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Discussion Starter · #1 ·
I received an email from Hagerty today letting me know that based on their data I need to increase my replacement value by $14,000.00 has anyone else gotten an email from Hagerty?
 

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Since when does Hagerty to us what to value our car at?
That's the whole beauty of agreed value policies, you set the value and as long as it was not unreasonably HIGH, they would accept it.

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Earlier this year, I received a similar letter suggesting I bump the replacement value of my 1968 Pontiac Firebird. They were correct; it was underinsured. (I didn’t up the insurance as I was in the process of selling it).
 

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OK suggesting, that I can buy. I saw they said I NEED to raise the value and that struck me, they're just trying to get a premium increase.

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2015 Challenger Ivory White Hellcat
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They are doing it to offset the massive inflation jump. A $75,000 car last year is worth considerably more now due to the crap inflation rate.
 

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Another thing to pay attention to is that for you guys with collector cars, it's odd, but generally collector car values increase as a recession deepens. Similar to gold and other tangible investment items. One of the prime reasons for this is that collector buyers are usually mostly or completely insulated from recession effects on short term capital (see: rich as fu*k). Thus, as the world burns, the people with money continue to spend it on things that have little chance of bottoming out to zero like a stock portfolio could. So, oftentimes they'll pick up a few investment cars to round out an investment portfolio, similar to how folks use gold.

Yes, the insurance companies are trying to make more money, but they are also pretty good about monitoring the average auction values and will start sending those notices out when the auction markets start to noticeably shift upwards.
 

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Discussion Starter · #11 ·
Can you replace your car with a like car for what it is currently insured for? It's good advice if not.
You are correct. Our 2019 Charger Hellcat has 7137 miles on it and if it got totaled tomorrow I would more than likely not be able to find one for my current agreed-upon value which is $70,000. They are suggesting that I increase my agreed-upon value to $84,000.00.
 

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I have had Hagerty for years and they are making sure your coverage is comparable with replacement cost or you will be out of luck if something happens and that is bad for business. Yes your premium will go up some but you should expect it.

The flip side it is true also if the vales go down lower your value too.

Robert
 

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Is Hagerty better than USAA? More affordable, better rates, faster with claims etc..
I have had USAA for 20+ years. USAA is very quick on claims, but for the first time I have seen they were not great for the HC.
USAA Black book value
Hagerty Agreed upon value
USAA covers daily drivers
Hagerty is for non daily drivers
USAA coverage is expensive(based on DD high HP car)
Hagerty is less(due to non daily driver/collector car)
USAA and Hagerty are similar on claims process

Hope this helps
 
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If you are totaled by a properly insured and he gets the blame, your insured value does not matter. If you don't catch the guy, then it does.
 

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I had to transfer my Hellcat to Hagerty this year because provincial insurance policies suuuuck here in SK for collector cars of this calibre. I have an agreed value of $100K on it, the same as I had with my previous insurance company. That's more than I paid for the car so I am content that if something happens I am getting cashed out above where I entered into this endeavor. My premium is atrocious now.

Be very careful with the deductible too, it has an impact on the premium.

We have 3 other cars insured with Hagerty, and of them I imagine two are under-insured at the moment. We do suspect that the whole "portfolio" will jump up in value with the recession.
 

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I have USAA [also] and they’ve always treated me well. So you can imagine my surprise when for a brand new 2022 Charger HCWB the replacement portion of my insurance equaled exceeded the rest of the insurance.
 
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