So according to the Hagerty sales rep, my '73 Mexican mach 1 is worth

[MustangNJ]

whatever I say it is worth up to $50k.  they had no knowledge of these cars, but I figured it was worth a 10 min phone call

 

[Hemikiller]

"up to"

 

[7173Vert]

I tried to get a value (opinion) from them for my J Code very upon completion of the restoration. I might as well have just stated an F Code vert, they have no clue...

 

[detritusmaximus]

Probably an 'agreed value' policy. You say it is worth 'x' amount and they agree to bill you for a policy covering 'x' amount, regardless of actual value, but contingent on an appraisal of some sort.

 

[Hemikiller]

Probably an 'agreed value' policy. You say it is worth 'x' amount and they agree to bill you for a policy covering 'x' amount, regardless of actual value, but contingent on an appraisal of some sort.

That's exactly what it is, an agreed value policy. You can insure the car for whatever you want it to be worth and pay the premium based on that value. They will require photos or other docs to back up the number. I believe at a certain value they require an appraisal.

 

[6972boss]

Yea, hagerty is not all that and a stack of pancakes. They refused to insure two of my cars based on how they 'percieved'  how i was going to use the car. I have had a few "dicussions" on how i intend to use my show cars. They were set on thier own ideas how i would use them. I passed on thier offer to insure my stuff. 

When i said i would have sombody else insure my cars including my GT500, they did this song and dance and almost begged to get my cars insured. I named my priced for insurance on my GT500, my boss 351, my SSP and my 70 mach 1. They surpisingly complied and covered all of them for what my current agency would cover just two of them. Pretty happy so far......

 

[MustangNJ]

Yea, hagerty is not all that and a stack of pancakes. They refused to insure two of my cars based on how they 'percieved'  how i was going to use the car. I have had a few "dicussions" on how i intend to use my show cars. They were set on thier own ideas how i would use them. I passed on thier offer to insure my stuff. 

When i said i would have sombody else insure my cars including my GT500, they did this song and dance and almost begged to get my cars insured. I named my priced for insurance on my GT500, my boss 351, my SSP and my 70 mach 1. They surpisingly complied and covered all of them for what my current agency would cover just two of them. Pretty happy so far......

I have used Hagerty for other cars based on agreed value. what I found strange was that they only agreed to cover 50% of the labor spent on my 1978 F150, and that was with full itemized receipts.  the labor bill on that project was somewhat light, but makes me wonder what they do when labor is more than parts?

 

[Carolina_Mountain_Mustangs]

I am going to call tomorrow. I have their insurance on my 73 vert. My 73 Mach 1 is in the MOM. There is not another to replace it with 41 options??? How do you value it. Will not be on road in museum??

 

[detritusmaximus]

David,

What liability does the museum assume? That may be a consideration when talking to your insurer. No matter what the value, your insurer may balk at the vehicle effectively being in someone elses possession and care. Or they may cut the rate as it is 'off the road'.

 

[Ed Raver]

Hagerty bullied my wife into a 120K value for our 69Boss302. She argued with them but finally agreed and of course that cost more than it should have. The year after that I talked to them and offered to sell it to them for half that price and they could have the extreme profit since the car is only worth maybe 60K on a good day. Of course they refused.

We went elsewhere and we are not going back on the other cars either. Ed

 

[Hemikiller]

Unless the MOM is run by bunch of complete idiots, there has to be some level of insurance in place to protect the museum and it's contents. I would assume that as an owner displaying a vehicle there, there would have a fair amount of paperwork to sign. Doubt any insurer would balk at the MOM setup, as it would be considered an extremely safe place to "store" a vehicle and you would probably only need to carry comprehensive as the vehicle isn't driven.

The only thing that bothers me about the MOM is the completely useless website they have. There's zero information other than pictures of the (paying) member's cars and some rudimentary info about the museum itself. No "about" pages, no listing of the board of directors, no programs or listings of exhibits, nothing. But the membership and swag purchase pages are fully set up...

 

[Carolina_Mountain_Mustangs]

Unless the MOM is run by bunch of complete idiots, there has to be some level of insurance in place to protect the museum and it's contents. I would assume that as an owner displaying a vehicle there, there would have a fair amount of paperwork to sign. Doubt any insurer would balk at the MOM setup, as it would be considered an extremely safe place to "store" a vehicle and you would probably only need to carry comprehensive as the vehicle isn't driven.

