Canadian Underwriter

Paid The Best Way to Protect Your Clients If Their Classic Car is Completely Totaled

December 2, 2021   by Hagerty Insurance

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It’s every classic car owner’s nightmare: A collision on the road. A fire or a flood. An accident at home or at the storage garage. The end result of all of these could be a completely totaled, undriveable yet irreplaceable vehicle. Even though most car lovers take amazing care of their collectible rides, sadly, things like these happen every day to amazing vehicles belonging to your clients.

Many of these cars have years worth of hard work and effort that went into keeping them looking good and driving great, so to have that taken away in an instant can be traumatic. In most cases when a regular car is a total loss, a daily-driver vehicle is taken away via tow truck, never to be seen again and eventually (hopefully) an insurance company cuts a cheque.

But for a collectible, most owners still understand that there’s value in that vehicle, even if it can no longer be driven. That’s why Cherished Salvage®* coverage through Hagerty is an option that no driver ever wants to use, but can’t be ignored when it comes to truly protecting a vehicle.

Hagerty knows that collectible cars need to be covered differently from regular vehicles that depreciate over time. Most car values go down over the years, while collectible cars hold their value—and even increase—as time passes. That’s why Guaranteed Value™** policies through Hagerty have a strong appeal for owners of all types of collectible vehicles, from exotic supercars to heritage farm and military equipment.

When a collectible car is forced to the end of its road (so to speak), that’s when Cherished Salvage protection comes into play. Not only do your clients receive the Guaranteed Value on their totalled car – they still get to keep the car itself. That’s right – owners don’t have to let go of their beloved vehicle if something bad happens to it. They get to take it home, and if they want, also do what needs to be done to bring it back to life.

Not only that, but no salvage value gets deducted from the final payment if the driver opts to retain that vehicle. This means that in case of a major accident, your client will receive the full settlement while also saving the body, frame, interior and everything else from the scrap heap.

A couple examples of past Cherished Salvage stories:

Paul had a ‘76 Corvette that was totaled after suffering severe smoke damage. After all the work he’d put into it, he didn’t want to start over with a new car.  He also knew he could do the necessary repairs himself, so the Cherished Salvage coverage let him keep the car and get to work.

Another story features Thomas, who knew that early F150s with all the options are extremely tough to find. When his truck was hit, even though it was totalled, he knew it was too invaluable to give up. In fact, Cherished Salvage allowed him to give the gift of automotive adoration to someone new: Thomas eventually donated that antique F150 to a friend to rebuild, and to love the way he did.

Even though no one wants to think about something like this happening to their classic car, insurance coverage is a must for these high-value vehicles. If you haven’t considered adding Cherished Salvage to a policy, you should know it’s only available through Hagerty. They’ve been covering classic vehicles for decades, so they’ll know how to best help take care of your clients.

For more information on Hagerty’s Cherished Salvage endorsement, visit

DISCLAIMER: *Cherished Salvage is not available in Manitoba. Submit a claim under any government policy first and then our policy immediately after. **Less any deductible; BC, MB & SK: and after settlement with your government policy. Includes any applicable taxes unless prohibited by law. Premium subject to change; may include DCPD/BVDC, if applicable. AB & QC: Agreed value applies under the Guaranteed Value Plus Endorsement. Hagerty Canada, LLC policies are underwritten by Elite Insurance Company, a subsidiary of Aviva Canada Inc. Hagerty determines final risk acceptance. Some coverage not available in all provinces. This is a general description of coverage. All coverage subject to policy provisions, exclusions, and endorsements. Hagerty, Cherished Salvage & Guaranteed Value are registered or common law trademarks of the Hagerty Group LLC, ©2021 The Hagerty Group, LLC. All Rights Reserved.