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Discussion Starter · #1 ·
Hey guys I desperately need help with this...
I was recently in an accident in my 2008 gt500. When I purchased the vehicle Hagerty agreed on a value of 64000.00 with my parts and upgrades. My car has frame damage with the accident and is coming up as 23000.00 damage but the adjuster cannot find a comparable vehicle with that value and the ones he are finding are 30k which would make my vehicle a total loss. Safety is my biggest concern and if Hagerty were to not total it due to the agreed value instead of the actual value I would be left with what would possibly be a car that legally should have been totaled. Has anyone else had this issue with Hagerty? Any info would absolutely be appreciated especially from admin and guys that have seen all the other posts.
 

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Hey guys I desperately need help with this...
I was recently in an accident in my 2008 gt500. When I purchased the vehicle Hagerty agreed on a value of 64000.00 with my parts and upgrades. My car has frame damage with the accident and is coming up as 23000.00 damage but the adjuster cannot find a comparable vehicle with that value and the ones he are finding are 30k which would make my vehicle a total loss. Safety is my biggest concern and if Hagerty were to not total it due to the agreed value instead of the actual value I would be left with what would possibly be a car that legally should have been totaled. Has anyone else had this issue with Hagerty? Any info would absolutely be appreciated especially from admin and guys that have seen all the other posts.
Well! I have Hagerty as well with agreed values. I have my values set pretty close to their current values, which gets reassessed annually. It has not occurred to me that an inflated agreed value could be a bad thing in the case of an accident.

At this point, I’d say you are stuck. It’s simply a numbers game for insurance companies. If your car has an actual value in the twenties, but you have it insured in the sixties, the insurance company will not pay out the sixty grand+ to total the car unless it costs more than that to fix it. Hagerty, in this case, will pay to fix the car for considerably less.

Sorry about your accident. Theft would have been easy... the car is gone and you have an agreed value on your plan.
 

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Discussion Starter · #3 ·
Well! I have Hagerty as well with agreed values. I have my values set pretty close to their current values, which gets reassessed annually. It has not occurred to me that an inflated agreed value could be a bad thing in the case of an accident.

At this point, I’d say you are stuck. It’s simply a numbers game for insurance companies. If your car has an actual value in the twenties, but you have it insured in the sixties, the insurance company will not pay out the sixty grand+ to total the car unless it costs more than that to fix it. Hagerty, in this case, will pay to fix the car for considerably less.

Sorry about your accident. Theft would have been easy... the car is gone and you have an agreed value on your plan.
But if it’s a safety concern due to the total damage and the car would have been totaled out based on actual value do I have ground to stand on to fight it over safety concerns?
 

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But if it’s a safety concern due to the total damage and the car would have been totaled out based on actual value do I have ground to stand on to fight it over safety concerns?
I honestly don’t think it is a safety concern. Even the worst wrecked car can be properly rebuilt given a larger set of funds. I totally get your frustration on the matter though, but since you set up your policy with such an elevated agreed value, this is what you have to work with now.

If you take the example to the opposite extreme... let’s say you had an agreed value of $5k. Any moderate damage would have totaled the car in the insurance company’s eyes.
 

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Discussion Starter · #5 ·
I’m not the one that
I honestly don’t think it is a safety concern. Even the worst wrecked car can be properly rebuilt given a larger set of funds. I totally get your frustration on the matter though, but since you set up your policy with such an elevated agreed value, this is what you have to work with now.

If you take the example to the opposite extreme... let’s say you had an agreed value of $5k. Any moderate damage would have totaled the car in the insurance company’s eyes.
I didn’t set the value that’s the issue. When I told them what my car was and the parts on it this is the price their computer pooped out.
 

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I’m not the one that

I didn’t set the value that’s the issue. When I told them what my car was and the parts on it this is the price their computer pooped out.
When you initially set up your insurance with them, I assume you guys talked “value” for your agreed value policy...? When I switched my Cobras to Hagerty last year, they looked up values for each of the cars. They gave me a range of values based on condition and then we agreed to a value for the policy... hence the AGREED value policy.

A for instance: the agent told me my 93 Cobra had a value that topped $45k for a concourse level car. This value blew me away since I paid waaaaay less. I set the policy value to a lower value.
 

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What mods are on the car that are inflating the value that much higher than an unmodified car? I don't think I would want a car that needed/had $30,000 in chassis repairs. I have quite a bit of money tied up in mine, but I could never see anyone paying more than 25% over a similar car without mods in a sale, and it would have to be some that wants that car and those mods. I'd probably take the insurance companies offer and buy the car back from them and salvage the costly components, assuming they weren't damaged in the accident. I know that's not always practical to do. But I have a hard time believing a 2008 could be worth $64k too. Now, if it's a low mileage super snake that may be different, but there has to be a point where no body shop would even want to fool with it. And anyone wanting to buy a low mileage super snake is not likely to take a chance on one that has had significant damage.

I had a similar issue with my home and the insurance company's replacement cost. I ended up changing insurance companies, and I still believe it's over insured.
 

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Discussion Starter · #8 ·
When you initially set up your insurance with them, I assume you guys talked “value” for your agreed value policy...? When I switched my Cobras to Hagerty last year, they looked up values for each of the cars. They gave me a range of values based on condition and then we agreed to a value for the policy... hence the AGREED value policy.

