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? Agents 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.
Need help starting a valuation? This one-sheeter will teach you the basics.
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. Hagerty Drivers Club® members have unlimited access to Hagerty Valuation Tools. Those clients without Drivers Club (what are they waiting for?) can value check up to three times.
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 Agent Business Center. Take a spin through our products and grab our latest information materials. You can also call us at 800-747-5348 or live chat at hagertyagent.com to talk values and coverage. We’re here with dedicated support 7 days a week.
*Any deductible or salvage value if vehicle is retained by you will be subtracted from the total amount paid. Guaranteed Value includes all taxes and fees unless prohibited by state law.
Hagerty Drivers Club, Guaranteed Value, and Hagerty Valuation Tools 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. Membership by Hagerty Drivers Club (HDC), a non-insurance subsidiary of The Hagerty Group, LLC. For additional information and a complete description of benefits, visit hagerty.com/corporate/legal. Purchase of insurance not required for membership in HDC.