Hagerty "cherished salvage" option - Chevelle Tech
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post #1 of 27 (permalink) Old Dec 3rd, 19, 5:25 PM Thread Starter
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Hagerty "cherished salvage" option

I called Hagerty a bit ago to do a couple tweaks to my policy and bump the coverage a bit.

Apparently they have a new option called "Cherished Salvage" so in the event of the vehicle being totaled, you not only get your check for the agreed value, but they also will give you back \ let you keep the vehicle for free.

Total added cost for my $20k value was only $12/year. Went ahead and did it.

Anyway- thought it was interesting and figured I'd share.

Ben R.

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post #2 of 27 (permalink) Old Dec 3rd, 19, 6:18 PM
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Im doing the same before I put the 489 in, if it gets totalled I want the engine back and part out the rest


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post #3 of 27 (permalink) Old Dec 3rd, 19, 7:03 PM
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Re: Hagerty "cherished salvage" option

Sounds like a way for them to make a heck of a lot of money. How many cars will get totaled that are covered by that option. I'm guessing a pretty low percentage. I'm ok with the option of buying my totaled car back after receiving the check for the agreed value. Maybe I wouldn't want it back depending on the level of damage, and some people that pay the extra won't necessarily want theirs back either.
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post #4 of 27 (permalink) Old Dec 3rd, 19, 7:03 PM
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Re: Hagerty "cherished salvage" option

Sounds like money well spent.

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post #5 of 27 (permalink) Old Dec 3rd, 19, 7:20 PM Thread Starter
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Re: Hagerty "cherished salvage" option

Quote:
Originally Posted by von View Post
Sounds like a way for them to make a heck of a lot of money. How many cars will get totaled that are covered by that option. I'm guessing a pretty low percentage. I'm ok with the option of buying my totaled car back after receiving the check for the agreed value. Maybe I wouldn't want it back depending on the level of damage, and some people that pay the extra won't necessarily want theirs back either.
While i do subscribe to the notion that insurance overall is a racket and agree that it is an easy way for them to make more money, I do feel its worth the small extra expense.

In the last year I've had 2 friends have vehicles totaled(not their fault either)... Both of them struggled with what to do as they had a ton of still good parts on the cars. One negotiated and bought back the shell, the other let it go after agonizing over it.

Its fairly easy for an accident to total a car from an insurance standpoint w/o destroying the car or all the valuable parts, which have more value to the person who installed them and knows their age/history.

Personally if it happened to me, i'd rather not have to reinvent the wheel again if i have known good stuff.

Ben R.

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post #6 of 27 (permalink) Old Dec 3rd, 19, 8:03 PM
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I had a totaled 04 GTO with agreed value. Wish that coverage was available a few years ago. I’d be all over that if they offered it then.

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post #7 of 27 (permalink) Old Dec 3rd, 19, 8:13 PM
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Re: Hagerty "cherished salvage" option

With today’s labor rates it does not take near what it used to to total a car. I had a car totaled because the wire harness burned out of it. The labor for the repair exceeded the value of the car.
If a tree falls on an the roof of an early Chevelle, they’ll total it for sure. But wouldn’t you want the drive train, chassis, interior, tires and wheels? I would and $12 a year, ie, two trip to Starbucks, is worth the gamble.
They pay you agreed value and you either sell the parts or use as a parts car for your next project.

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post #8 of 27 (permalink) Old Dec 3rd, 19, 8:43 PM
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Re: Hagerty "cherished salvage" option

Since I build my stuff, it's 100% worth it. I'd buy it back anyways, but this makes it a lot cheaper. I've had 3 or 4 cars totaled that were nothing like the finished chevelles....always made quick cash. My first car was a '67 cougar, 289 auto with only 1 option, the tilt-away steering column. Had maybe $1200 into it. Punched in the rear by an idiot, totaled, bought it back for $250 and parted it out for well over $1600. Got $250 for that column....back in '83. That kinda lead me down a glorious rabbit hole.
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post #9 of 27 (permalink) Old Dec 3rd, 19, 11:59 PM
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Re: Hagerty "cherished salvage" option

Quote:
Originally Posted by von View Post
Sounds like a way for them to make a heck of a lot of money. How many cars will get totaled that are covered by that option. I'm guessing a pretty low percentage. I'm ok with the option of buying my totaled car back after receiving the check for the agreed value. Maybe I wouldn't want it back depending on the level of damage, and some people that pay the extra won't necessarily want theirs back either.
With this option you could get the salvage for free. Without it, they will tell you what you will have to pay and it won’t be cheap.
If you saved the intake manifold, worth $12
Only save the seats, easily worth $12
Or the tires and wheels, yup worth the money
So you pay this for 5, no 10 years without a claim. Your out $120. If your car is totaled in the 11th year, still totally worth it.
All insurance is a gamble. That’s the only way it works and is affordable. But in my case, and everyone has different opinions, I would rather pay $120 or $240 or ?? To get to keep my car after they pay me full value.
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post #10 of 27 (permalink) Old Dec 4th, 19, 1:29 AM
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$1/month? Totally worth it, thanks for the heads up, I’ll call and add that to my policy.
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post #11 of 27 (permalink) Old Dec 4th, 19, 2:53 AM
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Re: Hagerty "cherished salvage" option

All the parts combined add up to more than what the whole is worth in my case. If I have an agreed value of say, 80K, and my car is totaled, what would the buy back be i wonder? Individual parts- engine- 15k, trans- 4k, rear- 4.5k, chassis 20k,ect. 12 bucks a year for a gimme? I'm calling in the morning.
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post #12 of 27 (permalink) Old Dec 4th, 19, 7:46 AM
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Re: Hagerty "cherished salvage" option

Hell yeah!
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post #13 of 27 (permalink) Old Dec 4th, 19, 7:53 AM
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Re: Hagerty "cherished salvage" option

I just looked it up - cost is 15% of your comprehensive & collision coverage per year.

So, in my case, more than $12, but still gonna be calling later this morning to go for it. Thanks for the heads up.

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post #14 of 27 (permalink) Old Dec 4th, 19, 9:18 AM
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Re: Hagerty "cherished salvage" option

This is on my list of "to do" things today


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post #15 of 27 (permalink) Old Dec 4th, 19, 11:18 AM
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Re: Hagerty "cherished salvage" option

Now guys, what we don’t want to see on here is all these stories about how you bought this policy and then your cars got mysteriously totaled right after you stumbled across a new rust free, original owner SS roller that you would like to use for a new project.
Instead, call ME about the find and keep your current car safe.

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