Hagerty merger

General Discussion

  1. GrabberOrange69

    GrabberOrange69 FBBO Gold Member FBBO Gold Member

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    “As you have witnessed in some of our recent news, Hagerty is growing as a company and brand in some truly exciting ways. As part of our growth strategy to ensure our continued success, we are in the process of going public through a merger with Aldel Financial. Aldel Financial is a special purpose acquisition company or SPAC that was created with the intent of merging with a private company like Hagerty to help us go public.

    Outside of the various technicalities what does this mean for Hagerty and you as a Member?...”

    I can tell you what it means, less service, higher rates. No company that goes public, or is bought out by a Capital Management firm gets better. It’s all about the bottom line profit, and that is at odds with your needs.
     
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    • 68Dart470

      68Dart470 Well-Known Member

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      Ugh. Switched from Grundy to them several years back as I heard several complaints of Grundy giving guys a hard time with payouts.
       
    • ricks_RR

      ricks_RR Well-Known Member

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      i have grundy and they have been good to me
       
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      • 6t6slodart

        6t6slodart Well-Known Member

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        Thanks Haggerty! GREED is simply taking our world down the tubes!
         
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        • monaco66coupe

          monaco66coupe Well-Known Member

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          I left hagerty years ago, I would recommend American Modern. they are a subsidiary of american family. They were also cheaper than Hagerty.
           
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          • 70chall440

            70chall440 Well-Known Member

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            I am American Modern for my Viper. Fortunately I have never had to file a claim but overall they have been good and they were way cheaper than Hagerty or Grundy.
             
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            • 69a100

              69a100 Well-Known Member

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              Insurance = legalized extortion!
               
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              • joe smith

                joe smith Well-Known Member

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                My truck " regular" insurance company was just bought out by Farmers... Thats bad news in my experience.. Next sign up time to look for a new company AGAIN.....
                 
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                • Ranger16

                  Ranger16 Well-Known Member

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                  I was unaware of this merger. Thanks for posting.
                  My renewal is due in Dec.. Might be time to start searching again.
                   
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                  • kidsixpack

                    kidsixpack Well-Known Member

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                    Although I was always happy with Hagerty I switched a couple years ago to Grundy. The lowered my premium by $600 a year and have since gone even lower. I was with Hagerty for twenty years and gave them a chance to keep me. They wouldn’t even talk about it so I left. For $100 I would have stayed but $600 was just a heck of a lot. I agree with the above posts that with a merger things will not get better.
                    KID
                     
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                    • 1967coronet

                      1967coronet FBBO Gold Member FBBO Gold Member

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                      Every 4 or 5 years our agent shops around for us,
                      Our late models , my old 67 plus our homes and buildings.
                      We are with auto owners now, bundle deal.
                      Saved us some from our previous companies.
                      I can't stand insurance companies that act.like they are doing you a favor to take your money.
                       
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                      • Stereolab42

                        Stereolab42 FBBO Gold Member FBBO Gold Member

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                        Grundy is all sorts of incompetence. Also switched to Hagerty and they have been phenomenal to deal with in every respect. I hope this doesn't change.
                         
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                        • mrmolding

                          mrmolding FBBO Gold Member FBBO Gold Member

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                          I have Hagerty too. Can't complain too much but I will definitely start looking if service changes.
                           
                        • beanhead

                          beanhead Well-Known Member

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                          5k5oez.jpg
                           
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                          • kidsixpack

                            kidsixpack Well-Known Member

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                            We have auto owners for our home and dailies. I have found Grundy to be harder to deal with when adding or removing cars. More effort on my part required. The initial change from Hagerty to Grundy was tedious as well. However worth it for the savings. I used to send everyone to Hagerty they always had incredible service.
                            KID
                             
                          • Pops1967GTX

                            Pops1967GTX FBBO Gold Member FBBO Gold Member

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                            I use J.C. Taylor for the pass 10 years.
                             
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                            • 69L48Z27

                              69L48Z27 Well-Known Member

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                              American Modern through NCM Insurance. Left Hagerty years ago.
                               
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                              • Billccm

                                Billccm FBBO Gold Member FBBO Gold Member

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                                I get the Hagerty magazine. If you read between the lines of Mr Hagerty's commentary he believes gasoline bans and autonomous cars will happen in our lifetime (as do I).
                                Mr Hagerty did the right thing and sold out while his company's value was on top. Once gasoline is gone and autonomous cars are the norm his company would be worthless.
                                 
                              • Budnicks

                                Budnicks You Can Just Thank Me Later FBBO Gold Member

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                                anything going public
                                especially acquisitions & mergers
                                (aggressive or passive takeovers)
                                isn't ever good for control of expenses
                                (especially formerly privately owned &/or family-owned co.'s)
                                it ends up controlled by the board
                                & profits for stock holders "allegedly" (greed)
                                drives it all
                                'aka' price increases to follow
                                 
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                                • GrabberOrange69

                                  GrabberOrange69 FBBO Gold Member FBBO Gold Member

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                                  I can’t disagree with that statement as there are so many unknowns.

                                  But it does bum me out.

                                  It’s the end of the world as I know it. I guess what it means to me is; the next motor I build is gonna have a cam so big it would make my Everest look like a rolling country hill. Fuck drive ability; I wanna go out with a bang!
                                   
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