Hagerty Insurnace - New "Cherished Salvage" Policy Coverage
I finally made the move to Hagerty after I was rear ended a few seasons ago and realised, I'm screwed out of at least $25K if the car was a write off given the $$ have into it vs. it's stock net worth.
Under this new Hagerty policy, I insured the car for $40K, like many of you. Here's the cool part... They now offer Cherished Salvage coverage.
Basically, if the car is a write off, I get the $40K, but wait there's more.... And I get to keep the now salvaged title car. Not buy back, but keep in addition to the payout. Costed me an extra $140 a year. Thought I'd share this, as Hagerty says this is very new offering and I am one of the first to take it.
Here's the section from the policy that explains the new coverage;
NPCF 102 – CHERISHED SALVAGE ENDORSEMENT
This endorsement applies only to the described automobile(s) as indicated in the Certificate of Automobile Insurance. The additional premium for this endorsement is indicated in the Certificate of Automobile Insurance.
1. Purpose of This Endorsement
This endorsement forms part of the policy. It allows you to retain salvage of the described automobile(s) as shown in the Certificate of Automobile Insurance.