I've had my car insured with Hagerty since the beginning. I had modestly set its value at $60k. Since its restoration is 90% done and I am actually driving it now, I thought it was time to upgrade its insured value since I have spent considerably more than $60k on it.
So I went online to my Hagerty account and asked to up the value to $100k. The reply was ok, your annual cost will go from $465 to $700. Yikes. But that seems more or less proportional, so, understandable.
Then I get a phone call from them and they need to ask a few questions before putting it in effect:
- Has the engine been changed? Yes
- What is the new horsepower? The engine builder says it's 240 but that has not been verified
- Has it been repainted? Yes
- Did the repaint cost more than $10k? Yes
- Have the wheels been changed? Yes. From 14" to 16"
"Ok, so it looks like the car would now be rated as "Modified". So you new premium will actually be $1,100 a year."
"Whaaaat? The web site said it was going to be $700."
"Yes but if the new horsepower is more than 50hp over stock, and if the new paint is over $10k and if the wheel are now larger, it is a modified, which is more expensive."
Anyone else run into that?
So I went online to my Hagerty account and asked to up the value to $100k. The reply was ok, your annual cost will go from $465 to $700. Yikes. But that seems more or less proportional, so, understandable.
Then I get a phone call from them and they need to ask a few questions before putting it in effect:
- Has the engine been changed? Yes
- What is the new horsepower? The engine builder says it's 240 but that has not been verified
- Has it been repainted? Yes
- Did the repaint cost more than $10k? Yes
- Have the wheels been changed? Yes. From 14" to 16"
"Ok, so it looks like the car would now be rated as "Modified". So you new premium will actually be $1,100 a year."
"Whaaaat? The web site said it was going to be $700."
"Yes but if the new horsepower is more than 50hp over stock, and if the new paint is over $10k and if the wheel are now larger, it is a modified, which is more expensive."
Anyone else run into that?