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BAD BOW TIE
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Discussion Starter #1 (Edited)
Just got an e-mail from Hagerty insurance. Get them almost everyday as I am a member of the driving club and an insurance holder. They have a new offer and thought I would throw it out there if anyone is interested.

If you are already insured with them for an agreed upon amount with no deductible, then for a small increase in premium on your policy you still get the agreed upon amount with no deductible, and you get to keep the salvaged vehicle to rebuild or use as parts at no charge.

They call it Cherished Salvage Coverage.

With Hagerty's Cherished Salvage® coverage, you can keep your vehicle in event of a covered total loss – and still get paid for it's full insured value.


From there you can choose whether you want to restore it or use the parts for your next project. Either way, the car you love lives on.

I plan on looking into this. Sounds to good to be true.
 

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Just got an e-mail from Hagerty insurance. Get them almost everyday as I am a member of the driving club and an insurance holder. They have a new offer and thought I would throw it out there if anyone is interested.

If you are already insured with them for an agreed upon amount with no deductible, then for a small increase in premium on your policy you still get the agreed upon amount with no deductible, and you get to keep the salvaged vehicle to rebuild or use as parts at no charge.

They call it Cherished Salvage Coverage.

With Hagerty's Cherished Salvage® coverage, you can keep your vehicle in event of a covered total loss – and still get paid for it's full insured value.


From there you can choose whether you want to restore it or use the parts for your next project. Either way, the car you love lives on.

I plan on looking into this. Sounds to good to be true.
:rolleyes:

Auggie, what a very timely post you just made. I am also (I think) a member of the drivers club?.....but am for sure insured by Hagerty. Just a week or so ago, I upped my (guaranteed value) to $30,000. This cost me less than a $100 increase in premium.

Where I'm questioning your posted comments are the (offer) you are now stating as to "keeping the salvaged vehicle to rebuild or whatever for no charge.

My latest statement said..............Your guaranteed Value will be "adjusted" if you want to keep your salvage after a total loss. Looking further into all the "small print", I see that what I believe you are describing is known as (Cherished Salvage). What is the additional charge for getting that (Cherished Salvage) added to your premium.:unsure:
 

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2006 Pacific Blue 6 speed Custom
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Hmmm.... ?
 

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Just got an e-mail from Hagerty insurance. Get them almost everyday as I am a member of the driving club and an insurance holder. They have a new offer and thought I would throw it out there if anyone is interested.

If you are already insured with them for an agreed upon amount with no deductible, then for a small increase in premium on your policy you still get the agreed upon amount with no deductible, and you get to keep the salvaged vehicle to rebuild or use as parts at no charge.

They call it Cherished Salvage Coverage.

With Hagerty's Cherished Salvage® coverage, you can keep your vehicle in event of a covered total loss – and still get paid for it's full insured value.


From there you can choose whether you want to restore it or use the parts for your next project. Either way, the car you love lives on.

I plan on looking into this. Sounds to good to be true.
You contradict yourself in one statement..."for a small increase in premium .... and then .... at no charge".
I'm sorry but an increase in premium is a charge in my book.
 

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BAD BOW TIE
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Discussion Starter #5
You contradict yourself in one statement..."for a small increase in premium .... and then .... at no charge".
I'm sorry but an increase in premium is a charge in my book.
What they are saying is after they pay you the full agreed upon sum if your vehicle is totaled there is no charge to buy back the salvage You are confusing the two. You do pay a small extra fee on your premium to get that benefit. I still don't know what the small add on fee is yet. Haven't talked to my agent.
 

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BAD BOW TIE
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Discussion Starter #6
Just got the new "Cherished Salvage Coverage" quote. Here is what they do:
1. If your SSR is totaled they pay you the agreed upon amount in full.
2. No deductible.
3. You keep the vehicle at no charge.

Each state is different he said so he figured mine on South Dakota and it would increase my yearly premium by $119.00 dollars.
 

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That sounds like a good deal. Sadly most people don't bother with their vehicle when its been in an accident, they are quick to move on. I am on the look out for a wrecked SSR that I could put back together.
 

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That sounds like a good deal. Sadly most people don't bother with their vehicle when its been in an accident, they are quick to move on. I am on the look out for a wrecked SSR that I could put back together.
That sounds like a good deal. Sadly most people don't bother with their vehicle when its been in an accident, they are quick to move on. I am on the look out for a wrecked SSR that I could put back together.
:unsure:

OK, this seems to me like exactly perfect timing to get a thorough response from HUAW. Those of us following recent events know that he had a flip over accident and as a result, a trashed SSR. Subsequently, he related that he finally worked a "deal" with his insurance and was able to therefore pony up for a new ride of equal and/or better value.

We did try to get some answers as to what happened to his prior ride, and if or not he was able to (salvage) any of the goodies from it. Not sure we did or did not understand that outcome.

His answer could help us determine if selecting this "Cherished Salvage Coverage"...........makes sense to go after.
 

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BAD BOW TIE
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Discussion Starter #9
I think I am going to get the coverage because it is only $119 dollars more a year. You get your full agreed upon amount with no deductible and you keep the vehicle. You can repair it, part it out, or sell it. Sounds like a no brainer to me. Even if you sold the salvage for about $6000 at $119 a year it would take 50 years before you would be in the hole.
 

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I think I am going to get the coverage because it is only $119 dollars more a year. You get your full agreed upon amount with no deductible and you keep the vehicle. You can repair it, part it out, or sell it. Sounds like a no brainer to me. Even if you sold the salvage for about $6000 at $119 a year it would take 50 years before you would be in the hole.
:rolleyes:

Yeah but.........Where did the accident happen? In your home town area or were you several states away when things went wrong. If so, ya gotta deal with having the wreck put on a carrier and transported back to your home area. That could be a significant cost. Now that you have it back, where do you put it,? Many of us live in suburban areas and leaving a "wreck" in the driveway or side yard is not gonna fly.

