Quote:
Originally Posted by gEtyOpAPiOn
how does that hagerty insurance work? do they total the car and give your the agreed value ? or do they give you the money to repair it and make it a salvaged vehicle ?
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Someone over on pro-touring asked a somewhat related question about how Hagerty operates, so I'll do my best to explain for all the inquiring minds out there.
First, I do not believe that the car will have a salvage title. Typically cars acquire salvage titles when insurance companies write them off as a "total loss." generally, a total loss is calculated after crunching certain numbers at certain rates, and arriving at the conclusion that the cost of repair would exceed 70% of the car's estimated value prior to the accident. For example, the value of the Saturn that hit me was probably a couple thousand dollars, and repairing that Saturn after the lady hit me would run more than three grand, so her insurance company will most likely deem it a total loss, and would then have the opportunity to sell the car at auction, where it would then be branded with a salvage title.
In our case, the the 50-60 grand worth of damage doesn't equate to 70% of the car's value. Tomorrow we're meeting with the adjuster (who Dick has dealt with numerous times). Here is what is probably going to happen: the adjuster will show up, look over the car, and look over the itemized estimate that Dick spent all day writing up, hopefully then he will then approve Hagerty to cut either myself, or the shop a check for the estimated repair cost. He might also tell us to tear the car down after initially looking at it just to make sure there isn't anymore hidden damage. If it's all good, the car should still retain its clear title, and we will have a large check and can go wild ordering parts and getting the ball rolling on the rebuild.
Now for the details on how the insurance companies will handle payments, etc. Greg is right. Technically I don't have to pay a dime, and neither does Hagerty, however, her insurance company is likely to laugh at our estimate, and from my dealings with Hagerty they pretty much expect that behavior. I called them, and gave them them the police report case number and away they went handling things. The lady that hit me had liability only, and her policy probably didn't cover such a large amount of damage so Hagerty will cut us the check then subrogate the damages and get their money back from her company.
Oh and in response to the last question, gEtyOpAPiOn, since I've got an agreed value policy with Hagerty,I have much more room to dictate how the car is repaired. It isn't like the run of the mill stated policy where all of the estimates will be calculated by looking through a book that has the approximate hours to install everything and paint it, etc. according to the industry norms, which would then leave me to find a regular a regular collision shop.
Does that help explain everything a little?
Matt
Brian Hobaugh SCCA National Tour June 2014
First Hemi 'Cuda Convertible Ever Built
Short clips: Goodguys Pleasanton autocross and pit videos
Now, by stuff I mean money, although... Let's just say I wouldn't be surprised if the incident on the 15 freeway wasn't the the first time Steve took it up the ass.
lol
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