When searching for a specialty insurance carrier for your clients, the main focus should be on how claims are handled — accidents are the reason why people need insurance, after all! The way incidents are handled is even more valuable in the specialty insurance world because the items that are insured can be rare and/or difficult to repair and normally increase in value over time.
There are several characteristics to look at when determining whether a company offers exceptional claims handling, including:
- Knowledgeable claims representatives
- Speed of service and claims turnaround time
- Consistent policy retention after the event of a claim
- Satisfaction ratings
What is the difference between specialty and standard insurance claims?
Collector car insurance offers Guaranteed Value™ coverage; this is the coverage that guarantees the policy will pay the full insured amount of the vehicle in the case of a covered total loss. Guaranteed Value™ coverage is needed for collector vehicles because the values of these cars do not diminish with age — this coverage does not take depreciation into account. For example, if a collector car is insured for $20,000, in the event of a total covered loss, the full insured value would be covered, minus any applicable deductibles. In contrast, a stated-value policy under standard insurance may pay less than the stated amount in the event of a total loss; the insurer has the right to pay the lesser amount between your collector car’s depreciated actual cash value and the vehicle’s replacement cost.
What makes Hagerty’s claim service so great?
One great feature that sets us apart from other companies is our in-house claims service. The in-house claims setup places all of our claims reps in the same building, allowing for optimum collector car expertise and speed of service, so we can get the client’s beloved collector back on the road quickly. For example, our turnaround time for the average glass claim is just one business day, and in the specialty insurance world that time frame is impressive. Resolving claims in a timely manner is especially important in areas that have a short driving season; hobbyists want access to their collector in order to attend as many car events possible before the return of winter.
It has been proven time and time again that when a client experiences a claim with Hagerty, the client becomes even more loyal and policy retention becomes even more stable. According to our current Net Promoter Score® results*, after the event of a claim, our overall client satisfaction rating leads the industry at 93 percent. This puts Hagerty in an elite group of best-in-class service organizations such as USAA, Costco, Southwest Airlines, Nordstrom and Zappos.
A client’s satisfaction after a claim speaks volumes for any insurance company, and a great experience can only lead to more business coming through your doors via policy retention and client referrals.
*Note: Industry data based on Net Promoter Industry Report 2014: Insurance – Auto (Satmetrix Systems, Inc.). Hagerty NPS scores based on Jan. 1, 2013, through Dec. 31, 2013.