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(Hagerty) insurance claim help and advice please
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joe cool
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PostPosted: Thu Mar 26, 2015 6:56 pm    Post subject: (Hagerty) insurance claim help and advice please Reply with quote

Did not mention it earlier but I had a bad night 3/14/2015
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Moredamage than pictures show.

Stone cold sober, wrong place wrong time, lucky to be alive, other driver fled the scene, yada yada yada

Good news is I am alive.

Point is, Hagerty are giving me grief. I have a $10000 policy from 2004 and they want to:
Put my bus up for auction
Pay me $10000 - high bid
Give me salvage title.
This is not what I have been paying Hagerty 10+ years for.
Any advice?

I have contacted California Department of Insurance and they say they will help me. They say I should get fair market value.

I took the bus to Kombihaus and they say they can fix it (they even go so far to say they will get me back in my bus, regardless of the money, who could ask for better friends at a time like this)

Any advice on how to handle this? I have never been here before.

I am not pleased with Hagerty but it is too late now. If I could do it again I would not fall for their hype, but it is too late now. I suggest you re-evaluate your insurance plan and carrier.
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vw7266
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PostPosted: Thu Mar 26, 2015 7:06 pm    Post subject: Reply with quote

Glad you're alright!


youve paid 10 years for 10,000 in agreed value coverage...


They want to give you the 10,000 you agreed upon and your unhappy about it?

Im not sure I see what the problem is.
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j.pickens
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PostPosted: Thu Mar 26, 2015 7:07 pm    Post subject: Reply with quote

Wait, you have a $10,000 agreed value policy, and they are agreeing to pay you $10,000 for your bus. What did you think would happen?

It isn't Hagerty's fault that you didn't obtain enough insurance to cover your losses.

You gambled on paying a lower premium, why is Hagerty the bad guy here?
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Pinetops
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PostPosted: Thu Mar 26, 2015 7:13 pm    Post subject: Reply with quote

I think he's saying they will pay him the auction amount or $10k, whichever is lower. Friggin' insurance co's...
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PostPosted: Thu Mar 26, 2015 7:34 pm    Post subject: Reply with quote

stuco wrote:
I think he's saying they will pay him the auction amount or $10k, whichever is lower. Friggin' insurance co's...

I took it as meaning they'd give him $10000, and the auction winner would get the wrecked bus. That's the $10,000 - auction price.

He'd have to eat the difference between the $10,000 and the auction price if he wanted to keep the bus. Again, what was he expecting? That they'd total the bus, give him the agreed value, and he'd still get to keep the bus?

Sorry, it don't work that way....
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i wish more people would actually drive their vws rather than just talking about what they have in the garage.

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vw7266
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PostPosted: Thu Mar 26, 2015 7:40 pm    Post subject: Reply with quote

j.pickens wrote:
stuco wrote:
I think he's saying they will pay him the auction amount or $10k, whichever is lower. Friggin' insurance co's...

I took it as meaning they'd give him $10000, and the auction winner would get the wrecked bus. That's the $10,000 - auction price.

He'd have to eat the difference between the $10,000 and the auction price if he wanted to keep the bus. Again, what was he expecting? That they'd total the bus, give him the agreed value, and he'd still get to keep the bus?

Sorry, it don't work that way....



yes this is how I read it too...If you want market value you should adjust your agreed value yearly


Last edited by vw7266 on Thu Mar 26, 2015 7:48 pm; edited 1 time in total
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srfndoc
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PostPosted: Thu Mar 26, 2015 7:43 pm    Post subject: Reply with quote

Hagerty only sells 'agreed value' policies. Whatever amount you insure it for is what they will pay out. It's your responsibility to increase your coverage as the value of your vehicle goes up.

Definitely sorry for your loss here but not sure if you have any further recourse.
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thom
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PostPosted: Thu Mar 26, 2015 7:50 pm    Post subject: Reply with quote

I am still not really clear on what is going on. I have Hagerty on my '56 KG, so this is of interest to me.
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Pinetops
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PostPosted: Thu Mar 26, 2015 7:55 pm    Post subject: Reply with quote

j.pickens wrote:
stuco wrote:
I think he's saying they will pay him the auction amount or $10k, whichever is lower. Friggin' insurance co's...

I took it as meaning they'd give him $10000, and the auction winner would get the wrecked bus. That's the $10,000 - auction price.

He'd have to eat the difference between the $10,000 and the auction price if he wanted to keep the bus. Again, what was he expecting? That they'd total the bus, give him the agreed value, and he'd still get to keep the bus?

Sorry, it don't work that way....


