Several good issues have been brought up and perhaps I can add some
information to them. Most regular auto insurance companies offer a coverage
called "Stated Value" which lulls customers into a false sense of security.
Stated Value, by definition, means that the vehicle is insured up to that
amount but it is ACV (Actual Cash Value) at the time of loss. Thus if you
had $35,000 on your Tiger and it was lost, stolen or destroyed, you would
assume that you would be getting $35,000 since this was the amount of Stated
Value you had. However, if at the time of the loss the adjuster thought
your Tiger was only worth $25,000, then this is all that the insurance
company is going to give you. If you don't believe that this can happen I
can recount some sad tales told to me by new clients and their friends after
the event. Most collector insurers write what is called an "Agreed Value"
coverage that simply means, that once the insurer agrees on how much your
car is worth, then this is what is paid at the time of loss. Hagerty
invented this term in the industry but others, such as Grundy, also offer
it. As concerns the insured value of Tigers, I have two client's Mk-Ia(s)
insured at $45,000, my personal Mk-II is at $40,000 and Mk-Ia at $35,000 and
down the line from there. I am not sure if the person Dan was speaking to
was an agent who sold Hagerty insurance or a representative from the company
itself. If it was the company, I would be disappointed at this response due
to the large number of Tigers I have on the books from drivers to impeccable
restorations, because the price precedent has already been set. Having a
large amount of business with any company buys you some respect and in my
case, a personal underwriter at Hagerty who has gotten to know me quite
well. Hagerty consults with me and has e-mailed photos of Tigers that were
submitted for application asking for my comments on their values and of the
reputation of the shops that did the work, such as Dale A. If anyone
chooses to go with Hagerty I cannot write the business unless it is an Ohio
registered car, but I can assist you with the underwriting process if you
feel that you are not getting a fair value as requested or run into some
other problem. I can be reached at tigermaniac@siscom.net
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