Hagerty valuations?

Hagerty is joke. The condition #1 best cars in the world 355's at $45k. Average value of a 355 $29k....

They also want $3,200 per year for insurance with a 2,500 mile restriction and only use for going to and from "shows". You also MUST have a second car less than 5 years old owned as insured as a daily driver. If you have a wife, then you MUST have 2 cars less than 5 years old owned and insured as daily drivers.

I turn around and ask my Allstate agent for a quote. $800 a year, full coverage, $500 deductable, no restrictions and it could be my daily driver for all they care. $70k value.

Hagerty is a J O K E.

 

Amen to that, wonder how they stay in business.

 

Same for me from Hagerty, they wanted way more for extremely limited coverage that had lots of loopholes/non-payout clauses. I have no idea how they stay in business, maybe the muscle car guys?

 

Same for me, pricing was ridiculous for limited mileage and a bunch of restrictions on use. Added it to my GEICO plan for $70 a month, no restrictions and full coverage with $500 deductible and roadside assistance.

 

I contacted them on this very question. I got a reply and the guy was honestly concerned that their calculator was so off base. I pointed out that all he had to do was see the cars that recently sold at Barrett Jackson.
I agree, their insurance products are for the very rich or very stupid.

 

Hagerty advertises a lot.

And very few people make claims to find out how good their insurance really is.

 

I had Hagerty until late last year when I switched to Heacock. Hagerty was insuring my 328 at an agreed value of $50k for $700 annually, including 3,000 annual miles. Then it went up to $900 and I started shopping. I have Allstate and they wouldn't touch it--they actually sell Hagerty for this kind of stuff. I called Heacock and it was like my "old" Hagerty policy--$50k, 3,000 miles, $700. Not bad.

 

This is more like it. Not sure how anyone got a quote that high, but maybe because the 355 is newer. I have Liberty Mutual, and they wouldn't touch my '66 E-Type or my '84 308.

Hagerty is reasonable. If you have the time to shop around, you should...I find that they are competitive. I could probably save a few bucks, but my rate hasn't gone up, so I'll hold the line.

I may file a claim on my E-Type since I hit the side of the garage with it. Curious how much my premium will go up...

 

Try Chartis from the Barrett Jackson web site. Good company. I have an agreed value policy of $60k for my 355, 2,500 mile limit, no deductable comp. or collision, and towing for only $386/year. Yes that's right not a misprint.

 

I have a couple of old Detomaso's with Hagerty. I found their price was fair. I had these cars appraised for a stated amount. This saved me a fair amount over my other car insurance. I would put my 355 with them, but because of the state that I live in the car has to be at least 25 years old to get a collector car policy. I also do not have any driving restrictions with their policy. I wouldn't get the car insured under what the average market value is, have the car appraised and get a stated value.

 

I would contact them and ask them if the car had a higher appraised value would it be covered and of course how much would it cost. For my 73 Pantera, I told the person what stated value I wanted and that was what the car was insured for. I had an appraised value on my 1985.

 

My 348 is insured through Leland west. 3000 mile limit and around $450.00 a year. Agreed value of 38,000.

 

I have Hagerty for mine. I guess I should switch now. GEICO for my other two cars. There are lots of restrictions as stated. Didn't think GEICO would be competitive. Great info.

 

That's weird, I never heard of an insurance imposing a limit on mileage??? I don't think this exists up here in Canada.

I found an insurer with a "silver wheels" program specialized in Antiques and exotics. Costs me 900$ per year and my car is valued at 70k.

 

Another nitpicky note about this is that they have a 95 listed as a 5.2 car rather than the 2.7. Just shows they don't know very much about our cars. I have GEICO and have been very happy with them for a long time now.

 

to contact Chartis insurance go to the Barret Jackson web site and look for a link. This is what I did originally. Looking at an old e-mail, you can try 1-877-545-2522 as well.

 

My policy with Grundy was almost 1/2 the quote from Hagerty.

 

Ha ha was recently involved in a string where we had some very sympathetic insurance company supporters attempting to tell us how wonderful and fair they are. Wish they were reading this thread

 

I just recieved a quote on my 79 308 for $50 K at $550 per year and no restrictions or limitation.
Premium is an extra $50 bucks with unlimited tows for any vehicle under the same roof.
Sounds to good to be true but I have Quote in hand.

 

I, too, am insured with Grundy. Not a Ferrari, but a 86 930 turbo with a stated value of $40k, $300 a year, no limitations on mileage. The car cannot be used as a daily driver and I needed to provide proof of a dd.

 

I had seen the Hagerty name out there a lot so they where my first call when I got my 97 355. They said they only insure exotics up to 10 years old and then after it was a classic at 20 years old. The 355 being 15 years old fell in the 10 year dead zone and they would not even give me a policy.
They did what me to switch my 69 Camaro over to them though... I hung up.

 

The trouble with these cars are there are not alot of them out there. If an insurance company uses an NADA guide it quotes the 95 Berlinetta at 33K for low retail and 52,6K for the high retail. I didn't look too hard, but did not even see the Ferrari make under the list of manufacturers for the Kelly Blue Book. Sometimes you have to explain to these companies that is not what the actual market is for these cars. I think most of us would purchase these cars more quickly if 52,6K was the high price. I purchased mine for quite a bit more than that.