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« on: January 29, 2013, 21:01:23 »
Below is the reply from Rick Worm, representative for Hagerty on my inquiry into the expense of insurance:
Hello Gus:
I have not had any inquiries so far (that I have talked to myself). With regards to our visiting collector’s coverage program rates, this is a special program designed to accommodate visitors who may or may not be familiar with our road systems, traffic laws, etc. This presents a higher exposure to any insurance company that offers this type of coverage, and the premiums are set based on this, which also takes into consideration past loss ratio history with this program, which is much higher than the standard annual USA policies we offer for USA residents.
The same exact situation applies for our clients traveling to Europe for a short term tour (similar minimum premium for the same reasons). Rates are approved and filed with the insurance commissioners taking all of this into account. So while I can understand the concerns about premium, our ability to offer this coverage to visitors is tied to the rates we charge, and are very competitive with others who offer this coverage.
There may be cheaper options out there (such as Geico Overseas), however I am not sure what coverage they provide (such as ACV vs. guaranteed value). Unfortunately, we are not able to offer lower rates for this program, however.
Feel free to contact me with any questions.
Best regards,
Rick
Rick Worm, API >> PCS Overseas Account Specialist >> Hagerty Private Client Services
P: 231.922.8843 F: 231.941.8227 E: rick@hagerty.com
WWW.HAGERTY.COM | 141 RIVER'S EDGE DR., SUITE 200, TRAVERSE CITY, MI 49684
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