Looks like HGTY will be listed on NYSE later in the year. Would you invest?
Would you purchase Hagerty stock?
- Thread starter bluecoupe30!
- Start date
How do you see the capital structure changing the business model?
IMHO Hagerty is on the path of becoming just another auto insurance company, their rates are higher than the other classic carriers so it no longer has the low cost collector car niche. Their marketing spend and now going public (with all the SEC compliance costs) will keep those premiums going up. Not saying it's a bad thing. Kind of like getting your windshield replaced by Safelite with all its TV ads and annoying jingle or a local company for $200 cheaper if one makes the effort to shop around.
I hope we keep this discussion going. I see your point on compliance costs, although the lower cost of capital in theory may offset this.
As you note, they are no longer the cheapest, but they don't actually underwrite the insurance. Instead, they merely broker it, so perhaps with the new structure they will offer multiple insurance lines from different carriers.
I switched to Grundy and they also broker but I saved $300 on the coupe and NK. Getting it all set up and getting the invoice was a pain however.
in reality, all of these type of classic insurers brokers insurance. Heacock does, Grundy does. i know Heacock uses American Modern ... not sure about Grundy or Hagerty. earlier this year i checked with Hagerty and Grundy, both were more than Heacock ... Grundy just slightly more. when my coupe is all put back together and i am ready to up my coupe to 6 figures, then i will get more serious. but at 60k, Hagerty was 50% higher than Heacock and 40% higher than Grundy.
Naah! They are all swimming in the same shark tank. I have bundled with State Farm for years. Low rates, great service from my local agent. No claims ever for my coupe or 2002. But when a 100 foot tree fell across the front of our walkway and took out the roof of our garage there was an agent at the door in 24 hours. Serious inspection, asked for any other damage, cut us a generous check, deductible included, on his way. The red tipple had been gouged in a couple of places, State Farm cut another check to replace all of it. We actually cleared a few bucks, well lots more than a few, on the deal.
Hope, but wonder if SF would treat Lilli, our 2002 insured for $35k agreed value, the same way.
Hope, but wonder if SF would treat Lilli, our 2002 insured for $35k agreed value, the same way.
I have always heard good things about Hagerty's customer service so Ifelt ok to pay a bit more to have that with me.
When these were $50k cars, the premium differences were not too big a deal. But some of our cars now have values that draw higher premiums, so... those $$ values are more meaningful. This will be an interesting future for us all....
When these were $50k cars, the premium differences were not too big a deal. But some of our cars now have values that draw higher premiums, so... those $$ values are more meaningful. This will be an interesting future for us all....
We have 4 cars with Hagerty. I shopped companies last year and Haggerty wasn't far enough off to warrant changing.
Insurance companies make profit. When they don't they raise their rates.
I stay away from IPOs but Hagerty stock might be good later.
Insurance companies make profit. When they don't they raise their rates.
I stay away from IPOs but Hagerty stock might be good later.
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