I just received my annual renewal invoice and noticed that included was a endorsement change to the policy. The phrase "Agreed value " has been changed to "Guaranteed value". I spoke with a representative of Hagerty and they assured me that the coverage was the same. My premium also went up 8% with no claims. Anyone else seen an increase ?
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Re: Hagerty Insurance - Guaranteed Value ?
Yes premiums are going up with no claims. Check with your other mainstream insurance company, most will cover collector cars now, although they don't advertise it. I cut my cost by 40% over Hagerty, same exact coverage.
TerryComment
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Re: Hagerty Insurance - Guaranteed Value ?
Terry, May I ask, what company did you go with that you seen the 40% reduction?
thanks,
TonyComment
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Re: Hagerty Insurance - Guaranteed Value ?
Glenn
I left those specialty company's years ago, and have been saving ever since.Personally I've used State Farm for perhaps 20 years with no problems. Contact your local dealer and get a quote .
Stephen Barrett (21558) 59,66,71,73Comment
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Re: Hagerty Insurance - Guaranteed Value ?
I also have been satisfied w/ State farm on all my vettes and its agreed value. I think I pay around $200/6 months on my 67 thats valued at $110K for example. Have never filed a claim though.
JimComment
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Re: Hagerty Insurance - Guaranteed Value ?
State Farm in Texas is "Stated Value". Some of the other states have "Agreed Value".Comment
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Re: Hagerty Insurance - Guaranteed Value ?
James
Last summer I ask my agent how they could insure my collector cars so cheaply.His answer was that he'd been insuring antique cars for 25 years and hadn't had a claim. State Farm loves antique cars,they're low risk.By the way State Farm calls it a stated value policy.
Stephen Barrett (21558) 59,66,71,73Comment
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Re: Hagerty Insurance - Guaranteed Value ?
A "Stated Value" policy is no different than the standard auto policy you have on your daily driver; if that's what you have, you're seriously under-insured in the event of a total loss.
The quickest way to determine what you have is to go to the part of the policy that explains what they'll pay in the event of a total loss; if it's a rambling paragraph that goes on about "the lesser of" and "actual cash value" and "comparable valuation" and other weasel-words, you have an ordinary auto policy that's essentially useless and leaves you at the mercy of their depreciation formulas, Bluebook values, market comps, etc., and you'll get hosed, with no recourse.
If it simply says they'll pay the amount that's been agreed to and is shown on the declaration page (or on a separate agreed-value endorsement), you've got an "agreed value" policy; in a total loss situation, they just write you a check for that amount, period - no hassle, no negotiation, no formulas, no depreciation, no market comps - they just write the check.
Most regular insurance agents don't deal with classic cars, and haven't a clue about "agreed value" policies.
The policy is a binding legal contract between you and the insurer - read it!Comment
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Re: Hagerty Insurance - Guaranteed Value ?
My Louisiana State Farm policy on my 67 shows agreed value.
Warren (11327)Comment
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Re: Hagerty Insurance - Guaranteed Value ?
I also have State Farm.
My Declarations page simply says vehicle value under additional information.
I have been relying on what I was told by my agent so this thread got me to read the policy which states the actual cash value shown on the declarations page unless something reduced the valur prior to loss, such as condition, parts removed or damage.
It sounds like I am good to go.Comment
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Re: Hagerty Insurance - Guaranteed Value ?
Each state may be different, make sure you have a set value for your car. SF saved me 46%. To get the best collector car rte you have to insure everything else.
TerryComment
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Re: Hagerty Insurance - Guaranteed Value ?
Any ideas why Hagerty changed to "guaranteed value". I noticed this last year.
Regards
Bill
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