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Insurance quotes for antique cars by era (both car and owner)


1935Packard
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The new issue of Hagerty Insider, from the insurance company Hagerty, has this interesting chart on trends in 2019. The magazine explains:  "When a potential customer calls for pricing on an insurance policy, our agents ask for vehicle details (e.g., year, whether it’s stock or modified) and personal/household details (such as whether the customer has a 16-year-old living at home). The Valuation Team aggregates hundreds of thousands of these quotes annually (stripped of identifying details) and uses the data to track market trends."  This chart shows the era of cars that people asked for quotes about, based on both the era of the car and the generation of the person seeking the quote. 

 

 

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My understanding is that this reflects the data set of quotes that Hagerty gives out when people are in the market for insurance, not the data set of cars they insure.   Cars that change hands a lot or that have owners who often want to change insurance plans will show up unusually often.  Still, I found these really interesting numbers.  And as a pre-war guy, I was particularly struck by absence of 1930s cars (below 1%, I gather, or maybe below .5%)! 

 

Edited by 1935Packard (see edit history)
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Hagerty wrote a few years ago that interest in

cars of the 1950's is diminishing.  Their statistics

above show that:  Only 6% of cars overall, in their

table are from that decade.  Cars of the 1970's are

nearly 3 times that much!

 

Their overall statistics would corroborate what

I see:  On the tours put on by our large AACA region,

cars of the 1960's are by far the most prevalent.

 

Thank you, Mr. Packard, for sharing that interesting information.

 

 

Edited by John_S_in_Penna (see edit history)
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Interesting.  As a 20 year Hagerty customer, I am sure they have been focusing on these trends as it is evident in their drivers club magazine.  That said, I kind of question the numbers for the 30s, after all the most popular prewar cars I believe are Model A Fords, two years of the four year run bleed into the 30s.  Maybe a run on Duesenbergs last year as the Js were all technically 29s?  😁😁😁

Edited by Steve_Mack_CT (see edit history)
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I find it hard to believe that a company that large in the antique insurance business gets calls for 30s cars that are so few to be registered as statistically zero.

 

That said,  I've been with JC Taylor for 20 years,  my dad for 50.   I had some shipping damage,  sent them pictures,  got a a single repair estimate from the only shop I use and they sent me a check for 6k.  We are taking minor dings that you can barely see.   Granted my only claim in 20 years but they were REALLY responsive.

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7 minutes ago, alsancle said:

I find it hard to believe that a company that large in the antique insurance business gets calls for 30s cars that are so few to be registered as statistically zero.

 

I have not seen the actual article, but this quote is the OP's exact words. "Asked for quotes about" is not "cars currently insured." Taking this literally, it tells me that potential NEW Hagerty policies are not covering cars from the 30s. It doesn't say anything about policies CURRENTLY in place.  I too, find this suspicious, however, given the number of 30s-vintage street rods people build and likely insure with Hagerty.

 

4 hours ago, 1935Packard said:

This chart shows the era of cars that people asked for quotes about

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How many years have they been doing that? The historical trend would be interesting. Also the number of completed purchases compared to quotes.

 

I got a quote from them a few years ago, but I'm still with J. C. Taylor.

 

You know the story about the three statisticians who went rabbit hunting.

 

Bernie

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6 hours ago, alsancle said:

I find it hard to believe that a company that large in the antique insurance business gets calls for 30s cars that are so few to be registered as statistically zero.

 

That seemed fishy to me, too.   As  Steve points out, what about all the Model As, etc? I can imagine 30s cars being 10%, or even 5%, but less than 1% seemed unlikely.  But who knows.

 

UPDATE: I sent the author an e-mail asking about some of these numbers, will post an update in this thread if I hear anything.

Edited by 1935Packard (see edit history)
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1 hour ago, 39BuickEight said:

It supports the idea that people often desire the cars that were popular in their youth.

 

I thought that a long time ago,  but I'm not sure since almost nobody is still around for the cars of the 20s and 30s.  The stuff I like was all built 30 years before I was born and the guy that started this thread was in diapers not too long ago and he's a Packard nut.

