As I plan to send the pieces of 5177 out for restoration, I was planning on getting a Hagerty's insurance policy with the thought that it would cover if anything should happen during the process.
This occurred to me when I was talking with FedEx about shipping the transaxle. They implied their insurance value would only be for $5/lb, thus only $1000 and he said even that would be very expensive with them.
Talking with the Hagerty’s agent, they implied their insurance would provide the coverage I was concerned about. I valued the pieces at 20K and the premium will be $200/year.
So the question is, has any one had dealings with Hagerty’s during a restoration and do you think it would provide protection?

A little antidote; when the agent asked the current value, I first replied minus 60K.
Original Post
quote:
A little antidote; when the agent asked the current value, I first replied minus 60K.



I have Hagerty and switched my policy to the same type of policy during my engine rebuild, and well as on my Mustang during it's restoration work (still ongoing). I've had no claims experience with them personally, but I know a couple of PCNC members who have dealt with them on claims and both said it was a simple process with no hassles, headaches or claims disputes, and they highly recommended Hagerty as a result. I know there are some cheaper companies out there, but I don't want to find out why they're cheaper when the time comes that I have a claim.
quote:
Originally posted by JFB #05177:
quote:
Originally posted by garth66:...
..


Is that because my estimate to get it back together is too LOW Confused

Rolling on the floor laughing at the "minus" $60K comment. Sounded like you were making a joke about how much you've spent on it beyond what you thought it's worth. Maybe I just misread that statement.

I just upped the coverage on my Pantera to $70K. A fellow PCNC member had his insured for $50K a few years ago and had an accident. The repair estimate came in at $48K to fix it properly. Hagerty wanted to write it off, but my friend determined that spending the $48K to properly fix his car would result in a far better car than he could buy for the $50K replacement value of his insurance coverage. His car had a number of other mods and upgrades including a supercharged 5.8L quad cam engine. Hagerty paid for the repairs and as soon as they were complete, he upped his coverage to $100K. Hagerty had no problems with his new valuation either.
You won't have trouble with Haggerty but you might with the shippers. Some carriers simply won't deal with really heavy shipments t or from certain places, and others have no concept of Pantera parts values. A ZF weighs 155 lbs and one of my friends fought with Railway Express for a year- including hiring a lawyer, when they BROKE a wooden crate in transport and damaged a ZF inside. Another shipped a disassembled ZF and the shipper broke the box open and somehow lost the 2-1/2 foot long mainshaft- around $2500 used.
My Primary car insurer (Farm Burea) just informed me he might be able to write me the Hagerty policy. wanting on his reply. Especially if it will cover the parts durring shipping

Garth66, it is not really a joke Wink, just by having those pieces, I feel like I don't have an access but a liability of what I expect to put out just to get it on the road.

the way I have been rationalizing it.
I currently own a 20K car.
IF I spend 60K, I am hoping to have a 40K car

so if I sold the 20K car, I could by a 60K car and be 40K ahead

Makes perfect sense?
Is there any down side of having your regular carrier?

while I think I have a good agent, I have been having problems dealing with Farm Burea this year. (apperantley you can't have two home owner policies. so I do foresee a possible problem if he writes with Hagerty now, then once on the road have to add it to my regular policy with restrictions.

Now that i think about it, the reason he got involved was I was two lazy to scan my regular policy and emailed him for a PDF and asked about letting some one else take the trailer of parts.

I'll hear what he has to say, hopefully tomorrow and make up my mind which way to go next week.
I finally got around to sending in the forms to Hagerty. I did get an interesting call back.

first, in this electronic era, they would not accept an electronic signed application form as a PDF via email, must be faxed. So I sent it via an online fax service. Confused

Next question they had was my declared value of 20K was way below there value for "fair". they had current values of 52K to 80K.

Supposedly this $100 policy will cover fire/thief and damges during transport.

Add Reply

Likes (0)
Post
×
×
×
×