Insurance

[panamericano]

If you do improvements to the car, the value would seem to go up.  Hagerty let me raise the agreed upon value 10%/year a couple times.  No questions.  Just said value was up and they adjusted the premium.

[Slonie]

9 hours ago, SENC said:

I also have elected their "cherished salvage", which gives me the guaranteed right to the vehicle should they deem it totalled.

 

Wow, I did not know this was a thing, but I definitely want to inquire about it now. That being said, I know somebody whose car was insured by Hagerty and totaled, they were paid out their exact agreed value as promised, and they were able to buy the car back too. I don't know what I don't know, but this experience could be wildly different with another carrier (especially "regular" car insurance).

 

I also know Jason Cammisa had a similarly good experience and he dedicated a whole podcast episode to the experiences with different insurance companies (full disclosure: he also works for Hagerty's Youtube Video Making Department, a point he has to make frequently whenever discussing his customer experience with Hagerty Insurance)

 

Personally, and not to sound like I'm shilling for Hagerty I like the certainty of getting the agreed value if the worst happens to my car — I don't want to find out the hard way from my regular car insurance company that they're undervaluing my car. It was all kind of moot when I signed up though, as IIRC my regular carrier did not want to deal with a Caterham at all.

[Slonie]

1 hour ago, panamericano said:

If you do improvements to the car, the value would seem to go up.  Hagerty let me raise the agreed upon value 10%/year a couple times.  No questions.  Just said value was up and they adjusted the premium.

 

I seemed to recall Hagerty promising an automatic increase per year back when I signed up but apparently you have to ask. I was well below market values on mine so I asked for an increase of $10k and they asked why, but no further questions. Of course my premium went up, but I think it was worth it.

[Croc]

13 hours ago, panamericano said:

If you do improvements to the car, the value would seem to go up.  Hagerty let me raise the agreed upon value 10%/year a couple times.  No questions.  Just said value was up and they adjusted the premium.

 

For cars under restoration where you are adding value you do need to disclose that 1) the car is not in your normal garage, 2) it is being worked on to restore and 3) How much you are putting into it for increments.

 

For value increases, I have found Hagerty do require proof in the form of comparables.  I did docmentary analysis of the market on two of my cars and shared that with them - they agreed there was good reason to increase value and we agreed on a number.  Its a bit of work but I think it is a fair way to approach things.  

[JohnCh]

A few months ago, Hagerty sent me an email about two of my cars insured with them, stating that based on current market trends, a valuation review shows they may be undervalued and recommended specific new valuations for each car. It's good marketing on their part as it prompts someone to increase their premiums, but it's nice to see they do stay on top of this aspect.

[hahuang65]

On 1/14/2026 at 8:44 AM, Vovchandr said:

Likely will switch over to Hagerty in spring. 

I've done this for the very reason you mentioned.

 

When I finished building my car, I did State Farm because it was very easy to get insured and I had existing policies with them.

However, I switched to Hagerty within 2 months because of Agreed Value. State Farm does not offer them for our cars.

 

My Hagerty policy is $50 less per year than State Farm (pretty negligible if you ask me) for the same coverage + Agreed Value.

[Scott_]

I ended up going with Hagerty with an agreed upon value for my 1999 Caterham.   The application and underwriting process was painless.

[KnifeySpoony]

Another perk of Hagerty is the free towing - I had to utilize that service a couple years ago. Got a 80 mile tow for "free". Not sure if other companies provide this or not.

 

 

[Vovchandr]

11 minutes ago, KnifeySpoony said:

Another perk of Hagerty is the free towing - I had to utilize that service a couple years ago. Got a 80 mile tow for "free". Not sure if other companies provide this or not.

 

 

 

I thought that comes from Hagerty drivers club? Is this flatbed?

[KnifeySpoony]

AFAIK the towing and club membership is all wrapped into the policy. It was a flatbed. The magazine ain't bad either.

Edited January 23 by KnifeySpoony

[hahuang65]

@KnifeySpoony on mine, it was actually opt-in. But I figured for the yearly $70, it was fine.

[Frankie]

On 3/30/2023 at 4:51 PM, panamericano said:

I have Hagerty and I'm very happy with them.  I believe that their track day coverage is on a day to day basis, so you pay for what you use, when you are going to use it.

That's what I have and I'm happy with the Hagerty coverage.  But, and its a big but!  Very expensive! Combine the cost of tires entree fee and all the bits and pieces needed for a nice day at the track and if your not in a yearly club where expenses are paid yearly, you will have to pay for track day weekend fees.  It can be costly and it makes you think. Maybe I can get away without track day coverage? 

