Hagerty Insurance Option

Pritch · Guru

Hagerty Insurance Option

oshawacliff · Poncho Master!

Thanks for the post. Reminded me I had to reinstate my insurance. When my licence was medically suspended I notified my insurance broker and they adjusted my policy. Today i reset all my coverages as I got my licence back on Wednesday.

Happy Motoring

seventy2plus2 · Canadian Poncho Superstar!

what is "Cherished Salvage"?

65 SD L79 · Canadian Poncho Superstar!

seventy2plus2 wrote:
what is "Cherished Salvage"?

Guessing that means you have the right to your car back if its written off

oshawacliff · Poncho Master!

Would that mean you had to have a verified appraisal by a professional appraiser.

4SPEED427 · A Poncho Legend!

So far we don't have that option in Manitoba but I sure wish we did.

cdnpont · Canadian Poncho Superstar!

Just did this on my 65. You tell him the value you'd like to place on it, along with the condition, and he looks it up in his "Book" to see if it falls within that category. If yes, they tell you the fee. I feel it's likely just a fee schedule with the cost rising on the value to a certain limit.

I'd assume if it falls outside (above) the guideline, an appraisal might be required.

The agent actually could not find a listing for a 65 Laurentian 2 door sedan V8, so he used a Catalina, which body and interior is as good as.

seventy2plus2 · Canadian Poncho Superstar!

cdnpont wrote:
Just did this on my 65. You tell him the value you'd like to place on it, along with the condition, and he looks it up in his "Book" to see if it falls within that category. If yes, they tell you the fee. I feel it's likely just a fee schedule with the cost rising on the value to a certain limit.
I'd assume if it falls outside (above) the guideline, an appraisal might be required.
The agent actually could not find a listing for a 65 Laurentian 2 door sedan V8, so he used a Catalina, which body and interior is as good as.

Mark, are you talking about "Cherished Salvage", or "Agreed Value"? What you mention sounds like Agreed Value.

seventy2plus2 · Canadian Poncho Superstar!

70 SS ACADIAN wrote:
seventy2plus2 wrote:
what is "Cherished Salvage"?
Guessing that means you have the right to your car back if its written off

I've never heard of not being able to buy it back.

cdnpont · Canadian Poncho Superstar!

Yes, I guess it's the agreed value Clint. But that value also sets your Cherished Salvage fee I'm assuming?

Urban_suburban · Poncho Master!

Yes 15% added to your premium

DonSSDD · Canadian Poncho Superstar!

What I have cost me $17 extra, in the event of a total write off, I own it. They said:

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.

This was in August 2020.

Don

Pritch · Guru

Good observations guys. Don is correct in his observations. The Cherished Salvage endorsement on one's Hagerty policy gives one the ability to retain salvage rights on top of the guaranteed value minus one's deductible.
One little correction though, Mike. The 15% is not based upon your full premium. It is based upon the "Loss of or Damage to Insured Automobile(s)." The third party liability premiums and the personal injury protection plan extension premiums are not included in the 15%.

The following is a direct quote from Hagerty's web site.

Your client can retain salvage of their vehicle in the event of a covered total loss
No salvage value will be deducted from your final payment if your client choose to retain their vehicle
Your client still receive the vehicles Guaranteed Value
The cost is 15% of the vehicles physical damage premiums

Boomer · Addicted!

This is correct have the buy back on all three and it runs
in the 15 to 17 dollar bracket.

Mike

Prefectca · Poncho Master!

I assume that when you retain the salvage the vehicle title will be branded? If its branded salvage or salvage irreparable it would not be easy or maybe impossible to put it back on the road if you repaired it yourself. Sometimes a vehicle is written off due to the cost of the repair or the availability of parts, not necessarily the amount of damage.

Paul

DonSSDD · Canadian Poncho Superstar!

Im guessing you dont get a salvage title, Im hoping the ownership vehicle registration stays in your name untouched by an ownership document change. I think every province has different rules on a salvage title?

Urban_suburban · Poncho Master!

Pritch wrote:
Good observations guys. Don is correct in his observations. The Cherished Salvage endorsement on one's Hagerty policy gives one the ability to retain salvage rights on top of the guaranteed value minus one's deductible.
One little correction though, Mike. The 15% is not based upon your full premium. It is based upon the "Loss of or Damage to Insured Automobile(s)." The third party liability premiums and the personal injury protection plan extension premiums are not included in the 15%.
The following is a direct quote from Hagerty's web site.

Your client can retain salvage of their vehicle in the event of a covered total loss
No salvage value will be deducted from your final payment if your client choose to retain their vehicle
Your client still receive the vehicles Guaranteed Value
The cost is 15% of the vehicles physical damage premiums

Yes, thanks for specifying this...not the whole premium.