This means getting the thing to a safe area, like a storage facility that too will run up some bills while at the same time, maybe keeping some from pilfering parts off of your wreck to sell on their own. Are you capable of pulling the parts off yourself to advertise and sell or might you need someone more into that kind of work to remove valuable parts and set it up so that you can advertise and sell them.

I agree it's a tempting offer given the (rareness) of the SSR, but I'm not yet convinced it would be a "no brainer" as you suggest.

This is why I think HUAW could lend a recent perspective on this very issue.
 

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You folks that are with Hagerty's. What is your average mileage per year. I had the TOY 4 yrs, have driven 36,000 miles in those 4yrs. I do not qualify for there rates as classic car because of excessive milage per year. If you go to different shows or rallies in other states all year, even though it is not a daily driver your milage is to excessive for them.
 

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:rolleyes:

Yeah but.........Where did the accident happen? In your home town area or were you several states away when things went wrong. If so, ya gotta deal with having the wreck put on a carrier and transported back to your home area. That could be a significant cost. Now that you have it back, where do you put it,? Many of us live in suburban areas and leaving a "wreck" in the driveway or side yard is not gonna fly.

This means getting the thing to a safe area, like a storage facility that too will run up some bills while at the same time, maybe keeping some from pilfering parts off of your wreck to sell on their own. Are you capable of pulling the parts off yourself to advertise and sell or might you need someone more into that kind of work to remove valuable parts and set it up so that you can advertise and sell them.

I agree it's a tempting offer given the (rareness) of the SSR, but I'm not yet convinced it would be a "no brainer" as you suggest.

This is why I think HUAW could lend a recent perspective on this very issue.
Yup. It's not a walk in the park as some may think. Ya almost gotta be in the salvage business to come out on top. Could it be a good deal? Perhaps. But the cards would have to fall in just the right order for that to happen. I've had several "rare" salvage vehicles. It worked for me but I was actually building a vehicle of the same breed. But I gotta say, getting rid of all the unwanted pieces was a real pain in the ass. just my $.02.
Auggie, you're in South Dakota, right? Isn't that kinda like New Mexico... the middle of no where? There aren't a lot of people looking for SSR stuff here so I bet it's the same for your area.
 

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Yup. It's not a walk in the park as some may think. Ya almost gotta be in the salvage business to come out on top. Could it be a good deal? Perhaps. But the cards would have to fall in just the right order for that to happen. I've had several "rare" salvage vehicles. It worked for me but I was actually building a vehicle of the same breed. But I gotta say, getting rid of all the unwanted pieces was a real pain in the ass. just my $.02.
Auggie, you're in South Dakota, right? Isn't that kinda like New Mexico... the middle of no where? There aren't a lot of people looking for SSR stuff here so I bet it's the same for your area.
But it's a beautiful middle of nowhere.
 

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2006 Pacific Blue 6 speed Custom
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@moscooter Not sure how my recent events will assist in someone weighing the option to keep their totaled truck for the $119 premium increase.
My insurance company told me that my buy back price would be around $7500. I thought that was too high but as others have stated, not having a place to store it or the time to remove parts, sell and ship parts seemed like way too much work for me. I just wanted a "fair market value" and replace the truck. Which for the $33K I received, I was able to do that. I had nothing but a "full coverage" insurance policy. The process I used was shared in this post;

The truck was auctioned off at Coparts in Ft.Wayne, Indiana. It sold for around $6,900 which included all fees. It is now in Lyons, Ga. at the Parts Farm. I was able to retrieve a few items from the truck but not as much I would have liked. Went on a 3 week vacation shortly after the wreck and settled with Auto Owners while out of town. A friend did get my Windjammer, custom air breather and that was about it...

Hope this helps...
 

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BAD BOW TIE
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Discussion Starter #15
You folks that are with Hagerty's. What is your average mileage per year. I had the TOY 4 yrs, have driven 36,000 miles in those 4yrs. I do not qualify for there rates as classic car because of excessive milage per year. If you go to different shows or rallies in other states all year, even though it is not a daily driver your milage is to excessive for them.
They told me no limit just garaged when home, can't be your daily driver or only vehicle. Did not look at or record my odometer when I signed up.
 

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Auggie, it sounds like you really want to do this so knock yourself out. Hope you never have to put that $119 per year to use.
 

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They told me no limit just garaged when home, can't be your daily driver or only vehicle. Did not look at or record my odometer when I signed up.
I didn't hear the comment.......No limit, but rep was not at all concerned about all the travel that I was gonna have associated with going to upcoming Rally. I do believe the two "key" things they desire is that the SSR is not your daily driver and you do keep it garaged at home.
 

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BAD BOW TIE
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Discussion Starter #18
Called Hagerty Insurance and added the "Cherished Salvage Coverage" on my SSR. They pro-rated it for $63.00 for the rest of this year to April and then it will be $119.00 a year from then on.
 

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BAD BOW TIE
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Discussion Starter #20
What kind of premiums per year are you paying?

Dave

When I first started out I had American Family full coverage. They go by blue book value when wrecked. That premium was $1128.40 and it would pay about $25,000 or less at this time and had a $500 deductible. I switched to Hagerty in April for better coverage including driving club and roadside assistance with agreed upon value of $30,000.00 with no deductible for $790. Now they offered the Cherished Salvage Coverage for $119.00 a year more. They did tell me there are variables based on the state and city you live in , population, etc. My numbers were based on Sturgis South Dakota. Hope this helps you out.
 
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