Time to raise the agreed value?
Thread Starter
Le Mans Master
Joined: Jan 2007
Posts: 8,043
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From: Omaha NE
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Time to raise the agreed value?
I've been with Hagerty for about 10 years, and for the 1st time ever I got an e-mail suggesting I should raise my value.
From day one I've had mine at $15k. Hagerty's current value on a #2 excellent condition '76 L48 is $18,200. Up 19% from a year ago.
And after looking at their valuation tool it looks like all C3's are up anywhere from around 15% to 27% since last May.
So I bumped mine up to $20k and it only cost $51 a year more. Better safe than sorry, God forbid.
Anyone else doing this?
From day one I've had mine at $15k. Hagerty's current value on a #2 excellent condition '76 L48 is $18,200. Up 19% from a year ago.
And after looking at their valuation tool it looks like all C3's are up anywhere from around 15% to 27% since last May.
So I bumped mine up to $20k and it only cost $51 a year more. Better safe than sorry, God forbid.
Anyone else doing this?
Popular Reply
May 18, 2022, 04:11 PM
Just another Corvette guy
Joined: Feb 1999
Posts: 8,518
Likes: 3,865
From: Palm Springs, CA.
It's an insurance sales pitch to increase revenue.
Instructor
Joined: Feb 2018
Posts: 119
Likes: 68
From: Greensboro NC
I just received a similar communication from Hagerty. I had my pristine 1972 4 speed insured at $35000. They recommended raising it to $38000. Only cost an extra $19 per year. Prices are going up....
Melting Slicks
Joined: Jan 2000
Posts: 3,326
Likes: 524
From: home
I'm at that point right now. I'm going to update my policies on my 69 L71 and 87 Grand National to $95,000 and $65,000 REPLACEMENT value. According to my State Farm agent, I need to send them four 3/4 view exterior pictures, one interior and one engine picture. They will review it and let me know the outcome. Being as I have 4 cars and my house with them and my ex girlfriend (28+ years ago) is my agent, I don't foresee any issues doing this. Then again, I'm dealing with an insurance company.
Tech Contributor
Joined: Aug 1999
Posts: 15,188
Likes: 4,010
From: Connecticut, USA
I got that a few weeks ago and so have many people I know. I have to agree it seems like a sales pitch. I didn't change my value, I am happy where it is. I also heard they sold out or are now on the market? Could it be another place is changing?
Melting Slicks
Joined: Feb 2017
Posts: 2,380
Likes: 838
From: New York
2017 C3 of the Year Finalist
St. Jude Donor '20- '21
I still think Hagerty valuations are way too high. As much as I love my cars I would sell them in a heartbeat if I could get Hagerty’s number three valuation for both. The good news is I don’t think anybody would pay me that kind of numbers for either of these cars. Ike
Thread Starter
Le Mans Master
Joined: Jan 2007
Posts: 8,043
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From: Omaha NE
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I don't really see it as a sales pitch, just the reality of the times. Our cars are worth more now than ever.
What I don't get is why collector cars are being swept up in this used car frenzy.
My son-in-law sold his Audi to Carvana last week for $4k more than he paid a year & a half ago. That's after he put 20,000 miles on it!
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Drifting
Joined: Nov 2016
Posts: 1,966
Likes: 580
From: Pittsburgh PA
I never listen to what my insurance company tells me my car is worth. like others said, I think its just a sales pitch. classic/collector vehicle insurance seems like a VERY low risk for the insurance company, and a very easy way for them to make money. im sure they are happy to increases cars coverage (and premium right along with it)
I also agree i think the hagerty values are a bit skewed. maybe its because they start with "concours" which 99% of cars aren't
I also agree i think the hagerty values are a bit skewed. maybe its because they start with "concours" which 99% of cars aren't
Racer
Joined: Aug 2015
Posts: 387
Likes: 144
From: Pine Ridge FL
I upped mine too. Both the market increases and all the work I put into it after buying it three years ago. I did my own research outside of what they were saying the worth was to verify what they were telling me.
Thread Starter
Le Mans Master
Joined: Jan 2007
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From: Omaha NE
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Until you need it. And I had a front row seat several years ago to what can happen...My buddy lost his '63 Impala show car in a garage fire caused by a faulty neon beer light. And he didn't have agreed value.
State Farm's 1st offer was $3k. After weeks of back & forth he settled for $15k. Half what it was worth at the time.
The way I look at it I spend $51 bucks every time I go to the gas station. What's an extra $51 a year for peace of mind?
