RE: Hagerty Insurance
 

I am talking to Hagerty about insuring my cars and would like some feedback. Anyone else insured with them?? I think I might have asked this before but I can't find the post. I am now with American Car Collectors. Is Actual Value the right way to go?? Any Comments are Greatly Appreciated.
Thanks, Mark [img]/ubbthreads/images/icons/confused.gif[/img] [img]/ubbthreads/images/icons/confused.gif[/img]

Re: RE: Hagerty Insurance
 

"Stated Value" going off a professional appraisal is what I would recommend.

"Actual Value" can end up ripping you off.

Re: RE: Hagerty Insurance
 

I think both Hagerty and Grundy are good choices. Hagerty is typically a bit less. You can get an instant online quote with each company to compare. Neither company requires an appraisal. Just tell them how much insurance you want, send 2 pictures, fill out the application and pay the first year's premium and that's it. In the case of a total loss, they will pay the value of your policy. try www.grundy.com and www.hagerty.com

Re: RE: Hagerty Insurance
 

Stated Value -VERSUS- Actual Amount
Which way to go for insuring my cars??
Pros and Cons?? Comments Welcome-Please
Thanks again, Mark [img]/ubbthreads/images/icons/confused.gif[/img]

Re: RE: Hagerty Insurance
 

I did a quite a bit of research about a year ago and ended up switching to Hagerty. Their policy is "agreed value" which is important. They are a sub of CNA insurance, one of the largest in the country. I did have to have appraisals and pictures. I later updated appraisals and they just sent me a bill. They have been great to work with so far but I guess you really never know until you need them, which I hope NEVER happens.It works out to about $6 per $1000 Nd you only pay for 1 liability policy. I think there may be difficulty if the car is modified. Cars have to be stored in locked garage and you have to prove ownership of a daily driver. Jim

Re: RE: Hagerty Insurance
 

"Stated Value" means that if something happens to the car, such as totaled or stolen, then they pay you EXACTLY what you said the value was when you bought the policy. This is what we have on my Maco, '82 'vette, '68 Camaro and what we had on my sons customized '69 VW Beetle.

"Actual Value" means that they look it up in the Kelley Blue Book (or some such) and pay you what that says. Which is often times way too low.

My son's '69 Beetle was just recently totalled out. If we would have only had actual value, then they would have paid around $500. Since we had stated value, they paid exactly what we said it was worth.

Re: RE: Hagerty Insurance
 

I had American Collectors for a few years but switched three years ago to Hagerty.Even though my car building is near the local police station, and has a monitered alarm and is a tilt up cement building, American collectors had a $150,000 cap, unless you have a fire watering system installed. Hagerty welcomed me with open arms. I set my own prices and email them pictures and then its all done with a return call.Very friendly people and I am sure you would be happy with them.

Re: RE: Hagerty Insurance
 

I have my Camaro insured with American National's "Chrome" stated value policy, however I just got a letter from them stating that since I don't have my other vehicles insured with them that they could not renew the policy as I have it. I am getting quotes from them on the Suburban but may be looking to switch. I will check out Haggerty. Thanks!

Re: RE: Hagerty Insurance
 

Agreed value contract is what you want. This contract pays the amount that both you and the insurer have agreed on. With a stated value contract you state a value and the insurer agrees to pay up to that value at time of loss. Most specialty insurers like Hagerty's or American Collectors offer agreed value. I have just changed to Hagerty's after being with American Collectors for 5 years. Hagerty's seemed much friendlier,more knowledgeable on the cars themselves and they seemed to want my business. When I contacted American Collectors prior to renewal to make some policy changes I wasn't impressed with the service. I've never had a claim but I have heard both companies have good claims service. By the way I've been in the insurance business 24 years.

Re: RE: Hagerty Insurance
 

How's agreed value different then stated value? Sounds like the same thing...

Re: RE: Hagerty Insurance
 

Agreed Value and Stated Value are the same.

