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Just saw a Hagerty ad for "CHERISHED SALVAGE COVERAGE". If I understand the ad correctly, if your vehicle is a total loss, you can retain your vehicle with no buyback charge, by paying 15% over the annual normal premium amount. Does anyone have any experience with this coverage?
Also keep in mind that Hagerty is not an insurance company. They are a insurance broker. Most of the Hagerty policies are written by Progressive.
Adam Boca at NCM once told me that no one should ever believe an insurance agent or broker. The only thing you can believe is the actual written policy.
Statistically the insurance company will make money on the coverage.
Thats why the offer it, how many people do you know that totaled their classic Corvette?
Last edited by ohiovet; 05-11-2017 at 09:31 PM.
Reason: correction
Statistically the insurance co mpany will make money on the coverage.
Thats why the offer it, how many people do you know that totaled their classic Corvette?
Good point. Not many. There have been a few that were stolen and never recovered or recovered after the were fried crispy or getting readr to be put into a shipping container and headed over seas after 20 or 30 + years, but very few where the owner totaled the car in a crash.
Last edited by Mike Terry; 05-11-2017 at 02:44 PM.
Also keep in mind that Hagerty is not an insurance company. They are a insurance broker. Most of the Hagerty policies are written by Progressive
From Hagerty's website:
HAGERTY INSURANCE AGENCY AUTO DISCLOSURES
Our Underwriters:
Your policy may be underwritten by one of the following insurance companies, which carry an A.M. Best rating of A (excellent) or better:
Essentia Insurance Company (NAIC 37915)
Nationwide Mutual Insurance Company (NAIC 23787)
Nationwide Insurance Company of America (NAIC 25453)
Our International Touring Liability Program is offered through:
Hagerty International Limited
And underwritten by:
Hiscox Insurance Company
Our Overseas Shipping Program is underwritten by:
Lloyd's
Hagerty Plus:
Roadside assistance services are provided by Signature Motor Club or National Motor Club.
Membership in Hagerty Plus is provided by HagertyPlus, LLC, a non-insurance affiliate of Hagerty Insurance Agency, LLC, a fully licensed insurance agency.
Contact Information:
Any questions or concerns regarding this site or the company should be directed to:
Hagerty Insurance Agency, LLC
P.O. Box 87
Traverse City, MI 49685
U.S. Producer Compensation Disclosure:
Hagerty Insurance Agency, LLC and Hagerty Classic Marine Insurance Agency, LLC (“Hagerty”) are insurance producers licensed in all 50 states and the District of Columbia. The purpose of this notice is to provide you with information about how Hagerty is compensated.
Hagerty receives a commission based upon a fixed percentage of each policyholder’s insurance premium. The commission percentage varies according to the insurer and the product sold by Hagerty. The commission is paid by the insurance company to Hagerty each policy term for both new policies and renewals. Hagerty may also receive additional compensation from insurance companies based upon a number of factors, including, without limitation, growth, profitability, volume of business, and retention. This additional income is not guaranteed.
If you would like to know more about the compensation we expect to receive as it relates to your policy, you may email auto@hagerty.com or call 800-922-4050.
05-11-2017, 10:55 AM
More insurance stuff
