collector car insurance question that hasnt been asked here before

today while driving my GS I had a close call due to another drivers inattention and it got me to wondering. I have agreed value insurance for 22K so if I total the car and am at fault I know my insurance company (Hagerty) is going to pay me 22k minus deductible. but what if my car is totaled and the other driver is at fault? it's their insurance that will be paying me and they may not think my car is worth that amount. if this scenario occurs am I screwed?

 

I would assume you can settle the claim through your carrier for the agreed value and then they will subrogate (collect the money they paid out) from the adverse/other carrier.

 

But do you have the Bail money clause intact with your insurance as well?...lol

 

Just to be precise Hagerty is your agency and not your carrier.

 

Hagerty will not go after another carrier if it's not a large amount of loss on their part.

 

Thanks guys, thats what I wanted to hear.

 

You can collect your deductible from the other driver's ins. co.

 

Hagerty has no deductible.

 

This is what my insurance ( Chubb ) did .

 

Hagarty will not go after another carrier period. As Jim said, Hagerty is an agency, not a carrier. The carrier that they use certainly would go after another carrier if the loss was significant.

 

I wonder what they consider significant? I was sitting at a red light last July on my Harley when the next thing I know the bike gets knocked out from under me. It's a Ultra Classic a I remember going over the Tour Pack and landing on the ground. Kid that hit me had insurance and they assumed 100% responsibility for the accident. Bike was totaled so they wouldn't fix it. Turned in a claim on my Hagerty policy{which I did not want to do but i wanted my bike fixed without getting a salvage title.} Hagerty cut me a check with no problem what so ever but wouldn't go after the other carrier. It was right at 10K in damages.Even with the other insurance company at 100% responsibility it was not enough. Tom

 

Subrogation is a routine process in the settlement of claims. I would be shocked if the carrier that actually underwrites the programs Hagerty admisters would not seek payment when the other party is at fault. They would not have a viable business model if they did not.

I can pretty much guarantee that 10k is in fact significant enough to subrogate. That part of the process would be invisible to you the insured.

As John Codman notes:

Hagerty has done an excellent job of marketing themselves such that most people don't recognize that they are not in fact the carrier but are the agent of record.