Hagerty Insurance - Guaranteed Value ?

[Stephen B.]

Re: Hagerty Insurance - Guaranteed Value ?

I get the distinct feeling that there are participants in this conversation that have very close ties to Hagerty Insurance, therefor making their opinion very jaundiced, and of little value. As stated before I have used State Farm here in Ohio for 25 years with nary a problem. Rather than criticize State Farm and the term Stated Value tell us about a case were the insured did not receive the full amount in a total lose situation . I want to hear a testimonial. By the way I do not work for State Farm nor have I any connection what so ever.
Stephen Barrett (21558) 59,66,71,73

[Anthony P.]

Re: Hagerty Insurance - Guaranteed Value ?

No tie to Haggerty either... In fact I equally dislike all insurance companies.. LOL

Since this thread started I contacting other companies to see if I can get a better deal. My daily drivers are with Commerce Insurance, and they were more expensive for my classics.

[Keith L.]

Re: Hagerty Insurance - Guaranteed Value ?

Hagarty and other classic type companys can not afford any dissatisfied customers talking down their company. State Farm and other major companys could loose all their classic business and not even blink. That is enough reason for me. And if think you will be all right with stated coverage, good luck.

[Richard V.]

Re: Hagerty Insurance - Guaranteed Value ?

I have American Collectors Insurance in NJ and am satisfied with them.

[Patrick H.]

Re: Hagerty Insurance - Guaranteed Value ?

I get the distinct feeling that there are participants in this conversation that have very close ties to Hagerty Insurance, therefor making their opinion very jaundiced, and of little value. As stated before I have used State Farm here in Ohio for 25 years with nary a problem. Rather than criticize State Farm and the term Stated Value tell us about a case were the insured did not receive the full amount in a total lose situation . I want to hear a testimonial. By the way I do not work for State Farm nor have I any connection what so ever.
Stephen Barrett (21558) 59,66,71,73

Stephen,

As I said above I'm not going to rehash my situation, but my accident was Oct 2005 and there are plenty of threads on this board in the 6 mos or so after that.
No, not a total loss, but my 71 Corvette sits in a barn unrepaired because SF didn't give me enough to fix it. They barely paid me enough to buy the parts (which I have).

My position is the same - they do a great job insuring and paying on my daily drivers, but my older cars... they will never insure. This is based on personal experience with both.

Patrick

[Jack L.]

Re: Hagerty Insurance - Guaranteed Value ?

All I can tell you is that all the great deals in the world don't mean squat until you have a claim. Two years ago a guy in a pick-up blew a stop sign and caused $20K damage to my 32 Roadster. When I first informed grundy of the accident they told me to not even talk to the other guy's insurance company. Grundy said they would handle it all which they did. I had a check for the full amount within 7 business days. They also sent the check directly to me and indicated I could take the car to whatever shop I wanted. Since the accident I have heard several similar cases. I will also tell you I that I previously had the other major specialty car company and when I switched I got coverage for 4 cars for the same premium I had been paying for three vehicles.

Jack Linden

[Alexander C.]

Re: Hagerty Insurance - Guaranteed Value ?

All I can tell you is that all the great deals in the world don't mean squat until you have a claim. Two years ago a guy in a pick-up blew a stop sign and caused $20K damage to my 32 Roadster. When I first informed grundy of the accident they told me to not even talk to the other guy's insurance company. Grundy said they would handle it all which they did. I had a check for the full amount within 7 business days. They also sent the check directly to me and indicated I could take the car to whatever shop I wanted. Since the accident I have heard several similar cases. I will also tell you I that I previously had the other major specialty car company and when I switched I got coverage for 4 cars for the same premium I had been paying for three vehicles.

Jack Linden

This makes me VERY happy that I have a $65K "Agreed Value" policy through Grundy!

I started off at $55K and the more work I do, the more new picture I take and send to them and increase my amount. In another month I'm going to up it again to $75K.

[Michael F.]

Re: Hagerty Insurance - Guaranteed Value ?

I have an AGREED VALUE policy with Hagerty, so I get full agreed upon value for my car ($75,000 for me) should it be destroyed. Wouldn't want to lose her after all the work, but then it might be fun picking out a new one!

Just wanted to let people know that we don't have that option for State Farm here in Ohio, hence stuck with other insurers.

Me too at $65k.

It's worth it to know I won't have hassles. I will stick with Hagerty.

[Paul S.]

Re: Hagerty Insurance - Guaranteed Value ?

State Farm in Texas is "Stated Value". Some of the other states have "Agreed Value".

Saved me a post, John. Folks, read your policies no matter who the carrier, and if you can, read it before you buy the policy.

