I called Hagerty Insurance to get an idea of where these numbers are coming from and how they’re calculated and was told by my agent that Hagerty constantly is scouring the marketplace for information to give reasonable values for as many vehicles as possible. Their work is very respected in the industry. They use data from Barrett-Jackson and Mecum sales, eBay, internal sales, meaning customers who insure with them and what they may have sold their vehicles for and various other outlets. He felt that the spike happening in January 2019 most likely coincided with some sales at Barrett-Jackson.
I did ask that if we see a huge spike up is it possible that we see a similar spike the other way. Although nothing is impossible, in his years with the company, he’s never seen that happen. You may see a trend downward but never to this magnitude and it stays pretty flat moving forward.
This is good news for Cougar owners in general. These cars seem to finally be getting the recognition they deserve!
I do agree with Royce though. Just because you have your car insured for $100,000 doesn’t mean you will get that if and when you decide sell it. Alternatively if anyone wants to send me that $100,000 I’m sure I wouldn’t have to think too hard about letting my XR7 go.
Everything is for sale for a price! LOL