disruptv

My insurance company (Liberty Mutual) is adamant about a certified appraisal on my newly purchased 88 930 turbo before they will provide comprehensive collision coverage on the car. I have offered the sales receipt (car was purchased from a dealer) to provide the proof for the value of the car; however, they are insisting on having it appraised. Is this standard process for getting this kind of car insured? Any suggestions on who to use for a certified appraisal in the SF Bay area?
thanks,
Sean

MUSSBERGER

I have had coverage through Leland West, Hagerty, and currently have it through Grundy. None of them asked for such a thing. What exactly is a certified appraisal?

disruptv

Not quite sure- they keep saying appraisal by a certified appraiser- however, they have no suggestions as to where one would find one of them!

theporscheguy

I have had this request once in the past. I utilized a company that purchased, sold and serviced vintage Porsche's to complete a valuation of my Porsche. The firm provided an extensive report which clearly defined their expertise and the basis for valuation in the appraisal.

musiker

The insurance company should have a list of appraisers that they have pre-approved. I just went through this rigamorole as I just purchased an 86 930.
I am staying with the same insurance company that insures my family's fleet of DD's. As I understand it, with Hagerty you don't need an appraised value, you just agree on a value and insure that. With more common carriers you need to protect your wad with an appraisal for "stated" value, even though you are not required to insure it for full value, so you can save there. You have to stay on top of having the appraisal updated every few years if values change though.

musiker

Seems that the Liberty Mutual, a very rich company, would have a protocol for getting your car appraised. If not, try Hagerty.

Matsuzaka

I believe LM is asking for an appraisal because the policy they are offering is not an "agreed value" policy. With an agreed value policy, thru Hagerty, Grundy, Ame Modern, etc., they will not ask for an appraisal, as Mussberger stated. My guess is what LM is offering you is a "stated value" policy, the problem with this king of policy is that it's kind of open ended. With an agreed value policy if your car gets totaled or stolen you will get the amount of money you agreed upon, but with a stated value policy they can say "well, we think the value has changed since the policy was taken out and we think your car is worth only....."

musiker

All true but once you have the appraisal on file with pics and descriptions they can't say it was a junk car because of it's condition.

musiker

All true but once you have the appraisal on file with pics and descriptions they can't say it was a junk car because of it's condition.
So at least you can get market value for miles and condition in event of disaster.

MUSSBERGER

Devil is in the details. In the end it all comes down to the language in the policy.

musiker

VERY true

bweSteve

I have JC Taylor / Foremost, and they recently required an appraisal before they would allow me to bump my "AGREED VALUE" policy. I was forcing the situation because I had not kept up with the valuations, and KNEW it had increased quite a bit.

Seems that even some of the good ins co's, that are accustomed to insuring our precious gems, require an appraisal.

I had no problem with it, since after 10+ years of ownership, I really wanted see a nice appraisal.
I was pleased with the 11 page, color, thoroughly documented appraisal. Cost me $175 for peace of mind.

=Steve

herragge

I can agree with this. The insurance company wants to insure your car with an agreed value policy. If something happens like theft or fire, there SHOULD be no quams about paying you out the appraised value. I just had my 930 appraised as well and this was the case.

Cheers good luck

UDPride

I had to have mine appraised. I was able to get the PCA regional concours chairperson who was also a Certified PCA National parade concours judge to perform it for me and that was sufficient. Hes a 30yr PCA member and Parade winner himself. He does appraisals for Porsche owners in his spare time so I lucked out on his recommendation and proximity. The insurance company said it was the most thorough appraisal they had ever seen and approved it no questions asked. Like 6 pages long. Every section or rating on it was specific to Porsche only. And it was pretty hard to argue that anybody was more qualified to inspect such a car. He was comparing my hood option code sticker to my PCA COA to the same option code sticker in my glove box books. Checked all my VIN plates and body stamps, he even looked at my tailllight lenses to see if they were Bosch or aftermarket. We must have spent 30 minutes just going through my maintenance records and matching them up with the car. I thought I was Type-A until I met this guy. It was brutal. He beat me up pretty good but in the end it all worked out. I learned a lot actually and I thought I "knew it all".

Your run of the mill "appraiser" that appraises everything from Plymouth GTXs to Ferraris is not going to have the breadth of expertise to truly give an accurate appraisal on a specific make or model. For example, you want NCRS or Bloomington Gold to evaluate your Vette, not some random slope with a clipboard.

bweSteve

Herragge,

I think maybe you mis-typed your message there (bolded above).
The insurance company probably does NOT want to ensure his car with a "agreed value" policy,... hence the problem there with LM.

Disrupt OP,
As several folks above have suggested, you will be better served by insuring this particular vehicle in your stable, with a Leland West, Hagerty, Grundy, or as in my case I use JC Taylor. They ALL allow "Agreed Value" policies. Some may require an appraisal, some may not,... but the bottom line is you do NOT want to be haggling over the pay-out once something bad happens!!

=Steve