Essentia Auto Insurance Review (2021)
Essentia Insurance Company reviews are found under its parent company, Markel Corp. In 2013, Markel purchased Essentia Insurance Company, which underwrites insurance for Hagerty, which exclusively covers antique, classic, military, and other collectible automobiles. Markel provides auto insurance for classic cars through Hagerty. Markel doesn't currently offer standard auto insurance. The coverage they provide includes classic car insurance, bicycle insurance, yacht insurance, small boat insurance, excess and surplus property insurance — and more.
- In 2012, Essentia Insurance Company was sold to Markel Corp
- Markel offers auto insurance that covers classic cars
- Markel’s classic car coverage goes through Hagerty Insurance
Looking for the Essentia Insurance Company may prove difficult — the company was purchased by Markel in 2013.
Those looking for “Essentia Auto Insurance” will find company by this name, which means people searching for an Essentia Auto Insurance review are actually looking for Essentia Insurance Company. How do they compare to the best companies for auto insurance?
Shortly after its creation it was acquired by Bermuda-based OneBeacon Insurance Group and assigned to its Marine insurance division. Later, in 2012, Essentia Insurance Company was sold to Markel Corp along with Hagerty Insurance.
Today, Essentia focuses mainly on classic car auto insurance and specialty insurance products. Is Hagerty Insurance any good? What is the best collector car insurance? Read on to learn more.
Though Essentia may not be able to meet your auto insurance needs, you can enter your ZIP code into our FREE tool above if you’re looking for the best auto insurance rates in your state.
Essentia Insurance Company Car Insurance Rates
Essentia, or, again, Markel, does offer auto insurance. Its auto policies only cover classic cars. If you are a classic car collector or auto enthusiast Markel may have an insurance plan for you.
What is Essentia’s availability by state?
We do not have rates available for Markel auto policies. We can, however, provide you with the average rates for full coverage insurance by state.
Classic car insurance can be 40 percent less than standard auto insurance rates. What do standard auto insurance companies offer? In comparison to classic cars, standard policies cover cars that are driven more frequently and therefore pose more risk.
We’ve collected data to give you an idea of the classic car insurance rates:
|State||Average Annual Full Coverage Rates||Average Annual Comprehensive Rates||Average Annual Collision Rates||Average Annual Liability Rates|
|District of Columbia||$798.44||$139.94||$281.20||$377.29|
Keep in mind that the rates above are for full coverage, so you may not need that much insurance. The rates above are also averages, which means some people will pay much less and others will pay much more.
Markel doesn’t specify in which states it offers coverage. It also does not offer online quoting, so anyone in need of a good classic auto insurance company for classic cars would need to contact Hagerty Insurance Commission, its classic car division, directly to find out if it is available to you and what your rate would be for coverage.
As it doesn’t offer basic auto insurance coverage for your average driver, this shouldn’t be a problem for most people.
Markel Auto Insurance Coverages Offered
Markel only offers specialty policies, so it offers classic car auto insurance. There is no indication of being able to buy a standard auto policy from Markel. According to the website, it offers the following insurance coverages:
- Classic car insurance
- Bicycle insurance
- Yacht insurance
- Small boat insurance
- Snowmobile insurance
- Motorcycle insurance
- Marine tradesman insurance
- Multi-family housing insurance
- Manufactured home insurance
- Excess and surplus property insurance
Essentia was sold to Markel as a collector car and boat business that the company writes through Hagerty Insurance Agency. The only auto insurance specifically mentioned is coverage for classic cars, so if you are a classic car collector it might be worth your time to reach out to Hagerty for a quote.
What are Markel’s bundling options?
Markel probably offers the ability to bundle multiple policies together for a discount, but nothing is specified on their website.
Essentia Insurance Company has been brought into the Markel product line, which means it will only cover specialty policies like the ones mentioned above. Whether or not you can bundle classic car coverage through Essentia with other policies such as small boat policies or bicycle insurance will depend on how coverage is set up at Markel.
If you are interested in this option you can speak to your Hagerty agent about possibly bundling your coverage.
Markel Discounts to Ask About
Markel doesn’t specifically list any discounts on the website. If you are looking for possible discounts for your own personal insurance policy, take a look at the discounts listed below:
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Companies can and do update their car insurance discounts regularly, so be sure to check with your insurance company to find out if it has any discounts available that you aren’t already using on your policy.
You can also enter your ZIP code to find auto insurance discounts available in your area
What programs are available from Markel?
Essentia is part of the Markel family of insurance companies. At this time there are no specific programs listed on the Markel website for Essentia or any other insurance companies under their umbrella.
Many insurance companies offer programs designed to save you money, such as accident forgiveness programs and usage-based insurance programs. If you are interested in taking advantage of something like this, reach out to your insurance company to find out what programs it offers.
Canceling your Markel Insurance Policy
Because Markel and Essentia don’t offer standard auto insurance, canceling a policy isn’t the same as it would be through Geico or State Farm. Markel customers will need to reach out to the Hagerty insurance agent who sold them the coverage and ask them to help cancel their policy.
For individuals who want to cancel their own personal policy with another insurance company, there are some basic steps you can take that are the same pretty much across the board.
