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-vehicle-is-a-writeoff-now-what/

[Ponyryd]

^Regardless it’s a great option, I’ve only ever heard of companies saying no, if u want it back you’ll need to bid on it at auction. For a car that is special to the owner, this is an amazing benefit to have.

[RedSN]

I’ve only ever heard of companies saying no, if u want it back you’ll need to bid on it at auction.
I've heard the same, but legally you have the right of first refusal on the salvage. I got my coupe back after my insurance company wrote it off.

Either way, you are right, it's nice to have an option where that is clear in the contract.

[Mustang4]

Sound interesting, I'll have to look at that since I'll be renewing soon.

[True Blue]

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.

That is why a proper appraisal is so important to have!

This is such a smart money making move on Hagerty's part to add this option to collector/classic car policies. Seeing as all the vehicles under this type of policy wont be driven much, mostly driven on weekends and in great weather conditions, plus only used for 6-7 months out of a full year. With all this factored in, this would greatly reduce the chances of a vehicle being written off.

But God forbid your vehicle does get written off and you come out unharmed. Ask yourself this, how many of you have the driveway or garage space (plus an understanding spouse!!) to store a twisted wreck for any period of time? Then find the time to try and salvage parts hopefully they weren't destroyed. Even if you were able to repair your "branded" vehicle, it'll never be the same prior to a wreck and be worth shit for resale.

Maybe it's just me... If one of my Mustangs were to get written off, just cut me my appraisal valued cheque so I can move on.

[hsousa88]

^ your right.. but if you dumped $20k into your engine and get rear ended, at least you can still pull your motor.

[True Blue]

^^^ If it works out that way in your favour, great! What I said depends on your situation and of course YMMV.

[Laffs]

I've heard the same, but legally you have the right of first refusal on the salvage. I got my coupe back after my insurance company wrote it off.

Either way, you are right, it's nice to have an option where that is clear in the contract.

In some ways I prefer this premium method. I'd rather pay my base premium plus a $150 extra year and if my car gets wrecked I can use my full settlement to buy the cleanest example to swap parts to or rebuild from, or part out and add to my settlement to get in to a better ride. With deducting the value you end up about a wash in the end I think.