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Post Info TOPIC: Hagerty Insurance- Cherished Value endorsement $17 a year


Canadian Poncho Superstar!

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Hagerty Insurance- Cherished Value endorsement $17 a year


I have my insurance renewal in August with Hagerty, in view of some

posts I read here and on other sites, I asked what Id get paid for a total loss and if I could buy back my old car, at my option. There reply was:


Thank you for reaching out to us regarding your policy with us! We provide a Guaranteed Value policy, which means in the event of a covered, total loss on the vehicle, you are guaranteed to receive the amount the vehicle is insured for, less any deductible. 

With our Cherished Salvage coverage, in the event of a total loss you would retain salvage rights. That means you would be able to keep the vehicle and on top of that still be reimbursed the full guaranteed value amount. If you would like to add the Cherished Salvage endorsement to your policy for $17, please give us a call at 800.922.4050 and our agents will be happy to help! 

Without the Cherished Salvage endorsement, you would still have an option to buy your vehicle back at the cost of salvage value which would be determined during the claim process.

 

Sounds like money well spent.

 



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63 Parisienne sport coupe (The Big GTO), black, maroon interior, 409 4 speed; former owner of a 59 El Camino, 63 Corvette SWC, 62 Chev Bel Air SC.
1963- Pontiac top selling car in Canada

Mahone Bay, NS Still not old enough to need an automatic



Canadian Poncho Superstar!

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I'm going to add this. Thanks for the heads up.



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Yes, that sounds like a great idea and thanks for sharing that information. 



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1957 Pontiac Pathfinder Deluxe sedan restored 261 six

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Great info Don! when mine is completed I will add this coverage.

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Canadian Poncho Superstar!

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Who sets the salvage value??? Scrap value or recent Auction prices of "totaled" vehicles?? If the latter they are way higher than salvage??? I'm Leary on this without more info.

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Thanks. Certainly worth asking about. 



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dualquadpete wrote:

Who sets the salvage value??? Scrap value or recent Auction prices of "totaled" vehicles?? If the latter they are way higher than salvage??? I'm Leary on this without more info.


 For the $17 cost, the rider says you get it back for free. Scrap value only comes in if you dont have the rider. I assume the scrap value is set by insurance, on regular cars, its a flat percentage of the market value, I think 15%, and a scrap yard has a contract to pay the flat amount, whether burnt to a crisp or just barely written off. 

Scrap value by the insurance company is that percentage, but the scrap yards turn around and sell the damaged vehicle at auction, for what the market will bear. I financed some scrap yards over the years, this is how they did their insurance deals. Maybe other companies do things differently?



-- Edited by DonSSDD on Sunday 2nd of August 2020 11:16:41 AM

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63 Parisienne sport coupe (The Big GTO), black, maroon interior, 409 4 speed; former owner of a 59 El Camino, 63 Corvette SWC, 62 Chev Bel Air SC.
1963- Pontiac top selling car in Canada

Mahone Bay, NS Still not old enough to need an automatic



Canadian Poncho Superstar!

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That being the case, I need to add it to my Hagerty insured vehicles. 

 

On a related matter, for those in the Atlantic Provinces who are with Hagerty, do you now deal directly with Hagerty instead of through Gary Steeves Insurance as used to be the case? 



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62 Catalina 2 dr post project

69 Parisienne 2 dr ht 427

55 Bel Air 2 dr post 265PP/PG

68 Bel Air 2 dr post BB project

 



Canadian Poncho Superstar!

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Yes, change made early this year.

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63 Parisienne sport coupe (The Big GTO), black, maroon interior, 409 4 speed; former owner of a 59 El Camino, 63 Corvette SWC, 62 Chev Bel Air SC.
1963- Pontiac top selling car in Canada

Mahone Bay, NS Still not old enough to need an automatic



A Poncho Legend!

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$17 ? Forgo Tim Hortons for a few days.... no brainer. 



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No kidding on the $17 to get your vehicle back?? Even if you got a hub cap back its still well worth it.FYI for Saskatchewan and Manitoba policy holders its not available unfortunately at this time...hopefully to be instated in the near future so i was told by my broker.Id sign up in a heartbeat for that option on my policy.

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Canadian Poncho Superstar!

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I got my new policy and am just waiting on the new invoice, the cost was $17.

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63 Parisienne sport coupe (The Big GTO), black, maroon interior, 409 4 speed; former owner of a 59 El Camino, 63 Corvette SWC, 62 Chev Bel Air SC.
1963- Pontiac top selling car in Canada

Mahone Bay, NS Still not old enough to need an automatic



A Poncho Legend!

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I'll await your update Don.



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This was mentioned about a month ago.....I signed up....smile

https://canadianponcho.activeboard.com/t66617451/6667-nova-acadian-2-dr-post/



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Canadian Poncho Superstar!

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Missed that BJ, thanks for heads up. I guess it didnt hurt to bring it up again though.

