Insurance for daily driver Porsches-Stated Value
11-19-2004, 05:12 PM
#1
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Join Date: Jan 2004
Location: El Monte, CA
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Insurance for daily driver Porsches-Stated Value
Most of you know that the majority of Insurance Co will not agree to a Fixed stated value on your Porsche. In the event of a total loss claim, THEY decide how much your car is worth based on THEIR formulas. It's usually WAY OFF-VERY LOW. Even with A PCA Valuation form, they won't settle on a value upfront-Before a claim is even necessary. However, all of us with really nice old Porsches WANT a Stated Value in the insurance binder to cover the REAL market value including all your added upgrades/engine rebuilds/etc.
I had this problem with Geico, even with all my customised items on file with them, they said in reality of a total loss claim, they would "meet me in middle". Totally unacceptable to me. I was willing to pay more if they could agree to a stated value, but they only accept THEIR valuation from their agents after a claim. I tried to get them tell me their current value of my car and they couldn't. They are a great company in my opinion, but they deal with family cars, not our great German Prizes.
Most of you are thinking duh, right? Why not use "classic car insurance" like Leland West or others... That's great if you own a second car AND don't drive your Porsche MORE than 5k miles a year and ONLY drive it for pleasure. But I only own 1 Car, I am a daily driver, I put on at least 15k a year. I love my 911, I DRIVE IT. That's the point IMHO.
After researching like a madman, I found nothing. However, I found an insurance brooker, A & J Insurance, who found a company (Traveler's) that offers FIXED STATED VALUE for Daily Drivers, no catches, no weird rules. They accepted my PCA Valuation form and my accessed stated value within the given PCA value range. In addition, I have full coverage that exceeds what I had before AND IT,S CHEAPER! The best of all, if some talking on a cell phone soccer mom in her SUV rams me, I have the piece of mind to know I will be covered fairly.
Oh yeah, in case you are wondering, my stated value is 20K.
Love to hear any comments on this topic, pro or con. If I have overlooked anything-please set me straight!
I had this problem with Geico, even with all my customised items on file with them, they said in reality of a total loss claim, they would "meet me in middle". Totally unacceptable to me. I was willing to pay more if they could agree to a stated value, but they only accept THEIR valuation from their agents after a claim. I tried to get them tell me their current value of my car and they couldn't. They are a great company in my opinion, but they deal with family cars, not our great German Prizes.
Most of you are thinking duh, right? Why not use "classic car insurance" like Leland West or others... That's great if you own a second car AND don't drive your Porsche MORE than 5k miles a year and ONLY drive it for pleasure. But I only own 1 Car, I am a daily driver, I put on at least 15k a year. I love my 911, I DRIVE IT. That's the point IMHO.
After researching like a madman, I found nothing. However, I found an insurance brooker, A & J Insurance, who found a company (Traveler's) that offers FIXED STATED VALUE for Daily Drivers, no catches, no weird rules. They accepted my PCA Valuation form and my accessed stated value within the given PCA value range. In addition, I have full coverage that exceeds what I had before AND IT,S CHEAPER! The best of all, if some talking on a cell phone soccer mom in her SUV rams me, I have the piece of mind to know I will be covered fairly.
Oh yeah, in case you are wondering, my stated value is 20K.
Love to hear any comments on this topic, pro or con. If I have overlooked anything-please set me straight!
11-19-2004, 06:03 PM
#2
Rennlist Member
Record: It sounds like you've done exactly the right thing. I have an '82 SC covered with Traveler's (at $17K) and my wife's Touareg is with them. Incredibly fair prices, my agent is Dick Van Duzer & Assoc. in Santa Monica. I've been with Traveler's for almost 5 years, they seem to be the ins. world's best kept secret...
11-20-2004, 01:21 AM
#3
I would suggest reading your valuation clause very carefully.
I'm not sure what you have, but "Stated Value" or "Declared Value" policies typically do not contractually require the carrier in any way to actually pay that stated amount.
Only "Agreed Amount" or "Agreed Value" valuations leave no doubt as to what will be paid in the event of a total loss.
Good luck,
Tim
I'm not sure what you have, but "Stated Value" or "Declared Value" policies typically do not contractually require the carrier in any way to actually pay that stated amount.
Only "Agreed Amount" or "Agreed Value" valuations leave no doubt as to what will be paid in the event of a total loss.
Good luck,
Tim
11-20-2004, 09:47 PM
#4
Originally Posted by tchanson
I would suggest reading your valuation clause very carefully.
I'm not sure what you have, but "Stated Value" or "Declared Value" policies typically do not contractually require the carrier in any way to actually pay that stated amount.
Only "Agreed Amount" or "Agreed Value" valuations leave no doubt as to what will be paid in the event of a total loss.
Good luck,
Tim
I'm not sure what you have, but "Stated Value" or "Declared Value" policies typically do not contractually require the carrier in any way to actually pay that stated amount.
Only "Agreed Amount" or "Agreed Value" valuations leave no doubt as to what will be paid in the event of a total loss.
Good luck,
Tim
