There was no mention of that with the guy on the phone. I am glad you brought that up though. I will ask moving forward. My fear with a "normal insurance company" would be them applying some sort of formula to determine depreciation without any regard for what the car is actually worth.....should there be a total loss.

 

https://www.porscheautoinsurance.com is another option for those looking for agreed value without some of the restrictions. Available in Arizona, Georgia, Illinois, Ohio and Oregon. No knowledge of whether or not they're good, but other threads exist on them.

 

I'm paying State Farm about $164 a month which covers a Cayman S, GT4, and Jeep Cherokee Limited.

 

I know that on the online portal their coverages stop at $100k. They did quote a line for the car as a Cayman, but I'd really doubt they'd cover it properly - at least with their normal insurance. However, taking a better look they do also offer agreed-value insurance but you have to call to get pricing for that. There's some information here: https://www.geico.com/information/ab.../collectorcar/. Maybe the person you talked to included this as part of their consideration for pricing, but I'd certainly want to be sure about it.

 

I actually asked about agreed value policies and he said they did not offer it. He did sound a little confused though and he may have just used that as a default answer. I will take a look at your link.

Edit: It appears their classic/collector car policies are carried by American Modern or Assurant. I remembered I know an insurance broker....I will try her. I know she has written policies on my boat for American Modern. I even had a claim with them and they were decent to work with.

 

I had a policy with Grundy years ago, agreed on value on a Viper that I totaled. No questions asked and they paid every penny including medical, damage repairs to the State, etc. and they even sold the car back to me for a really good price. It did put me in their risk pool for 5 years but it did not affect my rate with my other carrier.

 

That is excellent feedback. Thanks!!! I think I might be leaning that direction.

 

this, with All State. It seems pretty inconvenient and non economical to go agreed value for a modern cayman. These cars are emotionally special, not classically special in the cold eyes of the market. A separate agreed value policy will generally be more expensive, with more mileage or usage restrictions. If you need gap insurance, you can do that with many vanilla insurance policies.

Separate track day insurance is a must. Specialists do this. Don’t confuse it with your regular policy.

 

It is a Spyder. I guess my fear is a total loss scenario. How is value determined?(rhetorical). Would it be real market value? Say the market in six months is still like it is now and I have a total loss...would they pay MSRP because the market would support that. But is it more of an algorithmic vlaue that will factor in some sort of depreciation where none exists. PS...I have never totalled a car. I did have one stolen. As far as Gap insurance goes, kinda the same concern. I don't NEED it. I will be putting a lot of money down and so it will not put me in a financial bind. My understanding is gap insurance is more for a situation where the insurance check does not cover the payoff amount....usually an issue with no money down and depreciation outpacing your principle payments. I just want to know I will get the full value of the car if it is a total loss. Agreed value pretty much guarantees that. A "regular" insurance policy....I don't know and I would be willing to bet they would come up short.

 

You need to do you, but it’ll cost more per year and that’s a guaranteed loss. vs the odds of needing that extra coverage, albeit at a higher multiple. There’s no free ride here. You’re simply pushing around the risk over the difference between replacement value and purchase price between you and the insurer. The more risk you off load, the higher the price you’ll pay.

 

Actually the agreed value policy is cheaper than the Geico…although not by much. If you read the original post I put the prices on there. They are similar enough to ask the question. I already have an agreed value policy on a 1985 Carrera. So adding it to that might be what makes it cheaper instead of a stand alone separate policy. But to keep it apples to apples, I was adding the Spyder to my DD policy with Geico.

 

For a while I had covered a truck I had bought for a son to use under my name with Progressive, but as of yesterday he took that on his own policy so I called Progressive this morning to remove it. They asked if I had anything new to cover so I asked for a quote for the GT4. Since I have the VIN the agent was able to look it up and said she saw it was a 2022 Cayman GT4. I asked if she could tell what its valuation was in their books and she said:

$58k something - which is actually a little under the $60,500 MSRP for a 2022 base Cayman.

Sooo... I asked what did I need to do to cover it for my car's real MSRP. She was able to add $80k of customer-stated valuation, saying they could do that up to $150k (but in case of a claim would require proof of that value). The GT4 part of the quote was right at $400/month for $138k of coverage (I've had no tickets or claims in years). It appears the tricky part with our cars is going to be making sure an insurance company will actually cover a total loss at full value. I don't know how it resolves if they think they insured a $58k car and then are faced with a $138k claim. Any insurance professionals here?

 

That is a LOT!!! I did remember I have an acquaintance that is in the insurance business and I asked her all of these questions. Hopefully she can find out.

 

I've used State Farm for at least 30 years. In the past two years, they have become insufferable when a claim is filed. They basically want every repair done by one of their shops and won't even visit two of the three Porsche certified repair shops in town to do an estimate or an adjustment. Then they say upfront that they won't pay the full cost of the repair and the customer will be stuck with the difference between their estimate and the final bill. I'll be shopping around if my new car ever gets here.

 

Progressive: about $700 a year full coverage in FL , $100 comp & $1k coll deductibles for a 2021 718 Spyder. I also insure 3 other vehicles and my condo with them.