Drifting
Joined: May 2018
Posts: 1,545
Likes: 405
From: Brampton, Ontario Canada
Until you need it. And I had a front row seat several years ago to what can happen...My buddy lost his '63 Impala show car in a garage fire caused by a faulty neon beer light. And he didn't have agreed value.
State Farm's 1st offer was $3k. After weeks of back & forth he settled for $15k. Half what it was worth at the time.
The way I look at it I spend $51 bucks every time I go to the gas station. What's an extra $51 a year for peace of mind?
True!
Race Director
Joined: Nov 2003
Posts: 10,696
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From: Cottonwood AZ
C1 of Year Finalist (performance mods) 2019
I guess it depends on what you own and how long you have owned it. I have bought three classic Corvettes in the last 5 years and in the last year I have seen significant value increases in my two midyears. I just raised my agreed value for both of them to what Hagerty has in their valuation guide. My 1966 L72 @ $150k. My 1965 @ $100k which seems high to me but the market has been getting crazy lately. My premium for both cars including no cost glass replacement, Hagerty Drivers Club (roadside assistance) and $250. deductible is just over $1800. per year for the two cars.
Race Director
Joined: Oct 2008
Posts: 19,264
Likes: 1,678
From: Long Island
TO increase or not increase all depends on what you want with the car.
Do you want a check and return of what you paid for it .
Do you want it fixed (if possible) and returned to you in the condition it was in / or better.
The cost of repair for a collision has spiked a lot. Where I am, they are quoting a rear hit at $35k. I did not think it would be even half of that. The guy is Luckey he has it at $60k agreed value. The big block / a/c C3 is getting repaired. ( a ding bat on her cell texting at a light. ) Rear Clip , and they have to paint the doors and back. Quotes for a paint job here run $25k +.
Ask around and see the repair costs and cost to paint in your area - then decide wisely.
I bumped my 72 and 67 to the max, the 71 and 85 are also high. But I intend to keep them.
Do you want a check and return of what you paid for it .
Do you want it fixed (if possible) and returned to you in the condition it was in / or better.
The cost of repair for a collision has spiked a lot. Where I am, they are quoting a rear hit at $35k. I did not think it would be even half of that. The guy is Luckey he has it at $60k agreed value. The big block / a/c C3 is getting repaired. ( a ding bat on her cell texting at a light. ) Rear Clip , and they have to paint the doors and back. Quotes for a paint job here run $25k +.
Ask around and see the repair costs and cost to paint in your area - then decide wisely.
I bumped my 72 and 67 to the max, the 71 and 85 are also high. But I intend to keep them.
Last edited by BLUE1972; May 19, 2022 at 09:25 PM.
Pro
Joined: Mar 2005
Posts: 638
Likes: 192
From: Las Vegas NV
I'm at that point right now. I'm going to update my policies on my 69 L71 and 87 Grand National to $95,000 and $65,000 REPLACEMENT value. According to my State Farm agent, I need to send them four 3/4 view exterior pictures, one interior and one engine picture. They will review it and let me know the outcome. Being as I have 4 cars and my house with them and my ex girlfriend (28+ years ago) is my agent, I don't foresee any issues doing this. Then again, I'm dealing with an insurance company.
Last edited by VistaVette; May 20, 2022 at 09:13 AM.
Pro
Joined: Mar 2005
Posts: 638
Likes: 192
From: Las Vegas NV
Of course the insurance company stands to make more money with this, they're in the business of making money. A buddy of mine had a sign in his office for years:
"When buying an insurance policy the customer only cares about the price.
"When there's a claim they only care about the coverage"
I've been an insurance agency owner for nearly 20 years, this is exactly how it always goes.
"When buying an insurance policy the customer only cares about the price.
"When there's a claim they only care about the coverage"
I've been an insurance agency owner for nearly 20 years, this is exactly how it always goes.
Burning Brakes
Joined: Oct 2012
Posts: 882
Likes: 52
I got the same communication from Haggerty for my 1971 and 1985.
I reviewed what they proposed, and I think the numbers they suggested were on the high side.
i renew in August, and i am going to review the increase at that time after the summer auction season.
My 1985 is not worth much, but the 1971 is. So i may increase that one.
I reviewed what they proposed, and I think the numbers they suggested were on the high side.
i renew in August, and i am going to review the increase at that time after the summer auction season.
My 1985 is not worth much, but the 1971 is. So i may increase that one.
Thread Starter
Le Mans Master
Joined: Jan 2007
Posts: 8,043
Likes: 3,344
From: Omaha NE
2025 c3 ('74-'82) of the Year Finalist - Unmodified
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Yeah, that's my baby.