My Classic Car Policy with Parish Heacock Almost Doubled

[Rickmustang]

They swithched from American Modern to another carrier. 95% increase for four cars with all the same coverages. Needless to say, I'm shopping for a new policy. I've been with them for more than 30 years.

[KR500]

Mine went up 82% on 2 cars with the same coverage.

[98SVT - was 06GT]

Gotta cover the CA fire losses. My Haggerty went up about 5% when I renewed just before the fires. I can't wait to see what next year brings. With the 7% rate increase cap that is CA law I suspect that Haggerty won't offer renewals in CA.

UPDATE: Bought this last Friday. 7-8 months left on Haggerty policy. Cost to insure for remaining time $14 - with 3 car discount.

[JD]

Renewal on the car I have with Heacock only went up about 5%, renewed in Mid-April.

[6s2055]

Might give Grundy Insurance a try! Found them more than competitive!

[Britton]

You should be able to go direct to American Modern for a policy. That's what I did about 10 years ago and have three cars on a policy with them (no middle man).

[Rickmustang]

I'm quoting AMI directly, Drundy, Hagerty and a few others. I'll let yall know how it turns out.

[Rcbach302]

I've had great luck with American Modern. Only modest increases over the years, never a problem adding coverage. I live in California.

[NC TRACKRAT]

Parish Heacock is a broker.  Have you called them to complain and ask that they get quotes from other carriers?

[427hunter]

Parish Heacock is a broker.  Have you called them to complain and ask that they get quotes from other carriers?

They are not brokers, they changed underwriters from American modern to American family. I had to change my mileage from 3,000 to 1,000 a year on 11 cars with a $5,000 deductible to be $300 over my old rate. 

[Rickmustang]

I've been with Parish for 38 years. Unfortunately I will be changing. I have several quotes for a slight increase but with increased agreed values. I'll post the final outcome.

[FL SAAC]

In a nutshell:

Auto insurance rates in the United States have surged over the past few years, with the Consumer Price Index (CPI) showing a 51% increase in the cost of auto insurance over the last three years.

This rise is six times faster than overall inflation. Factors such as COVID-19's ongoing effects, natiral disasters, fires, along with an uptick in reckless driving, have contributed to the rise in rates.

Increased speeding and drunk driving incidents have led to more severe accidents, resulting in higher claims for vehicle damage and injuries. The pandemic also exacerbated shortages in materials, parts, and labor, driving up repair costs.

While all drivers have felt the impact of these increases, owners of classic, antique, and custom vehicles have been particularly affected.

Despite being statistically less likely to file claims, these collectors face the same rising premiums. In many cases, insurers do not offer discounts for owners who drive their collector cars less than the typical 12,000 miles per year.

As a result, these owners are, in effect, subsidizing the losses from higher-risk drivers.

Dtandard coverage is based on depreciated market value, which does not reflect the true replacement cost of a classic car.

[Coralsnake]

AI not just for bots anymore!

[wcampbell]

I too was under Heacock and received a notice of non-renewal for my 2025 policy. Called Heacock up yesterday and they said "sorry we can no longer provide insurance in your area - you'll need to find another carrier". SO I did the Auto quote thing with both Grundy and Safeco - both 4x my current Heacock policy!!!! Hagerty was 3.5x the policy and still wanted to "Discuss" underwriting me. Another fellow SAAC acquaintance in my state said he only saw a premium increase but was able to renew under Heacock. He shared his was underwritten by "American Family" versus my "American Modern". Out of the blue I decided to also get a quote from American Collectors as they are the top for 2025 allegedly. I call then up this morning and they say - "yeah we see you're in the portfolio under Heacock, but we need to switch you over the American Family". The dude was super helpful and explained that they are trying to roll over older accounts off of the American Modern underwriters...right now the quote is about 20% higher than last years, but will be doable in my state I'm told. Finger's crossed...

[tesgt350]

They swithched from American Modern to another carrier. 95% increase for four cars with all the same coverages. Needless to say, I'm shopping for a new policy. I've been with them for more than 30 years.

95% increase from what amount?