When I got my 67 last Spring, went with Hagerty, and then my State Farm Agent said they have collector car insurance, to which I asked, "is it agreed value". They said yes; I cancelled Hagerty, got the State Farm policy in the mail, and it's stated value, meaning the insurance pays the lesser of fair market value or the stated value shown on the declaration page. Cancelled State Farm and put Hagerty back on.

The State Farm collector car policy for Texas is for someone who wants to self insure a collector car, not for someone who wants coverage that will pay the amount stipulated for the car's value. If I had Jay Leno or Jerry Seinfeld's car collection and money, a stated value policy may make sense. That's usually not what most car enthusiasts are after. The insurance agents should know what they're selling, and in my experience (both as a lawyer and an insured) is frequently they don't. Never rely on what an insurance agent or underwriter tells you about a policy without also checking the policy.

[Paul S.]

Re: Hagerty Insurance - Guaranteed Value ?

I get the distinct feeling that there are participants in this conversation that have very close ties to Hagerty Insurance, therefor making their opinion very jaundiced, and of little value. As stated before I have used State Farm here in Ohio for 25 years with nary a problem. Rather than criticize State Farm and the term Stated Value tell us about a case were the insured did not receive the full amount in a total lose situation . I want to hear a testimonial. By the way I do not work for State Farm nor have I any connection what so ever.
Stephen Barrett (21558) 59,66,71,73

Stephen, see my post above. I have State Farm on my home and two other cars, but not my 67 Corvette. So I'm not biased for Hagerty nor prejudiced against State Farm. Make your personal decisions with your eyes wide open. If the policy is a policy that pays the lesser of fair market value or the stated value, that is what State Farm will pay you. It may end up being the stated value, but not in a declining market.

As for dealing with State Farm, it depends on your appetite for hassles. I was T-Boned, in my daily driver in May because the other driver ran a red light. She happened to be a State Farm driver. It took quite a bit of negotiating with the State Farm Adjuster--I was driving a 2009 Honda Fit with less than 10,000 miles on it, and State Farm offerred, NADA book value, which sounds good, until you factor in dealer-added accessories (Honda Fits have two trim levels, no factory options and several things like floor mats, door sill guards, the trunk tray, wheel locks, that are extra cost) and the cost for after market window tint. After market tint is a necessity in Texas, if you expect to stay cool in 100 degree temperatures.

The first adjuster said they'd pay nothing for the accessories or window tint. His theory on tint--any Honda Fit you buy comes with factory tinted glass, as if that is enough. If you've ever driven any length of time in a car with factory tinted windows only in 100 plus temperatures, the AC really struggles to keep the car cool. Plus the UV rays destroy interiors, and factory tint does little to block UV rays.

And the adjuster kept saying my loss was not replacement cost, but fair market value. That's true, but purchase price for a comparable car is an indicator of fair market value for the wrecked car, and a used 2009 Honda Fit with the window tint and accessories from the area Honda or used car dealers exceeded State Farm's number by about $1800. That's roughly 10% of the car's total value, btw.

Because it would cost me zero to sue other than my time and I could bank roll my own car replacement (and dispose of the salvage to mitigate my loss), I was fully prepared to sue the other driver, if necessary, so that State Farm would incur defense costs on top of damages. They finally changed their offer.

So I wouldn't exactly consider State Farm easy to deal with--I would consider easy or at least fair, taking the time to actually look at what a comparable vehicle cost before saying we, State Farm, don't think you're entitled to anything for the dealer accessories or window tint.

Now take that incident and apply it to a 67 Corvette where values are all over the place from cars with rusted out frames, nothing original, rough drivers to nice drivers. Mine's a nice NOM car, with much better than what most people consider driver quality paint/interior and solid "bones".

When I was shopping for mine, I saw plenty of other 67's I would not buy for less money than what I paid and have mine covered under an agreed value policy for my "all in number" (including tax, title, license and cross country covered transport).

If I had kept State Farm's stated value policy, in a stated value vs. fair market value dispute, I will be on the defensive big time trying to prove that the other 67's like those I passed up, are not valid indicators of fair market value for a 67 comparable to mine.

Now granted, an insured under a stated value policy can have a detailed appraisal done (and re-done, annually). Appraisals are not gospel and decisive, as State Farm can get their own, lower appraisal, too.

The lengths the State Farm adjuster went to (and understanding he's dealing with a lawyer on the other end) on my every day car, is truly amazing and only amusing because I am very used to negotiating hard, as that is what I do in my day job.

I sure do not like my chances trying to convince State Farm that my totalled 67 Corvette which is now a crumpled heap from an accident, or burned to the ground, has a fair market value that exceeds the stated value cap, so State Farm will write me a check for the stated value amount.

