RE: Hagerty Insurance

**mhassett** · #1 10-30-2002, 07:08 PM

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]

djunod · #2 10-30-2002, 07:22 PM

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

"Actual Value" can end up ripping you off.

**COPO** · #3 10-30-2002, 07:25 PM

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

**mhassett** · #4 10-30-2002, 07:40 PM

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]

NWYENKO · #5 10-30-2002, 07:43 PM

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

djunod · #6 10-30-2002, 08:56 PM

"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.

Souperhigh · #7 10-31-2002, 02:24 AM

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.

69rsss350 · #8 10-31-2002, 02:37 AM

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!

**copo69** · #9 10-31-2002, 03:44 AM

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.

djunod · #10 10-31-2002, 06:25 AM

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

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