Is an "Agreed Value" collision coverage best for our cars?

[lurtch]

Hi All,

I am considering moving from State Farm over to Hagerty for my insurance coverage.

 In the unlikely event that the car is determined to be a "total loss", this method guarantees the return of full value - - Correct?

When I mentioned to my agent  that I was thinking about doing this, he was stymied and did not even know what Hagerty was!!

Any helpful inputs would be appreciated - -

Larry in CA

[wjsvb ✝︎]

I have had my SL insured with Hagerty for three years now.  I have had no claims experience with them but given that they specialize in antique car insurance and offer a clearly stated agreed value policy based upon their own valuation guide, I am confident that they would be fair in a claim situation.  I too would be interested in hearing from members with claim experience with Hagerty.  Jon

[mbpaul]

I have a State Farm agreed value (sometimes called stated value) policy on my 230SL. My agent even used the Hagerty website to help determine what value to put on the car.  One advantage of State Farm for me is the State Farm agent is less than a mile away and all my other cars and house are covered with them.

Even if they never heard of Hagerty, can't your State Farm agent supply the same type of coverage for your car?  I do not know the differences between the State Farm and Hagerty policies but I bet somebody out there does.

[neelyrc]

From the time I was in the Navy I have insured all my vehicles and my home with USAA.  Some time ago as values climbed, USAA suggested I might want to consider insuring my Pagoda with their affiliate, American Collectors Insurance.  I recently looked at several 'Agreed Value" providers including Hagerty and based on my long relationship with USAA, I insured with ACI.  I have no claims experience with ACI.

My thought is that values are now to high to remain without such coverage. If you are happy with your present insurers and if they provide comparable coverage I would consider them in addition to looking at Hagerty. 

[cabrioletturbo]

Unless you had a claim with an insurer, it is very difficult to know whether one is better than the other.

I recently spoke with a fellow member who had a repair claim through Hagerty. Very positive experience. One issue I must note that Hagerty would not recommend a body shop in Southern Ontario? This leaves a claimant in dire to find a shop where they would repair their vehicle. Did anyone have similar experience before?

On the other hand, based on personal experience with StateFarm on a daily driver vehicle, I would not insure high value vehicles with them.

[steven harris]

I have used Hagerty for many years and have had one claim - a pick up truck pulled in front of me on the Copperstate 1000 rally. I was in a Porsche Carrera Speedster, a notoriously difficult car to restore correctly. Hagerty has been outstanding - I had my choice of restorers and they have paid everything promptly and without question. (The repair is about $200k). I periodically review my insurance with various carriers - Chubb, AIG, and Hagerty and they have always been by far the best. Could not recommend them more highly. They are clearly the pre-eminent classic car insurers and understand both the market and the cars.

[oregonian2]

One Sunday morning two years ago I scraped the paint off the right fender while pulling out of my own garage. (Don't comment on that, please!) Filed a claim online with Hagerty that day. Got a call first thing Monday morning to send an estimate from the shop of my choice and a few photos. Did this via email, and two days later I had an approval. A check for the full amount was in my mailbox by the time the repair was done along with assurance that if any further repair turned out to be needed, I should let them know so they could issue a supplemental payment.

Could anyone ask for more? Well, yes: my renewal came up a few months later. No rise in premium. Hagerty's not the cheapest, but…

[steven harris]

My Hagerty policy also covers diminished value - it the car is all original panels, for example, and one has to be replaced, they cover not only the repair but also the decrease in value due to the replacement. Same with original paint, etc. The coverage of fire, theft, collision is worldwide - they only cannot cover liability in most other countries (although they can cover UK). Depending on number and value of cars insured, they can be very competitive.

[Tyler S]

My insurer is Grundy. Similar to Hagerty, specalizing in collector cars. The car has been insured with them for the last 25 years when my Father owned it. Has Agreed Value coverage.  He made 2 claims in those 25 years for a minor incident and a somewhat major one when he ran into his own car. There were zero issues with the claims and he was able to repair the car at a place of his choice. They even made suggestions based on past experience and a shops knowhow of these cars. Work was excellent. Hagerty is good but there are others out there. I think they just have more notoriety being all over TV and at events. Point is shop around.