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 Post subject: Hagerty turned me down
PostPosted: November 25, 2013, 6:00 pm 
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Joined: July 4, 2006, 5:40 pm
Posts: 1858
Location: Novato, CA
They said my Locost wasn't worth enough for them to insure it. Who else should I try?


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PostPosted: November 25, 2013, 6:08 pm 
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Joined: April 22, 2010, 4:43 pm
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Location: Livermore, Calif.
What was your declared value?

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PostPosted: November 25, 2013, 6:08 pm 
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$7K. It's what I told the DMV, thought I should keep my stories straight.


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PostPosted: November 25, 2013, 7:04 pm 
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Okay, I'm covered. My regular insurance agreed to take it on for an extra $98/yr. It's actually a little more than that, but it qualified me for their multi-car discount.


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PostPosted: November 25, 2013, 7:17 pm 
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Joined: April 23, 2006, 8:26 pm
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Just make sure they understand what they're insuring. You don't want to find out that after an accident, they say something like, "Oh, it wasn't clear that this is not a 'kit', so you're not covered."

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PostPosted: November 25, 2013, 7:21 pm 
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Joined: July 17, 2008, 9:11 am
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Location: West Chicago,IL
That is the exact dollar that Hagerty insures mine for. BUT, Hagerty surprisingly, is not an insurance company, like State Farm or Allstate. It is just an Insurance Agency with great focus and marketing. They use an underwriting insurance company, Essentia Insurance Company. They, Essentia was sold by their owner this last year and their new policies may have different requirements for writing new policies. Probably more than you want to know.

Did you ask Hagerty what their current minimum coverage is?

Oops, too late. Just read that you now have coverage thru your own insurance. Just make sure it is a "Agreed Value" policy and not a "Stated Value" one.

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PostPosted: November 25, 2013, 7:28 pm 
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Location: Novato, CA
I explained in great detail what they were insuring. The phone rep was actually a little incredulous that it was possible to build a car from scratch, but we talked at length about the SPCNS progam and the hobby in general, and that I wasn't the only one who was doing it.

Not that they still won't try to deny coverage if they can come up with some kind of loophole, but the main thing is, I have proof of insurance, with the VIN and everything, so I don't have to fear getting stopped.

And Chuck, they took the same number I gave to the DMV as the value of the car--$6950. I just hope I never have to collect.


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PostPosted: November 25, 2013, 7:49 pm 
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Joined: December 7, 2012, 8:28 am
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Location: Sarasota
I was thinking about the cost of my car and similar to yours my invested value will be around $7000. However if I look at replacement cost if someone else destroyed my car or it was stolen then I would say the Turn Key Supercharged Stalker would be close to my car. It has similar Power and weight etc. and its value around $38,000 with a roll cage. Resale cost is obviously what ever someone will pay for it and in my case if I can beat everyone racing maybe worth around $25,000 if it is just fast but nothing special then maybe $10,000.
Any ideas about how different values would effect the insurance cost. As I have to pay insurance I want it to be worth having.

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PostPosted: November 25, 2013, 9:29 pm 
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The other thing about setting a value is that if it is too low then repairable incidents will still result in a write-off. "Oops, the quoted repair cost is more than the value: here's your cheque, just give us the car." I wonder if (many, any?) insurers will let you do your own repairs and just cover parts and materials?

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PostPosted: November 25, 2013, 9:38 pm 
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Location: Novato, CA
I'll never make a claim against my insurance company. Did that once and they recovered the whole amount and more in increased premiums over the next three years. I figure if I break it, I'll fix it.


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