A for instance: the agent told me my 93 Cobra had a value that topped $45k for a concourse level car. This value blew me away since I paid waaaaay less. I set the policy value to a lower value.
Yeah they valued mine at the concourse level as well but it was that clean. I had no idea that this would lead to issues in the end. Now the adjuster can’t validate that amount and no comperable retail one for sale
 

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Discussion Starter · #9 ·
What mods are on the car that are inflating the value that much higher than an unmodified car? I don't think I would want a car that needed/had $30,000 in chassis repairs. I have quite a bit of money tied up in mine, but I could never see anyone paying more than 25% over a similar car without mods in a sale, and it would have to be some that wants that car and those mods. I'd probably take the insurance companies offer and buy the car back from them and salvage the costly components, assuming they weren't damaged in the accident. I know that's not always practical to do. But I have a hard time believing a 2008 could be worth $64k too. Now, if it's a low mileage super snake that may be different, but there has to be a point where no body shop would even want to fool with it. And anyone wanting to buy a low mileage super snake is not likely to take a chance on one that has had significant damage.

I had a similar issue with my home and the insurance company's replacement cost. I ended up changing insurance companies, and I still believe it's over insured.
When they quoted the car they based it con concourse level which it was but that base was 55k and with the 2 sets of custom Bonspeed wheels and the suspension engine and exhaust mods it’s climbed to 64k
 

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When they quoted the car they based it con concourse level which it was but that base was 55k and with the 2 sets of custom Bonspeed wheels and the suspension engine and exhaust mods it’s climbed to 64k
As Catmonkey pointed out, only a Super Snake would have a value anywhere close to that. A regular 07-09 GT500 will have a typical value in the 20s, which could climb into the 30s if it was a super low mile garage queen. Since you agreed to the inflated value, totaling the car isn’t an option.
 

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From working at a dealership for eight years in my semi-retirement, I have seen vehicles that "looked totaled", be repaired and look brand new again. In fact, I was hit driving the courtesy van from behind, and all down the drivers side .... tore up everything from the rear bumper to the front bumper ... looked to me to be a total loss. Well, with a good frame machine, a whole new side structure and body panels, our body shop fixed that van up to look brand new again and I drove that van another 150,000 miles without a problem. Needless to say, I wouldn't have believed it had I not seen/experienced it with my own eyes. So, if you can find a really good, reputable body shop, they can repair these wrecks correctly and with good success. Granted, future buyers will see an accident on the records, and future value will be reduced, but the car can be brought back to excellent condition and safe driving peace of mind. It is just a tough hurdle for the mind to comprehend. Best of luck in your decision.
 

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Discussion Starter · #12 ·
From working at a dealership for eight years in my semi-retirement, I have seen vehicles that "looked totaled", be repaired and look brand new again. In fact, I was hit driving the courtesy van from behind, and all down the drivers side .... tore up everything from the rear bumper to the front bumper ... looked to me to be a total loss. Well, with a good frame machine, a whole new side structure and body panels, our body shop fixed that van up to look brand new again and I drove that van another 150,000 miles without a problem. Needless to say, I wouldn't have believed it had I not seen/experienced it with my own eyes. So, if you can find a really good, reputable body shop, they can repair these wrecks correctly and with good success. Granted, future buyers will see an accident on the records, and future value will be reduced, but the car can be brought back to excellent condition and safe driving peace of mind. It is just a tough hurdle for the mind to comprehend. Best of luck in your decision.
My issue is I am at the mercy of the person that cuts away at the 10 year old metal to weld in the new metal to the old metal. That torque box is the link between the front frame rail to the unibody. If I decide to race the car or go with the 1500 hp I was planning I could easily break those welds. Or let’s say the guy doing the welding is distracted that day or his or her spouse cheated on them and they aren’t focused. That is my life in their hands. Not to mention the blending of brand new paint to 10 year paint on one complete side of the car.
 

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Sorry you are having to deal with this. It is a good lesson for all that have or are considering agreed value.

How long have you been paying premiums based on a $64,000 agreed value? I think Tim has the right idea of looking at the agreed value each year.

Please keep us posted

Good luck
 
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My issue is I am at the mercy of the person that cuts away at the 10 year old metal to weld in the new metal to the old metal. That torque box is the link between the front frame rail to the unibody. If I decide to race the car or go with the 1500 hp I was planning I could easily break those welds. Or let’s say the guy doing the welding is distracted that day or his or her spouse cheated on them and they aren’t focused. That is my life in their hands. Not to mention the blending of brand new paint to 10 year paint on one complete side of the car.
All I can say is, the technicians in our body shop performed welds that were better than the "factory robot spot welds", and our painter was top notch. We had customers that owned other makes than sold by this dealership, but they always brought them to our bodyshop because they knew how good these guys & gals performed. I'll admit, the trick is to find a good, reputable body shop. If they know your future intentions, they can actually weld in sub-frame connectors and make the car stronger than it ever was from the factory. I don't envy your position ... it's never easy dealing with a pristine car that has been wrecked. Once again, I wish you the best !!
 
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