Insurance company estimates - anyone being told to re-up?

tvmaster

tvmaster

True Classic
Haggerty, who I assume alot of us insure with, seems to think a X19 is now worth $16k, therefore, they've been sending emails stating it's time to up your insurance several thousand $$.
Anyone else getting these emails lately?
Where are they getting their numbers from...
 
tvmaster said:
Where are they getting their numbers from...
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Generally they average the covered value of all the same make/model of current policy holders. Since Hagerty is basically agreed value, most people insure for a much higher amount than current market value. Their premiums are so cheap, padding the payout is common. Don't forget that theft is the least likely thing to trigger a claim. A physical damage claim is the most likely scenario, and even the smallest damage can sometimes result in a total loss, so setting a decent value makes sense. I had one vehicle (not an X) insured by Hagerty and I just added another (again, not an X) and the additional vehicle increased my yearly premium by $5. Seems they have a very liberal multi-car discount!
 
With agreed value policies the insurance company makes more money with larger policy values. You can fill in the rest of the rationale why they would encourage policy holders to increase the limits.
 
I have my X insured with them for $4,000 agreed value which seems pretty cheap compared to what most of you are insuring your Xs for. I have not gotten any communication from Hagerty suggesting I up the value. Maybe they have seen Fatrat and cringe.
 
carl said:
I have my X insured with them for $4,000 agreed value which seems pretty cheap compared to what most of you are insuring your Xs for. I have not gotten any communication from Hagerty suggesting I up the value. Maybe they have seen Fatrat and cringe.
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lol. We over-insured ours, based on sales figures I watched on the various sites, at $12K. I’m thinking, therefore, it’s just a cash grab if you’re not getting the same ‘offers’.
 
I have some cars with Hagerty - I'm very happy with them. I haven't received any communications from Hagerty either. Maybe I should consider upping the value of my X's? I wonder how much the increased coverage would cost me?
 
I have American Collectors, no they haven’t asked about increasing the value but it is something one should evaluate. I do believe they have a feature where they automatically raise the stated insured value by a percentage each year. However they have become much more restrictive on use. I am thinking about insuring the X I drive a fair amount with Hagerty and leaving my other cars on AC.

Hagerty offers much better use cases to be insured under as a choice which makes me feel better about actually using the car.
 
I have six cars with Hagerty, all but one are Italian, two of them are X1/9s--and I haven't heard a peep. One is insured for $3500 and the other is insured for $5000.

And wow, I just realized I have my 400i as $35,000. Man times have changed and that's way under-insured these days. Manual transmission 400is are well over $60-80k these days, and I haven't heard a peep out of them on that either. Hmmmm...
 
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They send me an email suggesting i raise my car value from $4500 to $7500..$3k more.
Need to call them up to see how muchy my yearly premiun would be......
 
I have 2 Alfas and a Corvette insured through Chubb. I researched Grundy and Hagerty as well. Found the Chubb offers reasonable use cases and very good premiums. I have not had a claim, but they are a respected company in the art collector world, so...

I would definitely give Hagerty a couple of bonus stars because of their support of actually using classic cars. It just was not enough to offset the lower premium of Chubb.
 
Mark_Toro said:
I have 2 Alfas and a Corvette insured through Chubb. I researched Grundy and Hagerty as well. Found the Chubb offers reasonable use cases and very good premiums. I have not had a claim, but they are a respected company in the art collector world, so...

I would definitely give Hagerty a couple of bonus stars because of their support of actually using classic cars. It just was not enough to offset the lower premium of Chubb.
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Chubb has a fantastic reputation in the insurance world in general.
 
I upped the agreed upon value of my '79 X1/9 after we basically rebuilt the engine and replaced the brake and clutch master cylinders. I paid the additional to my premium and that was that. Then I added my 2018 Fiat 124 Spider to Hagerty with an agreed upon value of what we paid for the car. Between my wife and I, we have a few other cars as our daily drivers. Like the commercial says, "15 minutes saved me $800-ish" a year by moving my Spider from Farmers to Hagerty.
 
I just completed some serious work on my 74 X and upped my value to 40K CAD. I have more than that in it, but if it was a write off or stolen, I would want to get most of my money back. Cost extra, but well worth it to me. I don't want something to happen and they offer me 5K for the car.
 
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Those are my thoughts. If something happens - the car gets t-boned and the damage isn't repairable - then I want to be able to buy one that is in complete shape that I don't have to spend months (or years?) rebuilding.
 
I love the wonderful world of appreciating automobiles. Do you guys realize how many sucker...er..um consumers buy a new car for $50-80k and watch it drop in value every year? Of course their insurance company calls them each year to tell them their policy is way too high and that they should insure it for less, hahahaha. Man, I just don't get "normal" people.
 
Lowtechprime said:
Ha! Coincidentally, I upped my 128 from $10,000 to $15,000 at Hagerty just earlier today....😁
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I still don’t see any X19’s in decent shape selling here for more than $8k - these BAT ones are museum pieces. I’m still insured at $12k. Seems like enough…
 
I just got my email from Hagerty yesterday. My Scorpion was the only one that wasn't on the "it's worth more now list". I'm guessing that they just don't have enough sales data for them. At least not for the really nice ones.
Hagerty seems to go out of their way to stay involved with their customers. So far I like and value that. :)
 
Yeah.. I have it insured for more than I think it's worth, but if it gets totalled I have to get reimbursed for all that ARP and titanium hardware!😁
 
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