I didn't have a rate increase.

[1970 cuda Joe]

I have 5 cars on Hagerty. Mine went from 1446.00 to 1537.00.....91 bucks....so no real complaints. I have a friend in the body repair business that says Hagerty doesn't give him any problems on customer claims even if he has to file an addendum after the work begins. That's important to me. I hope I never have to use them...Joe

[Katfish]

My American Collectors policy is $600/yr with agreed value of $43k.
I do like there is no mileage limit, driving must be for "pleasure use".
So that pretty much covers all my driving, just can't use it for work.
Now that I've upgraded the motor, car is driven frequently.

[JH27N0B]

At least one saving grace with collector car insurance that I've found, is that adding more vintage cars to the fleet doesn't seem to raise the premiums much.  The yearly insurance cost seems to be set mostly based on the most expensive car in the collection.
When I bought my Magnum a few years ago with an agreed value of $20,000, my insurance went up $25.