Improperly valued assets are a big driver of your client’s risk exposure. That’s no secret. And what’s true for homes, boats, and daily driver vehicles is also true for collector cars.
Maintaining and (hopefully) appreciating is just one factor that qualifies a vehicle for a collector policy in the first place. If rare and fun cars like Mustangs, Corvettes, and Wranglers don’t hold their worth over time, there would be no need for specialty insurance or Guaranteed Value™ coverage.
But here’s the thing: many values are rising today faster than agents (and owners) can keep up.
Consider these examples from the latest Hagerty Price Guide update, covering the first quarter of 2022:
You can’t throw a dead battery without hitting a collector car segment that hasn’t posted gains. In fact, nearly 97 percent of collector vehicle values have gone up in value over the past year. Many by double-digits.
Do your clients realize their car values are going up? And by how much? Maybe not, especially if you’re relying only on annual or semi-annual premium renewals to spark a value change.
The truth is, undervaluation can lead to both risk exposure and to big surprises during claims handling. And nothing sours a client relationship quite like a bad service experience.
Undervaluation can cost you and your client dearly. That’s why frequent valuation checks are so important.
In the long run, more valuation checks usually lead to more client renewal checks.
Consistent value checks will confirm you’re offering clients the absolute strongest coverage at the best available rate.
Not sure where to begin? Brokers writing with Hagerty have full access to more than 40,000 vehicle values as part of Hagerty Valuation Tools®*.
Our expert analytics team is busy dissecting multiple collector car data sources to track unmodified car, truck, and motorcycle values as far back as model year 1946. We’re confident in rating these vehicles because no stone is left unturned:
We also know a vehicle’s valuation history can be just as important as what the vehicle is worth today. That’s why Hagerty provides all the information you might need to estimate a car’s value — including both model history and condition guidelines.
Eyeballing values both past and present will help you forecast what your client’s special cars may be worth down the road.
An up-to-date value eliminates costly appraisals and ultimately saves your clients money. But that’s not all. Coverage through Hagerty ensures your clients receive their full Guaranteed Value™** if a total loss occurs. That means when a vehicle is valued correctly, your clients will be on the road to replacing it in no time.
At the speed this economy moves, it makes sense to check collector vehicle values even more than you might think. If the worst were to happen, you’ll be glad you did. (And so will your client.)
And remember, you can always empower clients to check their vehicle values themselves whenever it’s convenient. The Hagerty insureds on your book will receive routine Hagerty Value Analysis notifications that share updates and encourage valuation checks.
Once in the habit, clients will be knocking down your door to report higher values. That makes your job easier and brings in higher premiums. That’s a win-win in our book.
Find more information by visiting the Hagerty Broker Business Centre. Take a spin through our products and grab our latest information materials. You can also call us at 888-349-7834 or live chat at hagertybroker.ca to talk values and coverage. We’re here with dedicated support 7 days a week.
*Please note: All prices shown in Hagerty Valuation Tools are representative of stock condition vehicles only and based on various data sources, as detailed in About Our Prices. Value adjustments for optional equipment are in U.S. dollars. For all Hagerty Insurance clients: The values shown do not imply coverage in this amount. Agreed Value to include applicable sales taxes in the province in which your policy coverage applies. In the event of a claim, the agreed value(s) on your Certificate of Insurance, irrespective of changes to tax rates, currency fluctuations or other fees and expenses, is the amount your vehicle(s) is covered for, even if the value displayed here is different. If you would like to discuss your Hagerty Insurance policy, please call us at 888-348-9369.
**In the event of a covered total loss, Guaranteed Value coverage ensures your client receives every cent of their car’s insured value, less any deductibles and/or salvage value if retained (BC, MB & SK: and after settlement with government policy). AB & QC: Agreed value applies under the Guaranteed Value Plus Endorsement.
Membership benefits by Hagerty Drivers Club (HDC), a non-insurance subsidiary of The Hagerty Group, LLC. Purchase of insurance not required for membership in HDC.
Policies are underwritten by Elite Insurance Company.
Some coverage not available in all provinces. This is a general description of coverage. All coverage subject to policy provisions, exclusions, and endorsements.
Hagerty determines final risk acceptance.
Guaranteed Value, Hagerty, Hagerty Valuation Tools, Hagerty Drivers Club are registered trademarks of The Hagerty Group LLC, ©2022 The Hagerty Group, LLC. All Rights Reserved. The Hagerty Group, LLC is a wholly owned subsidiary of Hagerty, Inc.