21 April 2014

Five things to look for when selecting a classic car insurance carrier

Classic car insurance holds an ever-growing niche in the insurance business. With the growth of the car hobby can come complicated changes in the insurance programs that are available. Changes in underwriting guidelines and carriers not only cause frustration for you and the client, but can cost you time and money.

Searching for the best company can be tricky, but there are specific things that you can look into to use as a guideline regarding which company you choose:

  1. Claims Satisfaction: Claims are main reason why insurance companies exist, and the outcome of claims settlements is a leading factor on how an insurance company runs their business. Hagerty has on-staff parts specialists that are able to track down rare collector car parts for any needed repairs. Hagerty also provides in-house claims service for timely response and expert care.

  2. Ease of Service: The ease of doing business with a company and willingness to help plays a big role in how an insurance company stands in the industry. Hagerty’s agent book roll makes transitioning clients’ policies simple by using three easy steps; obtain an online quote, complete the intent to transfer application, and provide payment for the coverage.

  3. Policy Retention: The percentage of policies that renew with an insurance company accounts for that company’s stability and overall client satisfaction.

  4. NPS Scores: Net Promoter scores are a great way to view a company’s overall satisfaction ratings. The scores give you a solid idea on the amount of loyalty between the provider and the client.

  5. A.M. Best Company ratings: This is a prime tool for discovering an insurance organization’s financial stability, which is an incredibly important factor when establishing a relationship with a company.

Hagerty is known to consistently excel in all five categories mentioned above. Additional reviews can be seen here on our web page.

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