[Scootybizzle]

I asked for quotes for my 7 from Hagerty, Grundy, Geico, Progressive, and a few others.  For Grundy and Hagerty, I asked for collector car insurance, minimum coverage, one driver, garaged, low mileage, driver owns other cars, etc.  $24k value of car.

Annual collector:
Grundy - $334

Hagerty - $1,420

Annual full coverage:

Geico - $700ish (bundled with my other cars)

Hagerty does not seem to be a serious company and Grundy has been a hassle to deal with.

[Scott_]

2 hours ago, Scootybizzle said:

 

Hagerty - $1,420
 

 

For my Caterham 7,  a 1999 model, I went with Hagerty and agreed upon value of 40k with cherished salvage and 1k deductibles and it came in at $620.  

Edited February 19 by Scott_

[SENC]

4 hours ago, Scootybizzle said:

I asked for quotes for my 7 from Hagerty, Grundy, Geico, Progressive, and a few others.  For Grundy and Hagerty, I asked for collector car insurance, minimum coverage, one driver, garaged, low mileage, driver owns other cars, etc.  $24k value of car.

Annual collector:
Grundy - $334

Hagerty - $1,420

Annual full coverage:

Geico - $700ish (bundled with my other cars)

Hagerty does not seem to be a serious company and Grundy has been a hassle to deal with.

Crazy how different it can be, presumably based on location/state rates?

 

In NC, I pay less than $1k/year (and complain about that!) to Hagerty to cover 3 classic cars, combined agreed value of about $75k.

[Croc]

That Hagerty price quote is the insurance world's version of saying we do not want the business, presumably because of risk issues.  Insurance companies never say no, they just price it so you say no.  

[Slonie]

Yeah, my old policy with Hagerty used to be under $500. It's crept up a little bit (and then crept up more than a little bit when I bumped my agreed upon value up by 33%) but nowhere near that quote, @SENC. I had no idea until now that they varied so much on a state by state basis.

[theDreamer]

I’m with Hagerty. I’m sure the gentleman that took all my information explained that the policy was for a full year but that the major portion of the premium would be prorated for the driving season. Meaning if I paid up front in May and sold the car in October I would not get much money back as I drove the car during the highest rated period.

As I’ve mentioned in other threads my car was hit the first Sunday I had it out, May 4, 2025. I was notified to pick the car up November 4, 2025. That's six months to the day! I just received my renewal forms as the policy is up in April. So, I will have paid a full year’s worth of premiums without actually getting to enjoy our car during the year. I have emailed and talked to people who were to pass my concerns on but had heard nothing back. So I called them again on Monday to inquire about a rebate for the six months I was not able to drive the car.

This time the woman I spoke with said that the insurance is NOT prorated. Therefore, my earlier scenario would have me getting back six months of premiums. In other words about 50% of the total I had paid. Furthermore, I was not entitled to any rebate for the six months the car was off the road because I failed to give them prior notice. You see, Hagerty will alter your coverage (and premium) should your car be off the road for an extended period of time. BUT, you must give them notice in advance. How the hell can I know I’m going to be in a crash the first day the car is out let alone know it’s going to take six months to repair? But if I had known and told Hagerty I’d have saved about $600 CAD.

As it is my new policy is just pennies under $1400 CAD (about $1,000 USD) for the 2025/2026 period. I have an agreed value of $55,000 CAD (roughly 40,400 USD). Oh, and she also told me that because the car was in an accident it is no longer all original and therefore the resale value will be less. It will not affect my agreed value but to increase the agreed value the car will now require an appraisal. We see how fickle some potential buyers can be by watching the auctions so trying to sell privately will be a total pain for my family when the time comes.

[Taber10]

8 hours ago, theDreamer said:

"... so trying to sell privately will be a total pain for my family when the time comes."

 

Plus One on what theDreamer said!  Of course, I could suggest that they just bury me in it!

Taber

[theDreamer]

6 hours ago, Taber10 said:

Plus One on what theDreamer said!  Of course, I could suggest that they just bury me in it!

Taber

My family was prepared to do just that using my 2006 STi. However, (so far, knock on wood) I outlived the doctors prognosis and sold the STi after 13 years and 280K of WOT. That led to me getting a 2018 BRZ tS. My oldest grandson now has that car as I had to make way for our Caterham.