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MG TD TF 1500 - Hagerty values

I got an email today from Hagerty recommending I increase the agreed value on my TD.

It appears they have upped the values of the TD. I hope that is based on actual information, and not just to get more money.

Here is a screen shot of their evaluation of the 1950 TD.



Bruce Cunha

They're doing some funny things. My Hagerty policy for Lazarus is for an Agreed Value of $17,000. Last year the policy was $214. Newest bill just arrived, it's for $265!! There's a gimmick about a coverage for hauling the car in case of a catastrophic happening.
But, the coverage on our 2015 Prius jumped from $2400 to $2900. That's with Liberty Mutual. Georgia costs are unbelievably high. Bud
Bud Krueger

Hey Bud,

Tampa Bay, Florida area is no bargain either.

No accidents or violations:

For our garage kept cars:

2014 Subaru Outback, Premier purchased 4 years ago with 38k on the odometer and now reads 57.7k.

2010 Hyundai Sonata, GLS purchased new (salesman's demo with 6,800 miles), odometer reads 75k after 12 years.

For both cars $3438 for the year with Safeco Insurance

Cheers

Gary
79 MGB
Gary Hansen

PS:

Hagerty Insurance has me paying out $263/year. Agreed value $8000

PS: just received email from Hagerty wanting to increase the car's value to $14,000.

Think they're fishing ???!!!

Cheers

Gary
79 MGB
Gary Hansen

Good lord, and I thought California was expensive. We're nowhere near those kind of rates. Probably around half.

Haggerty's value for a concourse TD is less than it would cost to pay a professional to restore one, but way more than it would actually sell for. I think they're trying to get more money. Admittedly I don't follow TD sales prices, but the ones I see tend to go for a whole lot less than that. I've seen several show quality cars sell for around $20K.
Steve Simmons

Hemmings recently sold a TD at auction for over $30,000. They have a number for sale in the high 20's and 30's None MHO are concourse cars.

The for-sale ones are obviously what the owner would like to get.

On BAT, TD's have dropped about 6 to 7 thousand in recent weeks. This probably is due to the economy. I note a decrease in a lot of car prices on BAT>

I am a little suspicious when the company insuring your car and collecting your money tells me the car is worth more now and I should pay them for more insurance.
Bruce Cunha

Insurance rates are more tied to the stock market and income from commercial properties then payouts on the value of the vehicle. Insurance companies make their money by investing the premiums, buying commercial property and playing the stock market. With so many business vacating or closing due to Covid the insurance companies need to make up the lost income by raising the insurance premiums. If the stock market takes off like a rocket your insurance premiums will drop so they have cash to invest.
G D

This thread was discussed between 17/06/2022 and 18/06/2022

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