The below article was originally published via Hagerty's Classic Car Insurance publications.
Snotherly Quite the Saab story.
A total loss has a way of putting an insured's policy into perspective. The following story is a perfect example of why providing proper coverage is so important:
A car ran a red light and t-boned a beautiful, low mileage and all-original 1980 Saab 900. Fortunately, no one was hurt, but when the owner went to file the claim, he was dumbfounded by the payout. He had a stated value policy with a standard carrier that set the value of his Saab at $12,000. After sending in pictures, they referred to Kelly Blue Book and tried to find his car. The closest they came was a 1992; they assumed it had 145,000 miles on it and set its worth at $1,635 in Excellent Condition.
When the Saab owner expressed his displeasure, his insurer used NADA, which actually had a 1980 Saab 900 on the books. Being the correct car, they honored this payout, but in Excellent Condition they set its worth at about $3,500. The Saab owner checked a classic car auction website and found a car almost identical to his that sold for $13,500. But because it was a stated value policy, the insurer would not consider this a valid resource.
He's hired a lawyer and has a lengthy legal battle ahead of him.
No one – not you or a member – wants this experience. A quote with Nationwide®/Hagerty®, given his information, would set the value at $13,500. The premium would be $356 for the year and he would be 100% covered for that whole amount. From the initial peace of mind to final payout, a Nationwide/Hagerty policy recognizes a vehicle's value and is designed for people who love their cars.
Snotherly Insurance Agency is an official Nationwide/Hagerty Auto Insurance Carrier. Contact us for more information concerning how we can assist you with your auto insurance or classic car insurance.
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