I was getting an appraisal for an old Cadillac I just picked up, the Ministry in Ontario requires one on cars older then 20 years to tax you on the appraisal price, I could go on about that but I want to pass on some information about Hagerty.
I have had "agreed value" coverage on my Buick since my former classic car coverage was insurance company was bought out by Hagerty a few years ago. I specify Ontario because in Canada each province has slightly different rules for insurance. As I am sure it is the same in the US from state to state. The gentleman who I have used for a number of appraisals passed on some information to me. He told me of a 57 Chevrolet that had been stolen. The owner had agreed value coverage for $70000 with Hagerty. When he filed his claim Hagerty informed him that he would get $42000. The owner was caught of guard due to the "agreed value" clause. Hagerty came up to $65000 after a lengthy back and forth and told the owner go to court if you want a penny more. Well the stolen Chev's owner had a recent appraisal for the car at a value of $70000. He told Hagerty "see you in court and you will have to pay my court costs when I win". The appraiser was called to testify. The Judge asked for the appraisal and treated the appraiser's testimony as expert testimony. The $70000 claim stood and Hagerty had to pay the Chev Owners court costs as well. Had there not been an appraisal the Judge has to utilize the next expert in line for a vehicle value which is the Insurance Company.
Also with no appraisal the insurance company will not pay you the sales tax on top of the agreed value to replace the car. That is a 13% hit in Ontario. i.e $10000 policy would be paid without the additional $1300 to cover the tax if there is no appraisal fo the car.
Now his business is based on making money from appraisals, I realize this and this could be an elaborate marketing tool, but I think the gentlemen who shared this with me was being honest as he has never brought this up in the 3 times I had used his services before. I have not taken the time to dig yet to find the ruling, in Canada everything in the courts ends up on
www.canlii.org/en/ . I am going to stick with Hagerty, but I am going to spend $150 to have a current appraisal. Happy Buicking!
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which would have resulted in me being locked up because you do not have an unencumbered right to defend your home or property in Canada. 