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I heard back from the author of the article.  I didn't ask for permission to quote him, so I'll just summarize the answer about 30s cars.  He suggested that the number of quotes they give for 30s cars is indeed pretty low; even though they gave hundreds of quotes for 30s cars, it's a small proportion of the total.  His sense was that the market in 30s cars is just less dynamic, which I took to be that they changed hands less often than later cars.  He also suggested that there may be a data collection issue with how staff are indicating the era of cars, so that 30s cars may be undercounted in that chart. 

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7 hours ago, alsancle said:

I find it hard to believe that a company that large in the antique insurance business gets calls for 30s cars that are so few to be registered as statistically zero.

 

 

NOBODY with a 1932 Ford Stock or Modified ever called them?  Who is covering the Hot Rod end of the hobby? Bob

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My suspicion is that the antique car insurance market is fragmented between different companies at different proportions somewhat based on age. A large majority of the business is probably covered by J.C. Taylor, Grundy, and Hagerty. I suspect that Hagerty has a larger majority of the younger hobbyist's business while a larger percentage of the older hobbyists tend to do business with J.C. Taylor and Grundy, both of which I think have been around longer. When I first sought antique car insurance over two decades ago, J.C. Taylor could not write liability in my state. Grundy could. I don't know if Hagerty was around then, I don't think I had heard of them at that time. Since I wanted a single carrier to cover all of the insurance on my first antique car, I chose Grundy. I have been with Grundy ever since. They have treated me well on the rare occasion that I actually had a claim.   

 

The particular segment of the business that a company tends to cover also is reflected in where they advertise. Grundy and J.C. Taylor both advertise in Antique Automobile magazine. J.C. Taylor has been a big supporter of AACA for many years. J.C. Taylor also advertises in the 36-38 Buick Club newsletter. Grundy advertises in the Buick Bugle. I have seen a lot of emails from Hagerty but off the top of my head, I don't recall them advertising in any of the antique car club magazines that I receive. Where and how you advertise will change who your customer base is.  

 

To get a better picture of this issue, I would want to see similar data from Grundy and J.C. Taylor as well as Hagerty. I would also want to see similar data about cars currently insured, as I suspect that even Hagerty has a lot of 30's cars insured. My gut feeling is that most owners of 30's cars tend to be a bit older and also tend to hang on to their cars longer. I would think that data on cars insured by those three companies would show a larger percentage for cars of the 1930's.

 

Long story short, the data from Hagerty is part of the picture, but it is essentially a snapshot of a small segment of the data needed to fully assess market trends.   

 

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Mart I would agree.  Hagerty has been great, no reason to change but they definately seem to be marketing later cars.  They tend to freature 70s and up in their magazine, and a lot of modified stuff.  I do know they have experienced major growth in last decade so they must be succeeding with that segment, but I do think it is skewed at least a little bit.

Edited by Steve_Mack_CT (see edit history)
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Over the years I have noticed a lot of the older cars have been handed down from father to son, as well as the interest in the hobby for the more visible ones. In those instances the insurance would most likely continue with the same carrier.

 

 

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10 hours ago, MCHinson said:

Long story short, the data from Hagerty is part of the picture, but it is essentially a snapshot of a small segment of the data needed to fully assess market trends.   

 

Matt, you hit the nail squarely on the head. There are many more players in the antique auto insurance market than just Hagerty and the other you mentioned. Last time I checked there were only 3 or 4 companies that actually underwrite all the policies written by all the names you mentioned. Basically they all just sell the insurance. Where the difference comes in is how they service their customers and how much of their overhead they have to add to the cost of the insurance being under written.

 

1 hour ago, Steve_Mack_CT said:

Mart I would agree.  Hagerty has been great, no reason to change but they definately seem to be marketing later cars.  They tend to freature 70s and up in their magazine, and a lot of modified stuff.  I do know they have experienced major growth in last decade so they must be succeeding with that segment, but I do think it is skewed at least a little bit.

 

From my viewpoint Hagerty is play catch up with some of their competition when it comes to insuring the younger antique cars (ie 1980s & 90s).

 

Back when some of my cars were in the 25-30 year old range I requested a quote from one of the companies mentioned in this thread. They would not write a policy for them even though the cars met ALL their requirements and I have an excellent credit rating. Funny how some other companies in the industry had no problem at all writing a policy for a VERY competitive price. A few years later I approached that same company to give them a second chance at my business again and was turned down a second time. Basically that was when I wrote that company off forever.  A couple of years ago I had one of my cars on the show field at Macungie. I was parked next to a very nice fella who was wearing a polo shirt with the name of that company on it. I told him the story of my experience with that company. The utterly shocked look on his face something I will not forget. He asked me if I had dealt directly with the company or through an agent of the company. After I told him I had dealt directly with the company he told me that he was not surprised and that I would not have been treated that way had I gone through an agent.

