Hagerty Insurnace - New "Cherished Salvage" Policy Coverage

[Mrods]

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.

[Stephen06GT]

I need to add that to my Hagerty policy.

[saleen27c]

That sounds like a good deal!

[NickD]

Yep going to be adding that on as well
Thanks for posting Mark

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[Mrods]

Good deal that will get them more market share

[hsousa88]

I’m 30 this year and can make the move to Hagerty... sweet.

[Ponyryd]

I was offered the same when insuring my Jeep, still on the fence if I should go for it though, but for my policy I think it’s only another $45.

[Uncle Buck]

This sounds like it's a worthwhile bolt on....

[Laffs]

Awesome stuff. It's amazing in an industry where being obtuse is the standard protocol that Hagerty continually demonstrates that they "get it".

[RedSN]

Don't they just deduct the salvage value from the settlement cost? That's how everybody else does it. I would rather do that than pay an extra premium.
This just sounds like a prearranged deal that you are definitely going to lay claim to the salvage.

If you want to keep your damaged vehicle after your claim has been settled, you can request that your insurance company allow you to keep it. In this case, your cash settlement will be reduced by the amount the insurance company would have recouped by salvaging the vehicle. Keep in mind that if your car has been branded as "irreparable", you can never repair and drive it, you will only be allowed to salvage it for parts.

https://www.insurancehotline.com/my-...eoff-now-what/