Yeah, that makes more sense.
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j.pickens
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PostPosted: Thu Mar 26, 2015 7:59 pm    Post subject: Reply with quote

thom wrote:
I am still not really clear on what is going on. I have Hagerty on my '56 KG, so this is of interest to me.

If you get in an accident with an agreed value policy and the insurance company pays you the full agreed value for the damage, the insurance company gives you the money and now owns what's left of your bus.

Moral of the story, make sure the agreed value is equal to the full value of your bus, or you'll lose out should an accident occur.
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BeaterBarndoor wrote:

i wish more people would actually drive their vws rather than just talking about what they have in the garage.

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BulliBill
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PostPosted: Thu Mar 26, 2015 8:04 pm    Post subject: Reply with quote

My understanding of your "agreed value" policy is the same as "srfndoc". Maybe as the State board you've contacted "might" help some, but with agreed policies, you've got to stay on top of and keep increasing (and therefore increasing your premium payment) your agreed value.

I do this every year as I renew. I'm about to do it again next month. I try to figure out what I would have to pay right now to try to replace each of my insured vehicles in their current condition, and then I call and ask to increase our "agreed" amount for each of my collector VWs. I'm with Grundy Worldwide, and they have never questioned my wanting to increase the value each year, and have never yet refused my valuations.

In fact, "I believe" that Grundy routinely increases the values something like 3% even if you don't ask. I could be wrong, but I'm pretty sure they do that. At the end of our phone conversation, they give me the new total premium payment of my increased policy and I fire off a check, gratefully for another year that I have increased my protection.

I hope things work out for you, but I have a feeling that you're going to get what you arranged for with Haggarty's, $10,000 for your Transporter. I'm just so glad that you seem to be alright after such a bad night...

The Bus can be replaced or repaired, people not so much...

Bill
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norcalmike
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PostPosted: Thu Mar 26, 2015 8:14 pm    Post subject: Reply with quote

Damn Joel. Glad you're ok. Bummer
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73sports
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PostPosted: Fri Mar 27, 2015 6:08 am    Post subject: Reply with quote

I have Hagerty. When the Monster 15 was in the wreck, they sent out an adjuster. He added up the damage and it was greater than the agreed value I had on the bus, so they totaled it. They then list the bus on copart.com auction site, wrecking yards or whoever else is a member of that has a few days to bit on the vehicle. Once the high bid is reached, you then have the option of buying it back from Hagerty at that price, and they will pay the difference between that and the agreed value. Like it was said before, it is up to the owner of the vehicle to increase the agreed value as the market changes.
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PostPosted: Fri Mar 27, 2015 6:41 am    Post subject: Reply with quote

73sports wrote:
I have Hagerty. When the Monster 15 was in the wreck, they sent out an adjuster. He added up the damage and it was greater than the agreed value I had on the bus, so they totaled it. They then list the bus on copart.com auction site, wrecking yards or whoever else is a member of that has a few days to bit on the vehicle. Once the high bid is reached, you then have the option of buying it back from Hagerty at that price, and they will pay the difference between that and the agreed value. Like it was said before, it is up to the owner of the vehicle to increase the agreed value as the market changes.
This makes me a bit nervous if I happen to have a vehicle totaled and have a claim settlement with Harerty.

If you bus is totaled for 15k and you have someone willing to pay 12k for the wrecked vehicle, you will only recieve 5k for the damages?

You are relying on an auction to determine your buses value? That dosen't seem right. That burnt up 21 window just sold for some stupid amount of money. I have always thought you bought your wrecked/totaled vehicle back after settling a claim for 20% of the actual value befoe the accident.
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PostPosted: Fri Mar 27, 2015 7:02 am    Post subject: Reply with quote

StockNazi wrote:
73sports wrote:
I have Hagerty. When the Monster 15 was in the wreck, they sent out an adjuster. He added up the damage and it was greater than the agreed value I had on the bus, so they totaled it. They then list the bus on copart.com auction site, wrecking yards or whoever else is a member of that has a few days to bit on the vehicle. Once the high bid is reached, you then have the option of buying it back from Hagerty at that price, and they will pay the difference between that and the agreed value. Like it was said before, it is up to the owner of the vehicle to increase the agreed value as the market changes.
This makes me a bit nervous if I happen to have a vehicle totaled and have a claim settlement with Harerty.

If you bus is totaled for 15k and you have someone willing to pay 12k for the wrecked vehicle, you will only recieve 5k for the damages?

You are relying on an auction to determine your buses value? That dosen't seem right. That burnt up 21 window just sold for some stupid amount of money. I have always thought you bought your wrecked/totaled vehicle back after settling a claim for 20% of the actual value befoe the accident.


