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Subject The amount of headache it would cause legal to try
Posted by nelso419 on May 15, 2023 at 1:09 PM
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In Reply To It was insured with Hagerty and I used to be an Underwriter posted by nelso419 on May 15, 2023 at 12:43 PM
Message and define the usage restriction to an objective standard, and then prove that it wasn't being used in that way in a court, would not be worth it in the slightest. You didn't need any special training to to be an underwriter at Hagerty, it's really obvious when a car is being daily-ed or cared for.

I'll also double down on things I probably shouldn't say and explain that the reason it wouldn't be worth it for them is because the loss ratio at Hagerty was in the high 30's to low 40's. Meaning that for every dollar they take in, they end up paying out .30 to .40 cents. The industry standard loss ratio is like 97-98%. Insurance companies compete themselves into charging their customers almost exactly what their risk is. And even then, they make a lot of money on just those few percentage points. I'm a fan of capitalism so I support them doing it, but Hagerty could be 55-65% cheaper than it already is, if there was someone directly competing with them in the space. (the closest, Grundy, was nowhere near our volume)

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