Very good advise Dean.
Hagerty is in the classic and collectable market. They know what these cars
are worth and they set their values accordingly. I was hesitant at first
but 2 years ago I changed to Hagerty and they literally cut my costs in half
and included my Healey restoration on top.
Only draw back for some people is that you need to have an every day driver
for each of the main drivers in the house. (Husband and wife usually).
They need to think that the "Collectable" is not being used as your daily
driver.
But the funny thing there is that Hagerty won't cover the every day drivers,
they only handle, "Classics and Collectables".
Just Do It!
As Dean said, Hagerty suggested $35,000. coverage. Just try to get your
normal agent to agree on that figure with out a HUGE hassle.
Mark
----- Original Message -----
From: "Dean Caccavo" <healeybn7@yahoo.com>
To: <healey.nut@gmail.com>; "healey" <healeys@autox.team.net>
Sent: Friday, August 11, 2006 1:54 PM
Subject: American Collectors
> My experience with American was not exceptional and as
> a result I switched to Hagerty.
>
> I bought my Healey 10 years ago and insured it with
> American for ~$10K. My wife had been concerned that
> it was underinsured. About 3 years ago I attempted to
> raise my agreed-to value to something more in line
> with replacement costs. At the time I was hoping to
> raise the value to ~$20K. American made it hard to do
> this. They required photos (which I provided),
> detailed receipts, proof of the improvements and a
> independent appraisal. In addition, I was required to
> do the research to show that recent sales supported
> the value from three sources. All of which needed to
> be sent to their underwriter for review. There seemed
> to be no concept of "appreciation" or collectability.
> The agent said "Show me what you fixed or paided for
> and we will review that."
>
> After a few rounds and discussions, I eventually told
> them that I was not going to do the research and I
> expected them to have access to the research knowledge
> bases to include Sports Car Market - Gold Portfolio,
> if they were in this business. I canceled my
> insurance and called Hagerty.
>
> Ten minutes on the phone with Hagerty and I was set.
> They suggested a value of ~35K based on recent sales
> and said we could make market adjustments without
> paperwork.
>
> If it were me, Unless they changes their approach, I
> would not go with American... it is just too hard.
> And to think I didn't have a claim, I was just trying
> to send them more money!
>
> YMMV,
>
> Dean (Healey BN7 - Thousand Oaks)
> Tired of spam? Yahoo! Mail has the best spam protection around
|