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So according to the Hagerty sales rep, my '73 Mexican mach 1 is worth
#1
whatever I say it is worth up to $50k.  they had no knowledge of these cars, but I figured it was worth a 10 min phone call
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#2
"up to"


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#3
I tried to get a value (opinion) from them for my J Code very upon completion of the restoration. I might as well have just stated an F Code vert, they have no clue...
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#4
Probably an 'agreed value' policy. You say it is worth 'x' amount and they agree to bill you for a policy covering 'x' amount, regardless of actual value, but contingent on an appraisal of some sort.
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#5
(04-22-2019, 09:49 PM)detritusmaximus Wrote: Probably an 'agreed value' policy. You say it is worth 'x' amount and they agree to bill you for a policy covering 'x' amount, regardless of actual value, but contingent on an appraisal of some sort.

That's exactly what it is, an agreed value policy. You can insure the car for whatever you want it to be worth and pay the premium based on that value. They will require photos or other docs to back up the number. I believe at a certain value they require an appraisal.


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#6
Yea, hagerty is not all that and a stack of pancakes. They refused to insure two of my cars based on how they 'percieved'  how i was going to use the car. I have had a few "dicussions" on how i intend to use my show cars. They were set on thier own ideas how i would use them. I passed on thier offer to insure my stuff. 
When i said i would have sombody else insure my cars including my GT500, they did this song and dance and almost begged to get my cars insured. I named my priced for insurance on my GT500, my boss 351, my SSP and my 70 mach 1. They surpisingly complied and covered all of them for what my current agency would cover just two of them. Pretty happy so far......

movie stars with addictions go to the Betty Ford clinic,
I take my addiction to the Henry Ford clinic.Haha
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#7
(04-22-2019, 10:37 PM)6972boss Wrote: Yea, hagerty is not all that and a stack of pancakes. They refused to insure two of my cars based on how they 'percieved'  how i was going to use the car. I have had a few "dicussions" on how i intend to use my show cars. They were set on thier own ideas how i would use them. I passed on thier offer to insure my stuff. 
When i said i would have sombody else insure my cars including my GT500, they did this song and dance and almost begged to get my cars insured. I named my priced for insurance on my GT500, my boss 351, my SSP and my 70 mach 1. They surpisingly complied and covered all of them for what my current agency would cover just two of them. Pretty happy so far......

I have used Hagerty for other cars based on agreed value. what I found strange was that they only agreed to cover 50% of the labor spent on my 1978 F150, and that was with full itemized receipts.  the labor bill on that project was somewhat light, but makes me wonder what they do when labor is more than parts?
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#8
I am going to call tomorrow. I have their insurance on my 73 vert. My 73 Mach 1 is in the MOM. There is not another to replace it with 41 options??? How do you value it. Will not be on road in museum??


When a man is in the woods and talks and no women are there is he still wrong??
Tongue
David
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#9
David,
What liability does the museum assume? That may be a consideration when talking to your insurer. No matter what the value, your insurer may balk at the vehicle effectively being in someone elses possession and care. Or they may cut the rate as it is 'off the road'.
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#10
Hagerty bullied my wife into a 120K value for our 69Boss302. She argued with them but finally agreed and of course that cost more than it should have. The year after that I talked to them and offered to sell it to them for half that price and they could have the extreme profit since the car is only worth maybe 60K on a good day. Of course they refused.
We went elsewhere and we are not going back on the other cars either. Ed
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