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.
__________________
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
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.
__________________
Some times I wake up GRUMPY, but today I let her sleep in !!!!!!!!BLACKSTOCK Ont.
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
__________________
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
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?
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
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.
I got my new policy and am just waiting on the new invoice, the cost was $17.
__________________
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
'64 Parisienne CS "barn find" - last on the road in '86 ... Owner Protection Plan booklet, original paint, original near-mint aqua interior, original aqua GM floor mats, original 283, factory posi, and original rust.
Missed that BJ, thanks for heads up. I guess it didnt hurt to bring it up again though.
__________________
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
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.
__________________
1957 Pontiac Pathfinder Deluxe sedan restored 261 six
1974 Chevrolet Caprice Estate wagon low mileage original 400 V-8
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.
__________________
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
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.
__________________
1957 Pontiac Pathfinder Deluxe sedan restored 261 six
1974 Chevrolet Caprice Estate wagon low mileage original 400 V-8
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???
__________________
Some times I wake up GRUMPY, but today I let her sleep in !!!!!!!!BLACKSTOCK Ont.
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.
__________________
1957 Pontiac Pathfinder Deluxe sedan restored 261 six
1974 Chevrolet Caprice Estate wagon low mileage original 400 V-8
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
__________________
Some times I wake up GRUMPY, but today I let her sleep in !!!!!!!!BLACKSTOCK Ont.
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.
__________________
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
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.
__________________
1957 Pontiac Pathfinder Deluxe sedan restored 261 six
1974 Chevrolet Caprice Estate wagon low mileage original 400 V-8