Got T boned last night. He has State Farm, I have Haggerty with an agreed value. If SF refuses to meet my stated value, does Haggerty cover the balance?

SEE UPDATE BELOW

 

You should have agreed value with Hagerty. They will pay the full amount agreed to. Stated value you might get only a few thousand.

 

Id call Hagerty and ask for advise.

 

Deal with Hagerty directly. That's why you have insurance. If the process gets convoluted, they will represent you and deal directly with the other person's insurance. I hope they don't total the car. Best of luck. Jerry

 

I have Hagerty with agreed value and have filed a few claims. T shirt.
If your agreed value is bloated, it's likely Hagerty will Not total car; even if you want to total it.
If you relied upon standard insurance, the situation would be a reverse of that. T shirt.

Suggest deal with Your carrier Hagerty. BUT INSIST ANY ADJUSTER WHO'S ASSIGNED BE VERY EXPERIENCED WITH SPECIAL INTEREST VEHICLES ! T SHIRT ! Ya don't want just any old, cheapest available repair panels !

 

Deal only with Hagerty. Do NOT talk to anyone else.

 

sorry to see that.. hope you are all alright...

 

Hagerty will pay the agreed value and then go after SF. It's called subrogation...

 

I learned this via experience:
If you become stuck with an adjuster who's not equipped with sufficient knowledge of corvette or fiberglass car repair, even hiring another adjuster is difficult to achieve. Most are simply hired guns and most rely solely on employment contracts with only insurance carriers; they're acutely aware of who butters that side of their bread. I found it impossible to hire one. It can be Very helpful to have a trusted, genuine auto body repair shop serve as expert source. However, that's next to impossible unless you commit to that shop and leaving you car there for a long time; all too much like a marriage. T shirt.

Suggest begin a crash course in understanding corvette fiberglass body repair to include identifying the different types and grades of available repair materials / techniques.

 

Apparel Tourette's?
(What's with all the t-shirts?)

 

just direct specific costly experience

 

I’m really sorry this happened to you. I think all of us would like to hear how this journey goes if you’re comfortable sharing some of the details. Best of luck!

 

I believe he means that he's been there, done that, and got the T-shirt...

 

Let haggeryy do what you paid them to do. Also being extra cautious about any medical needs will help in the long run.. good luck I hope that back injury doesn't require surgery.

 

There's nothing wrong with opening claims with both carriers. You can't legally collect twice, but you can open two claims and see what each offers. Then you can select the one that best suits your needs.

There are a lot of potential outcomes here. Most likely, you will be going through Hagerty. But, if your agreed value is low, it's conceivable that State Farm's offer could be higher. State Farm's offer will depend on a couple factors that don't apply to a claim through your own carrier:

-What is State Farm's liability decision? They might decide you are 20% at fault for some (probably BS) reason, and only offer you 80% of the claim value.
-State Farm's insured may not have enough coverage (minimum coverage in Texas for property damage is $25,000).

The scenario you mention, taking State Farm's offer and asking Hagerty to pay the balance, will almost certainly not be acceptable to Hagerty. You will need to pick one or the other.

Don't forget to ask State Farm to pay for a rental car or the fair value for loss of use while your car is out of commission. You probably don't have that coverage with Hagerty, but State Farm should include it as part of the liability claim you will be making. You should be able to make the rental/loss of use claim with State Farm even if you go through Hagerty for the repairs or total loss settlement for your car.

With repair costs the way they are today, unless you have a very high agreed value, I think your car will be totaled out.

 

Try to keep the car regardless if it is totaled. If you get another Vette lots of good parts still there. Use keeping the car as a negotiating tool if they come up short on value as well. Money to be made by you (instead of the insurance company) by parting it out if needed.

Sorry it happened to you and I hope you recover fully.

 

State farm will never come close to your agreed coverage with hagerty. Hagerty charges us an extra fee if you want to keep your car if it's totaled. That's an extra that you pay for. Hagerty will be helpful in collecting from State farm. And please make sure that you get all the medical attention that you could possibly need if you were injured.

 

I'll update once the adjusters have evaluated. I also have a 75 convertible, so I'm OK with this one being a total. If anyone wants to buy the wreck, let me know and I'll see what the terms are. It's in SW Houston, and you'd have to pick it up.

 

To add to Duck's post... In general if you deal with the other parties insurer (SF in this case) you won't have to pay a deductible. But I'd agree w/ others in this specific case it's likely you'll still be better off w/ Hagerty as it's a special case of a classic car.

QUESTION: I've seen Hagerty policies state "Guaranteed Value" - I assume that is the same as 'agreed value' that I see mentioned in this thread - correct?

 

Correct. It's just the term Hagerty uses. Other companies might call the same thing agreed..