Cherished Salvage coverage - Hagerty

How does cherished salvage coverage work? Do you get the full insured value of the car and keep the car? If this is the case can you share with us how much additional does this cost. I use Hagerty for all of my cars and would be interested in this if the cost wasn't prohibitive. Thanks.

In the US if the vehicle it declared totaled the Insured has first right to salvage that being 20% of the payout.  Example being agreed value payout is $50,000 then the insured can "buy" it back for 20% = $10,000 and receive a payout amount of $40,000. The Title is rebranded as salvage vehicle until such time as it is repaired when it can have an enhanced inspection done and then the Title is once again rebranded as a  Reconstructed Vehicle

Bob will verify but Hagerty is the only Insurance to have Cherished Coverage and I think Hagerty pays out the Agreed Value less any deductible and less a percentage ? 

Hagerty says if the car is damaged and repairs will cost more than the insured value, they cut a cheque for the insured value, and with Cherished Salvage, you get the car back - what's left of it - no charge.

I assume the cost of the Cherished Salvage is based on the insured value of your car.  For me, adding it was about $150.00 a year.  My car does have a high value.

For that cost, I figure I can salvage something out of it.

I didn't find the buy-back to be 20% with Hagerty. It was more like 10%, which was a GREAT deal for me, as I got the motor, transmission, complete F and R suspension and brakes, seats, gauges, windshield, wiper assembly, switches, and wiring.

Remember folks, I had a total claim with Hagerty back in 2016.

Hagerty totalled my car at $50,000 agreed value, and offered salvage rights for $4500, which equals 9%.

@Jim Kelly posted:

Hagerty totalled my car at $50,000 agreed value, and offered salvage rights for $4500, which equals 9%.

With the rider I just put on, I get it back gratis.

That's cool, Bob