Just wondering how you insure your car. My DD is with Geico and they did give me a quote that adds about $130 a month to my payment. And it is your general standard Geico type of insurance. I also got a quote from Grundy for an agreed value policy. It came in at about $1400 for a year....so that comes out to about $115 a month if you paid that way. SO the prices aren't really that different. What are the advantages or disadvantages of each? This car will not be a DD....as the Policy from Grundy will not allow that. Just curious how y'all do yours and why.

Thanks in advance

 

Insurance is dependent on location, limits, deductibles, add ons, etc. Comparing $ values is worthless without the rest.

 

I wasn't asking about "how much you pay". I was asking do you go with the "standard" insurance like Geico or an agreed value collector policy like Grundy. And why. I only mentioned prices because they are close enough to be similar in price. I was just wondering what are the advantages or disadvantages of either.

 

^^^

Comparing companies / $$ within a single person (you, OP) is OK because the only variable there is the company. But trying to get dollar comparisons with anyone else is going to be a crapshoot: lots of anecdotal things that don't play out because they are not equivalent to your situation (location, deductibles, limits, parking location, miles driven, history, etc).

For what it's worth (trying to avoid specific dollar comparisons):
I use GEICO and for comparison's sake, my GT4 ($128k) is only ~$20/mo. more than my wife's '18 VW Beetle ($25k) (same coverage between them).
I do have my GT4 setup as a "DD" (only car). I honestly didn't shop anywhere else for insurance because I knew this would be treated as a "daily driven" car

 

I had similar question on agreed value insurance. What’s is the determining factor in your decision either way?

 

I wouldn’t mind hearing who people use, and who to avoid. Including track hijinx tolerance.

 

I've used Progressive on my GT4 and State Farm for my GT3. Never any trouble with either. Only had to make a claim once with Progressive and they were great and even covered my deductible.

 

In general agreed value policies are best for vehicles that have a value that is more challenging to determine with comps. For example an old, rare, or modified vehicle. With a regular policy there is a risk of a tough fight with an insurance company determining value when making a claim, especially in the case of a totaled vehicle. With agreed value, the value is set up-front. I would say for a stock 718 GT4 the need for agreed value is low. I personally use agreed value only on my highly modified 981 and the modification costs are pre-approved and covered. My other cars all have a "regular" policy.

 

One fact to consider regarding Geico: They will drop you if they learn you autocross your car. This is not just a rumor; they dropped me (no claims) and told me why. Geico employs photographers to attend events and photograph license plates. They are no friend of my hobby and I cannot recommend them regardless of cost. There are many other insurance options that don't reward Geico's anti-autocross policy. Probably true for Driver's Ed events too.

Howard

 

No insurance company insures that under a standard policy. Plenty of discussion about that on the GT3 forum. There were some insurers that would cover one time in a non-timed event years back, but those days are over. You either buy a track day policy, attempt to commit insurance fraud, or eat the cost of damage.

OP, I would go with GEICO.

 

For the little difference, I would just get regular insurance so you have no limitations on how much you drive.

When I bought my 991.2, Liberty Mutual raised my rates to $12,800/year for that and my X3. No accidents no tickets. I dropped them like a hot potato and went with GEICO for a fraction of that amount. I have now priced Progressive and will change to them when my BGTS comes in. Their pricing is way better. All of the insurance companies raise rates over time in hopes of catching sleepy customers. In the case of Liberty Mutual, I shared the GEICO quote and they refused to back down. I had been with LM for twenty plus years and never had a claim, both homeowners and auto. I now know to check back in every few years and understand that loyalty is irrelevant for both customer and provider.

 

This is a good question that's been on my mind too. Thanks for asking it flynlo!

The problem I see with Geico and many of the commodity insurance companies is their highest coverage limit is $100,000 on any car for collision, comprehensive, and uninsured motorist. So what happens if my $139k MSRP car gets totaled, especially by an uninsured/underinsured driver (most of which don't carry coverage for $100k cars)? I don't want to cough up the $40k plus taxes for their mistake!

I'd rather go ahead and make sure the car is fully covered. USAA has offered an option to go with an agree-value policy for the Porsche and its a good chance I'll take that (at least I'm a veteran and have that option). Or I'd need to go with someone like Grundy that flynlo mentions. Have others found "normal" policies that cover a car for more than $100k? I have absolutely no doubt there are those here with substantial experience in this!

 

Somewhat OT but State Farm charged me less than $90/month for the first 9 months I had my GT4, less than my wife's 9yr old Lexus. When they quoted me that, I re-emphasized the fact it was a GT4, not a regular Cayman, just to be up front and perfectly honest about things. The response was "that's the rate." I said "fantastic!"

They have since raised it to about $130/month. Fun while it lasted.

 

Even $130 / month seems not too bad for a GT4.

 

Exactly what I was quoted from Geico.