The Humor of Hagerty

one thing I have found is the more cars you have with Hagerty the cheaper your premiums. I guess you can't drive them all at once.
 
One of my father's collector cars burned to the ground last year after a fuel leak. He thought he'd save some money by insuring it with Hagerty for the $12k he paid for it 30 years ago instead of the $40-50k it was worth today. Hagerty was very quick to pay the claim!
 
I have not had a claim on one of my classics, but after losing many years ago $$$$ on a Jeep my son drove that we did not have collision on and was hit by a drunk driver with minimum coverages (the driver's policy only covered up to $5,000 and he hit several cars and had property damage), I have had collision on everything since. With my classics, I do insure them for the current values in the marketplace as it is really cheap "insurance". They do factor in that you have other cars to drive and the difference is negligible. I would hate to lose my TR8 and only get what I paid for it as I got that car for a song and it is worth so much more now. Same with the Scorpions and Citroen SM.
 
By the way, you can get several of your Fiats hit at the same time....it's not just when you drive. Lots of you know about the massacre in front of my house that totaled both my Xs.
 
Hagerty also offers a policy in which you can keep your car if it is totaled. I haven’t checked to see what the premium would be for that.
I will check it out in the spring when the cars come out of hibernation..
 
Dino55 said:
Hagerty also offers a policy in which you can keep your car if it is totaled. I haven’t checked to see what the premium would be for that.
I will check it out in the spring when the cars come out of hibernation..
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I imagine it is just easier for them rather than having to get rid of a totalled vintage vehicle. On newer models the insurance companies sell the totalled vehicles to shops that rebuild them. But on old cars there isn't a market for them like that.
 
That option makes a ton of sense on our cars, where the sum of the parts may be far more valuable to us. But a crushed X1/9 that is 100% stock and one with a hot engine and lots of good parts I can put on another car would be worth a lot more to me. I'll have to check and see if I have that option on my policy.
 
I doubt that the buy back option is available in Illinois. It's illegal to buy back your totaled car from the insurance company in Illinois. I suppose it would be fairly easy to "buy it back" from a middleman, but my guess is that you might have a hard time getting a new title in your name if you owned it when it was totaled?
 
My guess is you can buy it back or keep it, but the title is probably salvage for sure. I would just want it back to get all the expensive parts I have just put on it. Does not take much to total a car nowadays and unless it is crushed, there is probably a lot of good stuff on most of our cars.
 
so dumb question...how exactly does Hagerty's classic car insurance work? I know it covers my car if someone else hits me, but what else, like my own stupidity? Or like someone above mentioned- a car fire...I can't believe it would be like fullcoverage for the price I'm paying...I've never even read the policy, probably wouldn't understand most of it anyways, lol
 
Kevin Cozzo said:
so dumb question...how exactly does Hagerty's classic car insurance work? I know it covers my car if someone else hits me, but what else, like my own stupidity? Or like someone above mentioned- a car fire...I can't believe it would be like fullcoverage for the price I'm paying...I've never even read the policy, probably wouldn't understand most of it anyways, lol
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It works just like your primary auto policy (full coverage is full coverage). The low cost is predicated on the fact that it's not a daily driver and you are more likely to handle a classic car far more carefully than your modern driver. Their claim rate is beyond low and they pay like a slot machine, but I'd bet if you ever did have a claim they may not be too keen on insuring you again.
 
There have been times they set themselves on fire!
When my dual Xs were wiped out by a neighbor, her insurance, USAA, allowed me to keep both cars and I didn't even have to "buy" them back. The red one donated everything to Fatrat. The white one I thought of parting out but one of our super heroes here bought it to get back on the road. The Fatrat is really just a gutted flat red X with all it's value in parts and flared body panels.
 
dherr said:
That option makes a ton of sense on our cars, where the sum of the parts may be far more valuable to us. But a crushed X1/9 that is 100% stock and one with a hot engine and lots of good parts I can put on another car would be worth a lot more to me. I'll have to check and see if I have that option on my policy.
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It was time to renew my policy with Hagerty & called to price the "keep if totaled" option. I have X valued @ 10K & the Z @ 15K. If you can believe it, the increase for the year for this is 26 bucks. HELL YEAH! I ended up increasing the X to 15K & adding these options as of today (policy renews 4-28). Less than 80 bucks more for the next year. Still under 400 bucks.
 
MikeHynes said:
I doubt that the buy back option is available in Illinois. It's illegal to buy back your totaled car from the insurance company in Illinois. I suppose it would be fairly easy to "buy it back" from a middleman, but my guess is that you might have a hard time getting a new title in your name if you owned it when it was totaled?
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For the last several months I've been working on re-evaluating ALL of our insurance (home owners, automobile, personal property.... my brain hurts) and I've spend quite a bit of time on the phone with Hagerty regarding the 3 cars I insure with them. They have what they call a "cherished value" rider which allows you to keep the car if they pay out on the agreed upon value after an accident. As JKIDD stated above, in the big scheme of things it's a pretty minor cost addition. They didn't care about me being in Illinois but you can bet I'm going to ask them that next time I'm on the phone!
 
@abarth4 it’s generally not a bad idea to review your insurance costs periodically. While it’s a hassle, jumping companies very two years or so can result in lower premiums. That’s the window of when they start jacking you up from the ‘new customer‘ rate. The rate of change over other customers isn’t linear, it’s all quite quantifiable if you have the data for comparison. On the basis of X1/9 valuation, the people at American Collectors have my ‘82 at $16.5k (which I think is absurd). I can’t argue with the premium. It is cheap.
 
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