You would only receive $3k if you were the high bidder at $12k. I don't think what they sell it for at auction has any bearing on what your agreed policy amount is.
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Ragman
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PostPosted: Fri Mar 27, 2015 8:40 am    Post subject: Reply with quote

The auction is just a "pseudo" auction to determine your buy back price...if you are interested to buy it back from the insurance company. You do not bid against yourself in this "auction". After its over, you have the first chance of refusal.

In the example above, the bus has an agreed value of $15k. It gets totaled. If the "fake auction" bids up its value at $12k, AND you want to buy the bus back, then they would give you $15k, you then buy it back for $12k, and you'd get your bus back plus the $3k in your pocket.

Or, you could take the $15k and walk away from the bus.

It all comes down to making sure your agreed value is close to fair market, or else you won't get made whole in the process.
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joe cool
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PostPosted: Fri Mar 27, 2015 12:49 pm    Post subject: Reply with quote

The problem here is that Hagerty (not Kombi Haus who will be doing the work) have decided all on there own that there is $23000 in damage to the bus and it should be totalled. That is what is not correct. Kombi Haus, who know far more about repairing buses than Hagerty ever will, have agreed to repair it for far far less than $23000. The bus still runs and drives, the frame is still square. We have some significant dents which can be pushed back out, and we have one cracked windshield and one missing gas filler door. I ask, is that $23000 in damage? No cutting, welding, painting or expensive parts are required. It already had dents and old paint, it was not a show quality bus and does not need to be brought up to show quality. That is why I am getting California Department of Insurance involved. Hagerty are trying to shirk their obligations by grossly over inflating the cost of repair (by something like three times). For $23000 we could turn this bus into a deluxe, not the raggedy old panel camper it was.
Yes, the $10000 figure was my bad. 10 years ago it seemed fine. But $10,000 is still significantly more than it will cost to repair the bus.
I will keep you informed about how this develops. But in the meantime, if Hagerty is your carrier, think long and hard about whether they will help you or hurt you when you need them. At anything under a $30,666 agreed value they would still be trying to call my bus a total loss. Imagine if I had broken both windshields or folded a door. That might be considered $40,000 in damage.
Dump Hagerty before this happens to you.
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PostPosted: Fri Mar 27, 2015 12:54 pm    Post subject: Reply with quote

Ragman wrote:
The auction is just a "pseudo" auction to determine your buy back price...if you are interested to buy it back from the insurance company. You do not bid against yourself in this "auction". After its over, you have the first chance of refusal.

In the example above, the bus has an agreed value of $15k. It gets totaled. If the "fake auction" bids up its value at $12k, AND you want to buy the bus back, then they would give you $15k, you then buy it back for $12k, and you'd get your bus back plus the $3k in your pocket.

Or, you could take the $15k and walk away from the bus.

It all comes down to making sure your agreed value is close to fair market, or else you won't get made whole in the process.


What you said is correct, except for the "fake auction" part. It is a real auction, but, as you said, the bus owner has first right of refusal.

At the end of the day, if your bus is totaled, you get your agreed value payment and no longer own the bus.

If you want to keep the wrecked bus, you gotta pay the auction price.
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BeaterBarndoor wrote:

i wish more people would actually drive their vws rather than just talking about what they have in the garage.

Red Fau Veh wrote:
If you've seen one sunroof swivel seat kombi, you've seen them all! Cool
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j.pickens
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PostPosted: Fri Mar 27, 2015 12:59 pm    Post subject: Reply with quote

joe cool wrote:

Yes, the $10000 figure was my bad.

Dump Hagerty before this happens to you.


Joe Cool, I'm sorry you are in this situation, but this really isn't Hagerty's fault.
You think they should pay more than they agreed to pay?

If the California Dept. of Insurance decides in your favor, get ready for everybody's insurance premiums to skyrocket. Why would they insure for $10,000 if their liability is unlimited?
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BeaterBarndoor wrote:

i wish more people would actually drive their vws rather than just talking about what they have in the garage.

Red Fau Veh wrote:
If you've seen one sunroof swivel seat kombi, you've seen them all! Cool
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Ragman
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PostPosted: Fri Mar 27, 2015 1:11 pm    Post subject: Reply with quote

jpickens, thanks for clarifying. I was struggling to find the right adjective for those copart auctions as I have bid and won on them in the past but they have never honored my bids and offered me the cars. I guess the owners must have always bought them back, or whatever, who knows.

I guess they are only ever real if the owner walks from the salvaged cars.

RE: Joe Cool, I am completely sorry for you. Sucks. AND I do understand your point. If the bus can be fixed for lets say $4k, then they should just fix the bus, AND let you keep it! The issue is when it is deemed a total loss, then go into this scenario.


Last edited by Ragman on Fri Mar 27, 2015 1:17 pm; edited 1 time in total
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