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Hagerty Policy Revamp

Alpine 1789

SAOCA President
Diamond Level Sponsor
My Hagerty policy is up next month and I decided it would be a good time to rethink my coverage. I had my SV insured for a stated value of $7,000 and my spare parts covered for $5,000. The SV body is probably 'fair' at best, but the drive train (Chevy rod engine, lightened flywheel, OD transmission, 3:89 rear axle) probably increases its value, especially in the current market. Much of my "spare parts" are actually my S3 and SIV V6, which are both complete but in pieces. I had earlier seen something from Hagerty indicating they would cover unregistered project cars and figured this was the way to go for me.

So, here is the bottom line:
  • I changed the stated value on my SV to $10,000
  • I gave them the VINs and listed my S3 and SIV as 'vehicles under construction'
  • I changed the spare parts coverage to $2500.
And, the bottom line of all of these changes: My annual costs went from $207 all the way up to $235! And, that figure includes making the change effective immediately, so there is an extra month of the better coverage. So, figure all of that for about $25 a year.

I don 't know why I never bothered covering the S3 and SIV, but if you have cars like that, it is probably well worth listing them on your policy.
 

ernestovumbles

Gold Level Sponsor
I upped the stated value on mine as well this year for an extra $15 or $20..

No idea how much my S3 is really worth but seeing the increasing prices on BAT I thought it might be a good idea to do..
 

Alpine 1789

SAOCA President
Diamond Level Sponsor
I should also add that I’m pretty sure Hagerty requires cars to be garaged. I told them that my S3 currently lives in a trailer that I use as a backup garage. That didn’t seem to be a problem for them.
 

John W

Diamond Level Sponsor
I've been insuring thru Haggery's (because of the low cost) at an amount so I get "something" ($6,000) in case of the worst, and they just sent me the following e-mail (probably after looking here!):

Our team of valuation experts recommend increasing the values on these vehicles
Vehicle
Current value
New value
SUNBEAM ALPINE IV
$6,000
$7,000
SUNBEAM ALPINE V
$6,000
$10,500
 

puff4

Diamond Level Sponsor
Yep, got a similar email 2 days ago. They upped all my cars, most of all the MGTD.
 

alpine_64

Donation Time
Yep, got a similar email 2 days ago. They upped all my cars, most of all the MGTD.
The TD vakue hadn't been updated in a long time.. Or interest in them has gone up? That style of car has had more subdued interest in markets i know over the last 10-15 years... Demographic shift
 

sunalp

Diamond Level Sponsor
Interesting that Hagerty contacted you . If you remember Jim Jordans Alpine was completely destroyed
when his garage caught fire. He was only insured for $10K and there was no way he could rebuild his car for
that. It got me thinking as my Alpine was insured for $15k agreed value. There's no way I could rebuild my car for
that amount. I just upped my agreed value to $30K and I might be able to rebuild it for that, and I'm in this business.
The increase in premium was less than $70 so no brainer for me. I've been with my insurer just about as long as
I've had Alpines, and no it isn't Hagerty.
 

Warren

Bronze Level Sponsor
Fine points made here. Most importantly that once you remove a part from a car it falls into "parts" as a scheduled item. Not to be political but it's a fact of life that the money is worth less than at the time the policy was bound by the CSR or agent.
In addition is the cost to repair is always on the rise.

Now I had provided Jim with a few parts that were toasted as well. But I didn't want to pursue damage to the property of others on his homeowner's policy and what's a couple of brake drums and parts worth anyway. Property of others is usually a token amount that's scheduled as well.

Yes, I got the letter and my usual way to avoid paying for the increased coverage is to offset the raise with a collision deductible increase. Probably not wanting to bump up the comprehensive as windshields are harder to replace.
 

alpine_64

Donation Time
Interesting that Hagerty contacted you . If you remember Jim Jordans Alpine was completely destroyed
when his garage caught fire. He was only insured for $10K and there was no way he could rebuild his car for
that. It got me thinking as my Alpine was insured for $15k agreed value. There's no way I could rebuild my car for
that amount. I just upped my agreed value to $30K and I might be able to rebuild it for that, and I'm in this business.
The increase in premium was less than $70 so no brainer for me. I've been with my insurer just about as long as
I've had Alpines, and no it isn't Hagerty.

Does the owner get first right of refusal to buy the car if written off? A very low value could cause the car to be written off over somewhat minor damage if a bunch of expensive parts are involved.
 

sunalp

Diamond Level Sponsor
Does the owner get first right of refusal to buy the car if written off? A very low value could cause the car to be written off over somewhat minor damage if a bunch of expensive parts are involved.

To be honest I really don't know. If mine was as damaged as Jim's was I don't think I'd really want to have it back.
I'll check into that and see what my policy says.
 

watisit

Diamond Level Sponsor
I have Hagerty coverage on a few of my cars. I have whats called Cherished Salvage, meaning: You can retain salvage of your vehicle in the event of a covered total loss. No salvage value will be deducted from your final payment if you choose to retain your vehicle.
I also got the email about increasing the values.....
Cheers.
 

Warren

Bronze Level Sponsor
Since we don't have a claims representative here it'd be hard not to rely on what was heard.
A marque restorer told that some companies use outside adjusters. I don't think that was the case with Haggerty.

My recollection is that there is a % of coverage that requires a total loss. It was about 70 or 80 of the insured value as I recall.
Kinda of a turbo on diminished return and that body shops always start with a number then have "supplemental." or add on's for undiscovered damage. I have a pal a body shop manager for most of his life plus what I have heard from Dale. The bigger problem is there's nearly no shops that will do our cars because of the not in books repair time guidelines.
IDR the exact term.
 
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