Without any prejudice against State Farm or bias for another company, there is a choice and I can choose (some other company with) a true agreed value policy. I cannot get that from State Farm in Texas.

Just like anything else--if I want a steak dinner, I'm going to a steak restaurant, and when I get to that restaurant, I will order a steak not cubed steak (ala hamburger) or something that sounds like a steak from the menu description and when you cut into it, you find out it's not what you were expecting.

All I am saying, if you are expecting to be paid the stated value, and fair market value is clearly more, then there will be no surprises. To assume State Farm or any other insurer won't try to find a lesser fair market value number to throw out there, is putting a lot of faith in a State Farm Adjuster who, unlike your local agent, has one job: settle the most claims for the least payout.

Sorry for the long Epistle. It is sometimes easy to take the furor of insurance discussions as bias and prejudice. As long as you understand what you have and that meets your needs, that's what is important. If you want agreed value protection and the State Farm Policy you have is something different, you have the wrong insurance.

[Michael F.]

Re: Hagerty Insurance - Guaranteed Value ?

"So I wouldn't exactly consider State Farm easy to deal with"

I wouldn't either. I changed to progressive. A few months later I was in a rental car and got rear ended by another progressive driver. Progressive cleared it all up with no hassles.

As far as Hagerty bias? Don't believe it. Those are just happy customers. Myself being one of them.

[Paul B.]

Re: Hagerty Insurance - Guaranteed Value ?

...I had a claim with Hagerty and it was paid within 4 days. I had a right rear tire come apart on me on my Orange '74 coupe on the PA Turnpike coming home from the 2003 NCRS Nat'l Convention there. The tore up right rear quarter, paint and pass door paint & labor came to $1884 with my choice of repair shop. I did a little of the labor myself such as removal of the rear bumper only because my original was just starting to crack and this was a good time to "change it out".

...by the way, one of the best local body shops in the area has a sign out front that says...

"If You Are A State Farm Policy Holder, DO NOT Come Through These Doors"

[Pat M.]

Re: Hagerty Insurance - Guaranteed Value ?

...I had a claim with Hagerty and it was paid within 4 days. I had a right rear tire come apart on me on my Orange '74 coupe on the PA Turnpike coming home from the 2003 NCRS Nat'l Convention there. The tore up right rear quarter, paint and pass door paint & labor came to $1884 with my choice of repair shop.

I had a very similar thing happen when my RR tire came apart on my 70 on the way home from getting it painted AND within one mile of my home. What a feeling. And to add salt to the wound I had already decided I was going to change the tires when I got home!

State Farm paid the claim within one week, my choice of repair shop, including repainting the area in lacquer. It could not have been easier for me, and I feel totally comfortable with State Farm. Oh, and my policy CLEARY provides for agreed value.

[Michael F.]

Re: Hagerty Insurance - Guaranteed Value ?

...I had a claim with Hagerty and it was paid within 4 days. I had a right rear tire come apart on me on my Orange '74 coupe on the PA Turnpike coming home from the 2003 NCRS Nat'l Convention there. The tore up right rear quarter, paint and pass door paint & labor came to $1884 with my choice of repair shop. I did a little of the labor myself such as removal of the rear bumper only because my original was just starting to crack and this was a good time to "change it out".

...by the way, one of the best local body shops in the area has a sign out front that says...

"If You Are A State Farm Policy Holder, DO NOT Come Through These Doors"

I guess thats a local State Farm issue. When I used them I had no problems on a Tahoe claim.

I now work very closely with a local body shop. Just the other day, I asked them if they had issues with ANY of the top insurance names when it came to claims. The answer was no. Not in 40yrs of business.
They have only had trouble with the fly by nighters. Here in Houston Fred Loya was their public enemy #1.

[Martin N.]

Re: Hagerty Insurance - Guaranteed Value ?

...I had a claim with Hagerty and it was paid within 4 days. I had a right rear tire come apart on me on my Orange '74 coupe on the PA Turnpike coming home from the 2003 NCRS Nat'l Convention there. The tore up right rear quarter, paint and pass door paint & labor came to $1884 with my choice of repair shop. I did a little of the labor myself such as removal of the rear bumper only because my original was just starting to crack and this was a good time to "change it out".

...by the way, one of the best local body shops in the area has a sign out front that says...

"If You Are A State Farm Policy Holder, DO NOT Come Through These Doors"

Been thru numerous claims with State Farm (3 teenage drivers) on our daily drivers with NO issues, we've been with them for 32 years now including our 74 vette.
Marty