Re: RE: Hagerty Insurance
 

I have been with hagerty for about a year,about 2months ago,a tool box turned over a hit the front fender of my 67 camaro.I called them to check about it they said get an est. and call them back.

the est was 897.oo they had a check to me/shop in a few days ,told me not to worry these things happen a my rates won't go up .
well I just got my renewal notice and guess what

same as before!

defintly a thumbs up for hagerty!!!! [img]/ubbthreads/images/icons/laugh.gif[/img]

Re: RE: Hagerty Insurance
 

A little more support for Hagerty, I've used the towing and submitted a claim and got a check asap and when I needed a windshield replaced they didn't bat an eye. I actually had the work done, then submitted the claim and even though that was not their normal practice they paid up and kept it painless...

Agreeded value is the way to go. I thought stated (you state what you paid for the vehicle) value coverage is what your daily driver is covered with and if the car is totaled you get the lowest of Blue book or comps. By comps that doesn't mean Z for Z or copo for copo, that's camaro for camaro.....

Re: RE: Hagerty Insurance
 

Dennis, "Agreed Value" & "Stated Value" are the same thing and are the value you say it is. "Actual Value" is what the insurance company calls the blue book value.

Re: RE: Hagerty Insurance
 

I am in the process, now. Not only do you have to show that "you" have another daily driver, but you have to have one for every licensed driver in the household. So if you have 4 kids plus your wife and yourself, you have to have 6 cars over and above your toy. If you only have 5, you have to either buy another car, or kill your wife. [img]/ubbthreads/images/icons/smile.gif[/img]
I have a company car, and had to get some forms from the leasing company.

As I have a clone, I wasn't sure whether to define my car as stock, or modified. I called it stock, as I was cloning a stock car, not building a street rod. They had guidelines for max value, which was about $18,000. when I told them it was a 427, the max value jumped 40%. Anyone have experience with stock vs modified for a non-original engine?

Re: RE: Hagerty Insurance
 

Maurice, I know what you are talking about. I have been with American Collectors for about (15) years and they were good but now they have me at a $225,000 cap and that is NOT ENOUGH. They are asking for unreasonable items (like Original Window Stickers, sprinker system in the garage) she said my Letter from Joel Rosen was Not Usable on the MOTION. I called Hagerty and am VERY PLEASED no hassles, fast service and friendly and seemed to know the True Values on the Super-Cars. I have AGREED Values on (8) cars and Driving Prevledges. Thanks everyone for the imputs. Mark [img]/ubbthreads/images/icons/grin.gif[/img] [img]/ubbthreads/images/icons/smirk.gif[/img]

Re: RE: Hagerty Insurance
 

<font color="red">"Agreed Value" &amp; "Stated Value" are the same thing and are the value you say it is. </font color>

NO, NO, NO, NO. They are not the same thing, and if you have a stated value policy and suffer a loss, you can expect to get next to nothing for your car. Read your policy VERY carefully, make sure the words "agreed value" appears in it. Agreed value is the only type of policy that insures your car for a specific amount of money that you and the insurance company have "agreed" is the value of the car. Stated value is the upper limit of what the insurance company may pay you for the car. They obtain the value from the NADA used car book and from local car dealers. They do not care if the car has a 6 cylinder or a ZL1 engine. You will lose out if you have a stated value policy when it comes time to make a claim.

Check this out.
Camaros.net Discussion on Insurance - March of 2002

I have an agreed value policy on my 69 Pace Car with Haggerty. 25K value, no questions asked, no appraisal. $191 a year for complete coverage (in Mass.) with 100/300K liability.

Re: RE: Hagerty Insurance
 

This should set things straight... http://www.edmunds.com/advice/fiw/ar...7/article.html about 1/3rd of the way through it covers; agreeded, stated and actual and all 3 are different. Agreeded is the only way for a collectable!

Re: RE: Hagerty Insurance
 

Great link Dennis. I have an "agreed value" policy with Grundy on my cars as Hagerty did not like the fact that I had a single speeding ticket that was 3 years old.

Re: RE: Hagerty Insurance
 

Give sandy a call at collector car ins 1-800-787-7637 they were the cheapest for better coverage she will give you a price on the phone

Re: RE: Hagerty Insurance
 

My son had "Stated Value" on his '69 VW Beetle. It was recently totalled out. He got EXACTLY what we stated the value as. The stated value was $10K, which is certainly no where near the blue book value. So, I guess it depends on the insurance company and who you ask.