Hagerty - Antique vs Collector Policy Types

[Alice Mooney]

Here they are selecting Antique for all Hagerty policies because "that's what we've always done". I tried to get them to use Collector Car right after our conversion to Epic and no one wants to change. No one looks at the policy docs (because the agents are not required to provide them) and no one looks at the company site (they are just too busy).
Any other suggestion are welcome.

[Jim Jensen]

There usually are underwriting differences - antique is for older cars (typically a minimum age), while collector allows newer cars that have limited use. There can also be differences on which to choose depending or whether it's original or modified (e.g. modernized restoration). The most difficult are pretty new cars that low production numbers, like a European Sport car (e.g. Astin Martin).

[Alice Mooney]

Thank you Jim for your input. I did go to a site that gave the definitions of antique/collector/vintage and gave to my manager. Still waiting for a response on that.

Looks like not many in our group sell Hagerty. Was hoping for more responses.

[Bob]

We use Hagerty, JC Taylor and American Collectors.

[Jim Jensen]

We usually use JC Taylor, but Safeco has an antique classification too. Not so much for amending coverage, but premiums are reduced greatly.

[DebAmstutz]

We might have a couple of Hagerty policies, but mostly JC Taylor.

[Alice Mooney]

Thanks all for your replies. I was looking more for what policy type you use more than which carriers you write with.
Still struggling here and getting pushback.

[Sherry Burrell]

We don't use different policy types for those auto policies.  In Epic, we will change policy description, but no separate policy type.

[Jim Jensen]

The biggest thing is paying attention to the settlment method for physical damage. Stated Value on the dec doesn't always mean they will receive that amount - just like scheduled items in HO Inland Marine.

[Ric]

Thanks all for your replies. I was looking more for what policy type you use more than which carriers you write with.
Still struggling here and getting pushback.

Alice, we simply use AUTO and put a note if necessary on the policy screen.

When reporting it could be a matter of pulling AUTO with that particular carrier unless the carrier sells regular and specialty auto, which is not usually the case when having to track things like this

HTH

[DebAmstutz]

Everything that is a personal auto policy is AUTO - we can tell by the company code if it's "special."  We don't code for antique autos.  When I come across them I will enter "31 Ford" or whatever year/make it is in the billing screen note field. 

[Jim Jensen]

Now that I realize the real question you were asking  .....we don't differentiate the policy type either. I view it similar to HO3 versus HO5 in homeowners - a coverage notation and premium different rather than type of policy. We typically recognize ours quickly because of the carriers/brokers involved on the billing screen. However, if you want to track them specifically, run reports, send communications specific to those policies, then a different policy type would help. Otherwise, I don't see a tremendous value in it, unless you have difficulty with untrained people that can't differentiate coverages in the data sent in the policy.

[Mark]

... However, if you want to track them specifically, run reports, send communications specific to those policies, then a different policy type would help.

Or Agency Defined Category.  These can be done at the line level.

[Alice Mooney]

Thanks everyone for your feedback. Policy types have been a challenge for us since conversion. It used to be such a simple thing, but now there are so many without a clear path to take. We didn't receive definitions of these unconventional policy types and when we were supposed to use them. That person has moved on to a different position, so there they sit.
We'll use them as we always have and see what happens down the road.
Thanks again.