The only thing that bothers me about the MOM is the completely useless website they have. There's zero information other than pictures of the (paying) member's cars and some rudimentary info about the museum itself. No "about" pages, no listing of the board of directors, no programs or listings of exhibits, nothing. But the membership and swag purchase pages are fully set up...

Not defending them but there was nothing there a year ago. There were no cars until two weeks ago. It was done with very few people involved so they let things slip that were not do or die.

There was not much paperwork just the info on owner, who your insurance was with and VIN# off the car and length of loan. Here is picture of last April and now.

It is a two story building but Daniel Carpenter has occupied the top floor and MOM is in the bottom. He owns the building not the museum.

Send Steve the director a complaint. I am sure after a break they will slowly make improvements.

I could not find picture of last year was just a empty lot. The sign went up on Sunday before the opening and the bricks at the entrance the night before opening.

Last year set records all over N.C. for rain fall which shut them down many times. It will get better.

Has anyone gone to the other Mustang museum in Alabama I think?

At least we now have one.

Lots of people complained about the costs but they do not realize how much it cost to rent the Charlotte speedway for a week. Do not know the cost but our club rented the area in the front of the Biltmore Estate in Asheville for a MCA show and it cost us $10,000 for the show. We also have to have a minimum of one million dollar insurance policy for just a parking lot show. It is crazy what it cost to just do a small show much less support over a 1,000 mustangs in one place. They will not just let you have a show, fire Marshall gets involved, permits, insurance it never ends.







image uploader

 

[MustangNJ]

Hagerty bullied my wife into a 120K value for our 69Boss302. She argued with them but finally agreed and of course that cost more than it should have. The year after that I talked to them and offered to sell it to them for half that price and they could have the extreme profit since the car is only worth maybe 60K on a good day. Of course they refused.

We went elsewhere and we are not going back on the other cars either.   Ed

at the end of the day. hagerty, like any insurance company, makes money by minimizing their liability exposure, and maximizing their revenue.

Collector car insurance providers do things that other standard providers won't, like agreed value coverage.  we may not always see eye to eye on the agreed values, but I think Geico values my Mach 1 at about $1500 in the event of a total loss....its just another 46yo used car.

 

[detritusmaximus]

Hagerty bullied my wife into a 120K value for our 69Boss302. She argued with them but finally agreed and of course that cost more than it should have. The year after that I talked to them and offered to sell it to them for half that price and they could have the extreme profit since the car is only worth maybe 60K on a good day. Of course they refused.

We went elsewhere and we are not going back on the other cars either.   Ed

I wonder if they 'hedge'. Meaning they write the policy for more coverage than the effective value, hedging that the value of some collector cars could shoot up dramatically before the owner reviews his policy again.

Then again, you make payments on $120k, but they only pay out $60k.

Found out some similar stuff on home owners ins. Usually they discuss the home value, but not go into detail on the contents. Depending on the policy/company they write the policy to value your 'possesions' for as much as the house. My dad found this out when he realized they were valuing his possessions at almost $200k. He figured it up and thinks he could replace everything in his house for well below $75k, nothing terribly valuable, just a lot of stuff.

 

[detritusmaximus]

Unless the MOM is run by bunch of complete idiots, there has to be some level of insurance in place to protect the museum and it's contents. I would assume that as an owner displaying a vehicle there, there would have a fair amount of paperwork to sign. Doubt any insurer would balk at the MOM setup, as it would be considered an extremely safe place to "store" a vehicle and you would probably only need to carry comprehensive as the vehicle isn't driven.

The only thing that bothers me about the MOM is the completely useless website they have. There's zero information other than pictures of the (paying) member's cars and some rudimentary info about the museum itself. No "about" pages, no listing of the board of directors, no programs or listings of exhibits, nothing. But the membership and swag purchase pages are fully set up...

I used to work in a museum, a fairly well known regional one, but not one that had collector cars. Generally they are good, but like anything else, cross the 't's and dot the 'i's and make sure. Get it in writing. I also now the mentality of some types of staffing. Actual staff are usually pretty good, it's the volunteers and summer job kids (high school/college) that I learned not to trust. And the offspring of higher level staff that seem to think since mom or dad has privilege or authority that they do to. Most kids are good, but they don't necessarily see the contents of a museum as someone's property. I even saw middle management pull items from the collections department to use in their office. Many items in the collections were on loan, not property of the institution.

One other thing is comprehensive may not be enough depending on how the cars are moved around onsite and how often. Also, is this facility purely museum, or a 'consignment' museum? This changes the type of traffic and mind set of visitors. 

I'm not trying to scare anyone, I just know from personal experience that the halo museums wear can be a bit tarnished.