I use Hagerty and have it insured for what money I have put into it for parts. I have not even thought about labor. I have about $5000 sunk into this thing so far and have an agreed value of the same with Hagerty. Should I push this number higher with them? I pay only $100 every 6 months and could easily afford a higher premium if it goes up with the "agreed value". Any suggestions (from those of you who have a decent feel for my car) on a ballpark figure for agreed value?
I would certainly push for more but be careful about getting too high...they may require you to have the car appraised. (which I can do for you but my mileage expenses would be deadly). I'd suggest shooting for about $7000 just for the hell of it.
So, what exactly happens if I get in an accident...either a fender bender or a total collision? What do I get, how do you go about getting it? Do I lose the car, or just get a check and keep the car?
Do you think you could repalce your car for $5000.00? I doubt it. Agreed value is the value if your car is written off in a accident, and that value will dictate if your car will be repaired in a smaller accident. If it's valued at $7000.00 and someone hits you and the apprasial for the repair is $3000.00 they will fix it, depending upon what percent they use as a factor, that will determine when it gets written off. Some times if it's written off, you caan buy it back for a lesser value, that comes off the settlement cheque, but thats the way it is here, things may differ in Texas.
Cover your axx!! Because you can bet they are covering their's! The problem isn't buying coverage its be able to collect it. They are in the biz to make money usally if the premium is cheep they don't pay out well. And if they pay out well then the premium's are higher. I insured mine for what I have in it (hard money) my labor they would try and screw me on anyway. My 2 cents Good Luck!
I have Hagerty on all my cars. When I stated I wanted the Sprint insured for $28K, they did not ask for an appraisal. I told them afterwards that I had it appraised and could send them a copy but they said they didnt need it. They do want pictures though.
Hagerty will pay if something happens so don't worry about that. If you total the car they will pay you the full amount no questions asked. If you decide to keep the car, the negotiations begin. They may TRY to sell it back to you for anywhere between 20% to 50% of that value. They will aslo give you a salvage title back with the car. The title issue may differ state to state just as the percentage issue might. This was the case here when Katrina wiped out lots of classic cars. I have my car covered with Grundy Insurance...same type of company, same type of coverage. My blue Grabber got 4 feet of water in it. They declared it a total and was ready to write me a check. I declined the check and told them I would retain the car. They offered it to me for 50% of the covered value. I told them Bull$**t!!! It took me over a month but I finally went up the ladder enough that I bought it back for 10% of the covered value! They also never took my title and the car is still insured with them. Now it's fixed back better and WAY faster than before for the money they paid me! Bottom line...if your car gets totaled...it's always negotiable if you decide to keep it but try to insure it for as much as they will allow!!!
Thanks for the good info...My insurance is due soon and new pics etc will be required, and I will work with them to get the value raised...
I have Hagerty on both of my classic cars too. I insured them well over what it would cost me to replace them. Hagerty then recommended set the insured values 20% higher than what I had insured at to keep up with the rising values of collector cars. At this point, I feel if anything happened to either car, I would be compensated very well. I dont lose any sleep worrying about my cars. You sound like you may be starting to worry about it. I bet if you discussed it with your broker, they would be happy to increase your coverage. Good luck.
this brings up 3 Questions...how many have had a settlement on their mav/comet and how was it settled? what are Hagertys limits and restrictions? ......
We have J. C. Taylor had a small fender bender on way to Gathering had no problems got small dent on fender and door on the Stallion other car mostly paint on bumper other car taken care of no problem told them we would fix ours ourshelves they said 0 ductiable to agreed value.
i have hagertys with my 71 and an agreed value of $15000. all they wanted was some pics and they approved it right away.
