Ownership Changes in Companies that Provide Classic Car Insurance

by Andrea L. Algar
Motorheads Performance

Major news that could impact classic car and muscle car owners across the country is an announcement from Nasdaq last Wednesday, October 17th, that the Markel Corp. will purchase Essentia Insurance Co. from current owner OneBeacon Insurance Group LLC. 

Stock Market Announces News
that could Affect Classic Car Owners

Why would this type of stock market news concern classic car owners? Well, anyone who is interested in purchasing classic car insurance may be interested because Essentia Insurance is the exclusive underwriter for policies issued to Hagerty Insurance Agency, one of the world's leading providers of insurance for classic car and trucks. Hagerty offers insurance for a variety of collectibles such as classic cars, boats and motorcycles, and is one that we've mentioned as a resource in past articles. As you know, we encourage owners to take a look at classic car insurance, whether you've got a project car, a daily driver, a show car, race car or a collector car.

While the deal should close in January 2013, terms were not disclosed, and it remains to be seen what, if any, changes may occur following Markel's acquisition. Hagerty Insurance Agency will remain a privately-owned family business.

RESOURCES FOR MORE INFORMATION:
Classic Car News - Purchasing Classic Car Insurance - Why You Don't Want To Procrastinate!
Nasdaq - http://www.nasdaq.com/article/markel-to-buy-essentia-insurance-20121017-00872

ABOUT THE AUTHOR:

Andrea L. Algar is co-owner of a classic car performance and restoration design shop in Leesville, Texas. Motorheads Performance specializes in repairs, maintenance, performance upgrades and restorative work on cars and trucks from the 1920’s through 1970’s. Her husband Guy L. Algar is a Mechanical Engineer with over 25 years experience. He holds 5 ASE Certifications from the National Institute for Automotive Service Excellence and has been working on old cars and trucks for over 37 years. Together they share their passion for old cars and trucks with other enthusiasts from around the country.