Hagerty Insurance - Guaranteed Value ?

[Kirk M.]

Re: Hagerty Insurance - Guaranteed Value ?

Ohio is a stated value state, so not an option for me


Kirk

[Chuck W.]

Re: Hagerty Insurance - Guaranteed Value ?

Kirk is right. At least in Ohio a few years ago State Farm was "stated value". We just recently got quotes from Condon & Skelly and Hagerty and a renewal quote from JC Taylor. JC Taylor again proved to be the best value and got our renewal once again. We're "agreed value" insuring north of $1.5M in cars & bikes for less than $3k/year under their Large Lines group. Next closest quote was more than $1k/year more. Check them out. No claim history.

[Terry D.]

Re: Hagerty Insurance - Guaranteed Value ?

Fellow members, below is what Hagerty has to say about their change in wording. You can go to their web site and either call or chat with a representative online.

"Most other insurers offer either Actual Cash Value (ACV) or Stated Value coverages. Those policies reserve the right to reassess the value of the car in the event of a loss, potentially leaving you severely disappointed. We do not do that."
"We offer full guaranteed value coverage. What this means to you is that if your vehicle is involved in a claim and it is deemed a total loss, we would pay you the full amount we insured the vehicle for. If we insured it for $20,000, we would send you a check for that amount."

In the 25 years I was with Hagerty I had one claim and I have a friend who had One claim and both times they paid off in full with no problems.
Hope this puts people at ease.
Terry

[Terry D.]

Re: Hagerty Insurance - Guaranteed Value ?

"Most other insurers offer either Actual Cash Value (ACV) or Stated Value coverages. Those policies reserve the right to reassess the value of the car in the event of a loss, potentially leaving you severely disappointed. We do not do that."
"We offer full guaranteed value coverage. What this means to you is that if your vehicle is involved in a claim and it is deemed a total loss, we would pay you the full amount we insured the vehicle for. If we insured it for $20,000, we would send you a check for that amount."
This is what Hagerty had to say
Terry

[Scott S.]

Re: Hagerty Insurance - Guaranteed Value ?

Ohio is a stated value state, so not an option for me


Kirk

Kirk,

I'm in Ohio also. If your '67 Corvette is on a State Farm "stated value" policy, and something happens to the car causing a total loss, wouldn't a "stated value" policy end up only paying you whatever a typical 1967 Chevy is worth at the time of the accident (essentially $0.00), after they get done playing with the numbers and depreciation tables?

[Rick A.]

Re: Hagerty Insurance - Guaranteed Value ?

so, you and your friend each had a car that was TOTALLY DESTROYED and Hagerty paid you the AGREED value for the car? That is what the entire thread is about - not the fact that they paid to have the car repaired

[Scott S.]

Re: Hagerty Insurance - Guaranteed Value ?

General "Collector Car" insurance question:

Can you negotiate a clause for your policy where, if the car is involved in an accident and deemed a "total loss", that you have the right to pick through the parts and keep anything that is salvageable? Or at least "buy" them out of the insurance settlement?

Getting a "check" for agreed value is first, but no matter how much money the check is for, actually finding another car like yours to replace it is going to be a challenge. Finding one with all the original tough-to-find parts could be impossible. Locating those hard-to-find parts could take years.

If there are any good parts left after a "total loss" accident, they would be very helpful in making the next car as complete as the one you had. From original headlight harness-to-header bar clip retainers to original exhaust tips, and e-v-e-r-y-t-h-i-n-g in between.

Unless you buy a car from a knowledgeable fellow NCRS member who has put the necessary time and effort into it, what are the chances that the car you buy to replace yours will have all of big and small detail parts correct? Something approaching zero?

If you could retain the salvageable parts from a wrecked car, it would certainly assist and speed up the process of being made "whole" again.

[Patrick N.]

Re: Hagerty Insurance - Guaranteed Value ?

I am curious if anyone had to exercise a claim with their insurance company? What was your experience like and how well did the policy cover the determined cost of repair-i.e. any hassle or delay?

I have not looked at JC Taylor, but Chuck's comments peaked my interest!

