Hagerty condition definitions - too superficial?
04-30-2015, 04:08 PM
#16
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We've gotten off track here - the OP (me) was not concerned with insurance, just the online price guide for vintage cars that an insurance company happens to provide as a service - specifically, the condition definitions.
04-30-2015, 04:27 PM
#17
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Reality is those evaluations mean nothing unless you are with Hagerty and have it in writing which evaluation they are insuring you for.
05-07-2015, 09:37 AM
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Matt Lewis with Hagerty here.
Thanks everyone for the input about our vehicle condition descriptions. Our valuation team spent hours thinking of how to describe the standards used within the automotive community to help collectors get a sense of where their vehicle values fall. These descriptions are not intended to dictate what our insurance policy will cover; rather the intention is to provide a valuation starting point for collectors based upon an objective set of criteria. That said, we appreciate the feedback regarding the descriptions, and I have sent your conversation to our valuation team to review.
As for the concern around modified vehicles, we insure a large number of modified vehicles from steel-bodied street rods, to pro-street and motorsports vehicles. The modified elements that are disclosed on our insurance application, once underwritten, are insured to a Guaranteed Value, just like any stock vehicle we insure.
Thanks everyone for the input about our vehicle condition descriptions. Our valuation team spent hours thinking of how to describe the standards used within the automotive community to help collectors get a sense of where their vehicle values fall. These descriptions are not intended to dictate what our insurance policy will cover; rather the intention is to provide a valuation starting point for collectors based upon an objective set of criteria. That said, we appreciate the feedback regarding the descriptions, and I have sent your conversation to our valuation team to review.
As for the concern around modified vehicles, we insure a large number of modified vehicles from steel-bodied street rods, to pro-street and motorsports vehicles. The modified elements that are disclosed on our insurance application, once underwritten, are insured to a Guaranteed Value, just like any stock vehicle we insure.
05-07-2015, 11:06 AM
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Thanks, Matt - great to have you come visit our obscure corner of the auto world.
The issues of deferred maintenance and running condition are probably more important to owners of "the greatest GT ever" than for most collector cars. In fact, many of us may not think "collector car" when we look at our cars. We certainly think of them as a challenge to keep sorted out mechanically so we can enjoy the great GT ride. We'll have a wrench in our hands more often than a toothbrush.
Very approximately, something with the cosmetic appearance of a 4 that runs well and has no major deferred maintenance items will sell like a 3.
(I'm still a newbie, so more experienced members may have better observations - although it should be noted that newbies set current prices.)
The issues of deferred maintenance and running condition are probably more important to owners of "the greatest GT ever" than for most collector cars. In fact, many of us may not think "collector car" when we look at our cars. We certainly think of them as a challenge to keep sorted out mechanically so we can enjoy the great GT ride. We'll have a wrench in our hands more often than a toothbrush.
Very approximately, something with the cosmetic appearance of a 4 that runs well and has no major deferred maintenance items will sell like a 3.
(I'm still a newbie, so more experienced members may have better observations - although it should be noted that newbies set current prices.)