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.