Thanks
Pat

[Kirk M.]

Re: Hagerty Insurance - Guaranteed Value ?

Kirk,

I'm in Ohio also. If your '67 Corvette is on a State Farm "stated value" policy, and something happens to the car causing a total loss, wouldn't a "stated value" policy end up only paying you whatever a typical 1967 Chevy is worth at the time of the accident (essentially $0.00), after they get done playing with the numbers and depreciation tables?

I have an AGREED VALUE policy with Hagerty, so I get full agreed upon value for my car ($75,000 for me) should it be destroyed. Wouldn't want to lose her after all the work, but then it might be fun picking out a new one!

Just wanted to let people know that we don't have that option for State Farm here in Ohio, hence stuck with other insurers.

[Chris E.]

Re: Hagerty Insurance - Guaranteed Value ?

I just looked at my policy (state of MN here, State Farm insurnace).

It has the insured value of the car listed, but no boilerplate like John was suggesting.

I asked my agent what happens in the following two scenarios, and here was the answer I got.

1. The car is completely destroyed (falls off a bridge and explodes or something) = State Farm writes me a check for the total insured value

2. The car is in a minor accident requiring repair. I get a quote on the repair work, and State Farm writes me a check for the repair amount.

Seems pretty good to me.

$52.66 per month during the months I have the insurance turned on. (multiline discounts, good driver discounts, etc, etc)

$15.50 per month during the months it is hibernating.

$75K insured value.

[Bruce B.]

Re: Hagerty Insurance - Guaranteed Value ?

Just got my annual letter from State Farm asking me if I wanted to adjust the "agreed amount" of coverage on my classic cars (3) in case of a total loss.
State Farm carries all my insurance and is very reasonable on my classic car premiums and has been for the past 20 years. Very small increases over the years.
I also can change coverage for winter storage (no liability) as frequently as I need to.

[Paul J.]

Re: Hagerty Insurance - Guaranteed Value ?

I am curious if anyone had to exercise a claim with their insurance company? What was your experience like and how well did the policy cover the determined cost of repair-i.e. any hassle or delay?

I have not looked at JC Taylor, but Chuck's comments peaked my interest!

Thanks
Pat

Pat,

There has been a lot of discussion on this. Your question is very intuitive, because you'll never know how good your insurance company really is until you file a claim. The people who have not had a claim or dealings with State Farm are in for a surprise and a lot of aggravation if they ever need thier insurance. As stated in several of the posts in the threads below, it's not State Farm's coverage or thier price. It's how they treat thier customers. Check out these threads.

https://www.forums.ncrs.org/showthre...+Farm&uid=5360

https://www.forums.ncrs.org/showthre...rance&uid=2130

Paul

[Patrick N.]

Re: Hagerty Insurance - Guaranteed Value ?

Thanks Paul, great links and good information. Like you said, you never know how good / bad a policy is untill you have to make a claim. I hope none of us will have to go thorugh that however.

Thanks,
Pat

[Patrick H.]

Re: Hagerty Insurance - Guaranteed Value ?

Pat,

There has been a lot of discussion on this. Your question is very intuitive, because you'll never know how good your insurance company really is until you file a claim. The people who have not had a claim or dealings with State Farm are in for a surprise and a lot of aggravation if they ever need thier insurance. As stated in several of the posts in the threads below, it's not State Farm's coverage or thier price. It's how they treat thier customers. Check out these threads.

Paul

You said it.

SF will never, ever insure my older cars no matter what their price.
They do a wonderful job on our "newer" daily driver cars but are horrid with regard to older cars. This is based on first hand experience.

Search the Archives if you want more.

[Anthony P.]

Re: Hagerty Insurance - Guaranteed Value ?

I am curious if anyone had to exercise a claim with their insurance company? What was your experience like and how well did the policy cover the determined cost of repair-i.e. any hassle or delay?

I have not looked at JC Taylor, but Chuck's comments peaked my interest!

Thanks
Pat

I have Haggerty and yes I recently did one for a windshield. They were easy. IN fact they sent me the check for the glass even before the glass was shipped to me. They will also pay for the install if I want.