 

Water under the bridge. I have been happy with my antique auto insurance company. They may not be one of the big names but they offer a good product at a very good price and very good service.

Edited by charlier (see edit history)
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13 hours ago, MCHinson said:

My suspicion is that the antique car insurance market is fragmented between different companies at different proportions somewhat based on age. A large majority of the business is probably covered by J.C. Taylor, Grundy, and Hagerty. I suspect that Hagerty has a larger majority of the younger hobbyist's business while a larger percentage of the older hobbyists tend to do business with J.C. Taylor and Grundy, both of which I think have been around longer. When I first sought antique car insurance over two decades ago, J.C. Taylor could not write liability in my state. Grundy could. I don't know if Hagerty was around then, I don't think I had heard of them at that time. Since I wanted a single carrier to cover all of the insurance on my first antique car, I chose Grundy. I have been with Grundy ever since. They have treated me well on the rare occasion that I actually had a claim.   

 

The particular segment of the business that a company tends to cover also is reflected in where they advertise. Grundy and J.C. Taylor both advertise in Antique Automobile magazine. J.C. Taylor has been a big supporter of AACA for many years. J.C. Taylor also advertises in the 36-38 Buick Club newsletter. Grundy advertises in the Buick Bugle. I have seen a lot of emails from Hagerty but off the top of my head, I don't recall them advertising in any of the antique car club magazines that I receive. Where and how you advertise will change who your customer base is.  

 

To get a better picture of this issue, I would want to see similar data from Grundy and J.C. Taylor as well as Hagerty. I would also want to see similar data about cars currently insured, as I suspect that even Hagerty has a lot of 30's cars insured. My gut feeling is that most owners of 30's cars tend to be a bit older and also tend to hang on to their cars longer. I would think that data on cars insured by those three companies would show a larger percentage for cars of the 1930's.

 

Long story short, the data from Hagerty is part of the picture, but it is essentially a snapshot of a small segment of the data needed to fully assess market trends.   

 

i gave up on jc taylor in 2002  when they said my 73 DODGE DART wasnt a collector and never would be

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Years ago I bumped my regular auto insurance to a $1,000,000 umbrella policy and that opened the arms of all the insurance agents I have met since, auto, home, whatever. Since 1974 I have been with Taylor. They recognized my 1994 Impala SS as collectible prior to the 20 year point. I switched all the other stuff to Liberty Mutual two years ago on the recommendation of a satisfied friend. The agent looked at the umbrella policy and said "No problem, you're golden".

 

Bernie

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19 hours ago, 60FlatTop said:

Years ago I bumped my regular auto insurance to a $1,000,000 umbrella policy and that opened the arms of all the insurance agents I have met since, auto, home, whatever. Since 1974 I have been with Taylor. They recognized my 1994 Impala SS as collectible prior to the 20 year point. I switched all the other stuff to Liberty Mutual two years ago on the recommendation of a satisfied friend. The agent looked at the umbrella policy and said "No problem, you're golden".

 

Bernie

      Bernie,  

      You are special because you understand the way insurnace works.   Policy limits are actually the limits of what the insurance company will pay for the       

      mahem you cause.   You the policy holder are responseable for anything above that limit.  Have $10,000/$20,000/$5,000 limits?  That means the                 

      insurance will only pay $10,000 to any one kid and  $20,000 for the whole class of kindergarden kids you ran over.  And.  if you damaged the SJ           

      Duesnberg that the kids were standing on front of, they would pay up to $5,000 in property damage to the car   You are liable for every cent above

      those limits.  Chances are you net worth is higher than those limits.

      Generally the Umbrellas Policy requires your underlying limits be raised to $250,000/$500,000/$100,000 an adds $1,000,000 to $5,000,000 more.     

      When agents see you already have a Unbrella Policy, they know you understand more than the Emu.

      Even if you don't have deep pockets, the preception of antique car owners is that we are all rich.

 

Edited by Paul Dobbin (see edit history)
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