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 2 hours ago by KnifeySpoony

[hahuang65]

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