Hagerty merger

[GrabberOrange69]

“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.

 

[68Dart470]

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]

i have grundy and they have been good to me

 

[6t6slodart]

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

 

[monaco66coupe]

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

 

[70chall440]

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.

 

[69a100]

Insurance = legalized extortion!

 

[joe smith]

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.....

 

[Ranger16]

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

 

[kidsixpack]

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

 

[1967coronet]

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.

 

[Stereolab42]

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.

 

[mrmolding]

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

 

[beanhead]

 

[kidsixpack]

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]

I use J.C. Taylor for the pass 10 years.

 

[69L48Z27]

American Modern through NCM Insurance. Left Hagerty years ago.

 

[Billccm]

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]

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

 

[GrabberOrange69]

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.

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. **** drive ability; I wanna go out with a bang!