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.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..
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.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
there have been times I was tempted, hehe...Definitely read the terms of your policy before you go set your X on fire.
I hope they never see me on some of my twisty back roads.you are more likely to handle a classic car far more carefully than your modern driver.
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.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.
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!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?