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Discussion Starter · #1 ·
Does anyone know how Insurance companies assess a payout in the event of the total loss of a car?

The thing is, Hagerty (the insurance company) have their own tool which values a Silver Shadow at 9K for good condition and 15k for excellent. So, although I value my car at 20k, there seems no point in me specifying this figure when re-newing my premium, as they presumeably will only offer in the region between 9K and 15K in the event of it's loss. i.e. there is no point in me paying more for my insurance when I will only ever get 15k max if it is totalled.

I just wondered how other owners insured their cars.
 

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Check "American Collectors Insurance". I have them for 30 yrs. Had a fire ( 7 cars) in 1983 and they paid out quickly at stated value. I have my current RR's with them now and way less than Hagerty.
It's always good to compare.
 

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I have Hagerty and we have an agreed upon value of 38k...not sure if that's a different type of of policy? Now I'll have to call them and be sure.
 

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Discussion Starter · #5 ·
Hi Jonny

I've just rang Hagerty myself to check. I spoke to an advisor called Chelsea who was conversant with all the rules and said in the event of a total loss they will "send you a check for the insured amount".

The other thing I clarified with her was the statement I'd read somewhere (probably the policy itself) that you should not use the car for shopping trips. She told me that it is ok to use for occasional shopping but they were trying to discourage the insured car's use as a daily driver. I'd made the mental note that in the unfortunate event of an accident/collision, make sure you get all the shopping out the trunk before the police arrive. Seems that is not necessary.

I've insured my car for 18k - I value the car higher but I just wanted to cover purchase price and maintenance costs over the past 9 years of ownership. The premium is just $305. I suspect at 38k you are paying a much higher premium?
 

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I have stated value insurance on my two cars, too.

I think it's 20K on one and 15K on the other, but I'd have to go back and check. The premium for both is under $400 per year.

I also got a policy that does not limit mileage nor use strictly for "club activities." I'd never come close to the mileage limits were there any anyway, but I wanted to be able to use either one whenever I cared to (except they can't be used for day-to-day commuting or error running).
 

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I pay $454 annually for mine. Its definitely not a daily driver for me. I also pay another $175 I believe to hagerty to be in the hagerty drivers club, that gives me towing and the hagerty magazine I think....I know it gives me soft strap towing as I've used it a few times to my mechanic...so total to Hagerty is $629.
After sending photos and whatever else they asked for we have agreed on the 38k. The car is beautiful and if it were a total loss 38k is what's needed to buy a Rodd Sala example which would be of the same quality as mine at least mechanically as I've spared no expense on that front. She looks pretty good too👍.
Financially speaking I have at least 38k invested and probably more, I'm stopping short of adding it all up as I don't want to see how stupid I am....lol. When you have a passion, money comes secondary even if it makes you seem nuts.
 
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