Hagerty Insurance - - Agreed Upon Value Question ?

[Casey Marks]

I, like many, use Hagerty to insure my cars. I have a dilemma right now, and was wondering if any of y'all have been down this path already to save me some steps.

The MAX that they will insure my 70 F85 W-31 for is *about* $10k less than the market is bearing right now for the cars. They will insure it for the max, but in the event of a loss, I'd be kinda dinked. Unfortunately, like many of you know with a car that has very low production numbers, even those sales are few-and-far between - - - hence, no data for Hagerty to back it up. Total production for the car is 207, but it is one of 20 that was exported to Canada. So I have all of the documentation, etc. that goes with the car, adding value, as the cars delivered to the States have no way to verify legitimacy. There was a records vault fire at Olds in 1977 that destroyed all documentation prior, but obviously GM Canada had the paperwork for cars exported into the country.

So - - the question is ...... Hagerty says that I need to do some leg work to *prove* the cars' value. Have any of you had to do this ? If so, what did you send to them to help your cause ? I have some ideas, but don't want a bunch of back and forth conversation, etc. to make it happen. Any *Lessons Learned* ???

Thanks.

Casey

[TDW]

Casey...I am in Michigan too. I have Auto Owners for my regular vehicles. My agent also handles Hagerty. When I contacted him about the collector car insurance, all I needed was an appraisal for the actual value. I got one from MacNeish, the agent came out and took pictures of the car and Hagerty insured it for that amount.No problems at all......Tony

[Maxx]

My advice to both of you is to talk to someone who has settled a (total loss) claim thru Hagerty Insurance. I say this with great concern for the protection of your classic automobiles. Ask them what type of problems or issues they had. Your agent should have a few references that you could contact. Good luck,

[TDW]

Maxx...OK. I will check today. Have you had a problem with them? Thanks....Tony

[JoeC]

If Hagerty doesn't want your business try Grundy or another one.

http://www.grundy.com/

[Kurt S]

I asked what it would take to bump the coverage on my BB since the limit was only $25K. Just an appraisal was the reply.
Also had a friend who had Hagerty and someone hit his 67. They paid to repair it, no problems, almost totalled.

[Maxx]

I have had michigan customers tell me they have had problems getting full value out of Hagerty on total losses such as theft or collision. This summer talk to some of the guys around the show place. Remember the cheapest insurance policy may not be your best decision. Good luck,

[JRSully]

Few tips here, as I am an insurance broker, and sell quite a bit of this. Dealing with a payout on a total;

1. Call your respective carrier, and find out what is the highest written agreed value limit, for your exact make, model etc., that they have in thier database, shop around to the different carriers/companies such as Amer. Collectors/Condon and Skelley/Haggerty and see what each co's highest current limit is for your vehicle. Your current carrier may not have the capacity to write your requested limit either because they don't want to, or thier current highest limit is not sufficient for your needs.

Keep documentation of current vehicle sales for your particular car and options,and update often. While appraisals are good, the insurance companies know that they benefit the owner/insured not the company and may dispute it in the event of a total/high dollar loss.

Hope this helps some folks out, if anybody has any other questions, give me a shout.