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63 Parisienne sport coupe (The Big GTO), black, maroon interior, 409 4 speed; former owner of a 59 El Camino, 63 Corvette SWC, 62 Chev Bel Air SC.
1963- Pontiac top selling car in Canada

Mahone Bay, NS Still not old enough to need an automatic



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DonSSDD wrote:

Missed that BJ, thanks for heads up. I guess it didnt hurt to bring it up again though.


 It was like deju-vu all over again (sorry Yogi)...no...never hurts to remind everyone as we all get a little more seniority...smile



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......big block, 4 speed, bench seat, it doesn't get much better

 happy motoring :burnout



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I am looking into it this week. What could possibly be bad about this offering from them. I have to wonder though, whats in it for them. This is such a meagre amount. 



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1957 Pontiac Pathfinder Deluxe sedan restored 261 six

1974 Chevrolet Caprice Estate wagon low mileage original 400 V-8



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Probably shows how often they have claims on the old cars and total write offs? They do make money at this so claims must be really low.

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63 Parisienne sport coupe (The Big GTO), black, maroon interior, 409 4 speed; former owner of a 59 El Camino, 63 Corvette SWC, 62 Chev Bel Air SC.
1963- Pontiac top selling car in Canada

Mahone Bay, NS Still not old enough to need an automatic



Canadian Poncho Superstar!

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DonSSDD wrote:

Probably shows how often they have claims on the old cars and total write offs? They do make money at this so claims must be really low.


 That makes total sense to me. 



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1957 Pontiac Pathfinder Deluxe sedan restored 261 six

1974 Chevrolet Caprice Estate wagon low mileage original 400 V-8



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I called them and it was very well spelled out in a very intelligent way by a very pretty sounding voice. This is a complete no brain guys. For penny's you get to keep your car if it is ever written off. It is really that simple you keep the wreck, no matter what. That is assuming you want the wreck in the first place. 



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1957 Pontiac Pathfinder Deluxe sedan restored 261 six

1974 Chevrolet Caprice Estate wagon low mileage original 400 V-8



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Talked to my Insurance Co. about this, he said "it's not a flat 17 dollar fee" but is "Pro rated to what your car is insured for under the 19 A Policy. He has a customer that looked into switching Co's and for his "high dollar" classic it was going to cost him $ 400 for buy back insurance!!!! Better make sure on this before you jump into this???

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Some times I wake up GRUMPY, but today I let her sleep in    !!!!!!!! BLACKSTOCK Ont.



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dualquadpete wrote:

Talked to my Insurance Co. about this, he said "it's not a flat 17 dollar fee" but is "Pro rated to what your car is insured for under the 19 A Policy. He has a customer that looked into switching Co's and for his "high dollar" classic it was going to cost him $ 400 for buy back insurance!!!! Better make sure on this before you jump into this???


 Yes, for both my cars it was less than the $17.00 fee each. I think it was about $23.00 for both cars. For this meagre amount i am going for it. With all the neat parts on both my cars, i would want those parts if my cars were ever written off. Now a day's cars are written off very very easily, whether they are vintage or newer, The very high cost of repairs and parts has made the option of writing off cars very appealing for insurance companies. It is so obvious that Hagerty does not write off vintage cars very often and that is why they are doing this and making money. The thing is if your vintage car was written off, it is a no brainer that you need this special coverage. By the way this special coverage is nothing new, i was told that they have had it almost for two years. 



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1957 Pontiac Pathfinder Deluxe sedan restored 261 six

1974 Chevrolet Caprice Estate wagon low mileage original 400 V-8



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My agent says that less than 8% of people buy back their classic if written off. so this is BIG money maker for Hagerty for the # of policies they have written

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Some times I wake up GRUMPY, but today I let her sleep in    !!!!!!!! BLACKSTOCK Ont.



Canadian Poncho Superstar!

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dualquadpete wrote:

Talked to my Insurance Co. about this, he said "it's not a flat 17 dollar fee" but is "Pro rated to what your car is insured for under the 19 A Policy. He has a customer that looked into switching Co's and for his "high dollar" classic it was going to cost him $ 400 for buy back insurance!!!! Better make sure on this before you jump into this???


 How high a dollar? My $17 covers my $20,000 car. 



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63 Parisienne sport coupe (The Big GTO), black, maroon interior, 409 4 speed; former owner of a 59 El Camino, 63 Corvette SWC, 62 Chev Bel Air SC.
1963- Pontiac top selling car in Canada

Mahone Bay, NS Still not old enough to need an automatic



Canadian Poncho Superstar!

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dualquadpete wrote:

My agent says that less than 8% of people buy back their classic if written off. so this is BIG money maker for Hagerty for the # of policies they have written


 Pete, i totally agree with you and that is probably right for the vast majority but in my case with my two vintage cars, i want my cars back. I would want them back to either fix them myself or remove all the tasty parts i have on both my cars. Pete, keep in mind the reason only 8% are buying back their cars is because of the very high cost to do so. With this option there is no real cost involved, other than that meagre annual fee. 



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1957 Pontiac Pathfinder Deluxe sedan restored 261 six

1974 Chevrolet Caprice Estate wagon low mileage original 400 V-8

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