How do I cancel my insurance policy?
Your first step is to reach out to your insurance company or your agent if you used an agent to sign up for the policy originally. No matter who you contact, odds are you will be asked why you want to cancel your coverage.
Be honest and your insurance company or your agent might be able to help you solve the problem that sent you looking for a new policy in the first place.
Is there a cancellation fee?
This is dependent on multiple factors, such as what state you live in and which insurance company you use. Markel customers should ask their agent about any cancellation fees they may be charged to end their policy.
Is there a refund?
This is also dependent on which company you use and what state you live in, so whether you are a Markel customer or with another company you should ask about getting a refund at the time you request a cancellation.
When can I cancel?
This is another issue you will need to take up with your agent or your insurance company based on the laws and regulations in your state.
Most companies allow you to cancel at any time, but this isn’t universal. Most companies will cancel your coverage at 11:59 p.m. and start policies at 12:00 a.m., but you’ll need to verify this at the time of your cancellation.
How to make a Markel Auto Insurance Claim
All of Markel’s classic car coverage appears to go through Hagerty Insurance in Traverse City, Michigan. If you are a Markel customer and you need to file a classic car insurance claim, check on an active claim, or cancel an auto insurance claim, you will need your Hagerty auto insurance login information.
If you’ve been in an accident and have questions or need assistance you can reach out to your agent and they can help you file your claim or you can call Hagerty directly at 877-922-9701.
How to get a quote online with Markel or Essentia Insurance Company
Markel and Essentia do not offer online quotes at this time, so your only option for a quote is to reach out to your Hagerty insurance agent.
Markel and Essentia Insurance Company Financial Ratings
Because, as noted by Bloomberg, Essentia was never really established as an underwriter before its acquisition, its financial strength lies almost exclusively in that of the parent company.
Markel states that Essentia’s financial ratings are all stable, as evidenced by the chart below:
|Ratings Bureau||Financial Rating|
Financial ratings aren’t the only factor to consider when choosing an insurance policy, but they do reflect the likelihood that an insurance company will be able to pay their claims.
Essentia Insurance Company History
Essentia Insurance Company is a property and casualty insurer that started in Florida in 2007. It was quickly acquired by OneBeacon Insurance Group and assigned to its Marine insurance division. Later, in 2012, Essentia was purchased by Markel Corp where it became part of the company’s classic car division.
Markel continues to grow every year. In February of 2020, its operating revenues topped $9.5 billion, with $2.1 billion in payouts to shareholders in 2019.
How is Markel’s online presence?
Markel does have a website, but it is mostly informative in nature. Because it only offers products on a specialty or commercial level and require the use of an agent, there are no online quote options or other interactive functions. Hagerty, however, has a tremendous web presence.
Not only does it have a website where you can manage your policy, but it also has a YouTube channel where you can watch videos of the restoration and driving of classic cars, along with commercials and other video footage. As of this writing, the channel has 1.26 million viewers, so it clearly has an audience that loves the company and its products.
What do Markel and Essentia employees have to say?
Although Essentia does not do business separate from Markel, it does have job postings as part of the parent company’s database. You can find available jobs by visiting Markel’s website and clicking the Contact Us link at the top of the page.
Markel promotes itself as a great place to work with competitive compensation, an impressive list of benefits, and a working environment that encourages employees to think like owners.
Essentia Auto Insurance Review : The Bottom Line
Unless you are shopping for classic car coverage, the odds are good that Markel and Essentia Insurance Company don’t have a policy for you.
Now that we’ve covered Essentia’s relationship with Hagerty classic car insurance, you can get affordable auto insurance quotes for your own personal auto insurance if you enter your ZIP code in our FREE tool below.
Frequently Asked Questions: Essentia Auto Insurance Review
If you are not yet ready to buy auto insurance, keep reading to find some common questions related to the Essentia insurance company.
#1 – How are Essentia and Hagerty related?
Essentia is a collector car and boat insurer that writes coverage through Hagerty Insurance Agency. If you are looking to sign up for an Essentia Insurance Company policy, you will need to reach out to Hagerty directly.
#2 – What is a Hagerty agent’s commission?
The commission earned by Hagerty agents isn’t readily available to us, so if you have questions about how much an agent is earning to place your policy with Hagerty, Essentia Insurance, or other Markel companies, you will need to ask them before purchasing a policy.
#3 – What is Hagerty Insurance’s Demotech rating?
A search of the Demotech rating site does not return any information on Hagerty. If you need to know a specific rating for Hagerty it would be best to reach out to a Hagerty agent.
#4 – How do I pay my Essentia Insurance bill?
Customers of Essentia Insurance Company can make a payment by using the Hagerty online system. You will need your username and password. If you have questions about how to get set up in their system, reach out to your Hagerty agent for assistance.
#5 – What is the Essentia Insurance company contact address?
Essentia’s current address is the Markel Headquarters, listed below:
4521 Highwoods Parkway
Glen Allen, VA 23060
#6 – How do Essentia, Hagerty, and other company reviews compare with Grundy classic car insurance reviews?
All of these companies have both good and bad reviews. Grundy offers collector car insurance, so you may want to research them further if you are looking to possibly insure a collector vehicle.