MTFCA Forum

Has anyone here had a Hagerty total loss claim? How was your deal with the buy back amount? Just checking to see if they are being fair.

Thanks,
Doug

I had a claim a few years ago. T steering went over center and vehicle rolled over. Haggerty had a knowledgeable adjuster on the job within 24 hours of being notified of the claim. The agreed value of the car was $8000 and he determined that it would be at least $9000 in shop repairs. They wrote me the check within two weeks of the adjuster's report. They then put the car on a body shop wholesale bidding list and gave me the opportunity to buy it back for the highest bid. The bid was $1000 and I gave them the money and they let me keep the car. All in all a fair transaction, not pleasant as I ended up with a smashed car, but Hagerty did their part without hesitation. They treated me fairly.
Jon Crane
Rochester Mich

This maybe a little off topic, but here goes.
The last post should show a lot of us that we under value our cars. Maybe we think we can save on insurance, but we end up hurting ourselves. I would be willing to bet than the $9000 would have ended up much more to fix his car. Never have seen a insurance estimate be the final fixing price even on a modern car.
I need to look over my policy and see about upping the value.

While it's good to have "agreed value"coverage adequate to cover the cost of repairing accidental damage to your car, my main concern has more to do with being adequately covered in event (God forbid!) that you're found to be at fault for seriously injuring (or worse) someone! To me, the main reason for insurance is to make sure some lawyer doesn't take my home and everything else I might own away from me!!!

Dan
I had the T adequaely insured for its condition and value. "24 hack in very average condition" I stated buying parts to repair it myself and my wife said get rid of that car...bad karma. Last I saw it was a speedster cruising at the old car festival in Dearborn.

As for the thoughts on Liability, I have high liability limits on all my cars together with an umbrella of several million dollars in case of a catastrophic claim. Coordination of your insurance policies is the job for your agent. While you can buy Hagerty Insurance direct, I do it through my agent so he can coordinate the coverages under an umbrella...personal car, work cars and trucks, real estate insurance, kids cars, homeowners coverage, office coverage etc. Umbrella coverage and its coordination is an important issue. Ask your agent, you might find that a million dollar umbrella policy is relatively inexpensive and protects you from "some lawyer who will take you home."

Jon Crane
attorney

Possibly a little OT, but one thing to remember is that agreed value and declared value are not the same. Be sure that the insurance carrier is selling you an agreed value policy.

I use them for my 23TT with a declared value of $6500. Here's a pro tip, you can add "cherished salvage" to your policy for very little $$ or free in my case. Cherished salvage gives you back the car for free if it is totaled out.

When I renew our yearly insurance through Haggerty, they always review the value of all three cars and usual adjust up for agreed to value. I realize they make more money this way because of increased agreed value, but I have the option of leaving the value the same without going up. I feel like they are doing a good job with values. Never had a claim with them. I hope I never do!

"Cherished salvage" sounds like the cover we get with Shannon's insurance here in Australia. If an old car is written off, the wreck is retained by the owner, to do with as wanted. The high cost of workshop repairs often makes the car an economic write off, but we all know we can often make the repairs ourselves as part of a re-restoration. In fact, the write-off payout often means there are some funds left over, if your work is not figured into the equation.
My multi vehicle policy also covers our moderns. When our VW disability access vehicle was written off, I asked to bu the wreck back to salvage the chair lifter. It was offered to me at a nominal figure.

Allan from down under.