Mike Frye

I don't know if this is something I'm worthy of starting, but based on a few recent threads and some searches I've done, there is a great deal of information and also a lot of mis-information about auto insurance for a 928.

One glaring example would be two threads I found started by Sterling (owner of the HIGHLY modified variocam 928 with serious interior mods as well, a truly unique irreplaceable car).

The first one is dated 5/20/2004 in which he explains the difficulty in finding a carrier that will insure his car at what is called an 'agreed value' rather than the standard book value for a garden variety 928 of comparable year (which is NOT good).

https://rennlist.com/forums/showthre...ferrerid=45339

In the second one, dated almost exactly 3 years later on 5/31/07, he talks about his troubles in dealing with the insurance company claims department in trying to get covered for an accident that was not even his fault:

https://rennlist.com/forums/showthre...ferrerid=45339

The last I heard, he still doesn't have it back from the paint shop and the insurance company didn't pay more than a little part of the actual cost of the required work.


Honestly, up until recently my car wasn't really worth more than the book value, so I've had it insured for liability only, but now that I've got lots more into it, I'd like to set up a policy that will pay "Replacement value" for what I've got right now, in the condition it's in right now. I think a lot of people think they're insured until they actually try to file a claim. I'm asking people with insurance claims experiences to post their good and bad stories, and for anyone with first hand knowledge of how the system works and what to do in order to be prepared to chime in.

If you know the magic term or process to make this system work, please let us know!


EDIT: well this went over like a fart in church. Nevermind.

shmark

Be aware there is a substantial difference between Fair Market Value (crap), Actual Cash Value (also crap), Stated Value (only slightly better crap), and a true Agreed Value policy. If your car is truly something special (aka Sterling), the Agreed Value is the only way to go and there are insurers out there that will do that. Haggerty and Chubb come to mind. Otherwise have the Stated Value spelled out along with Actual Cash value, and then have TONS of documentation on your car and at least 5 other "comps" for when something does happen. They will still try to lowball you, but you're better off armed with information overkill.

Here's a decent writeup on the differences.

http://insurance.families.com/blog/a...-agreed-amount

Mike Frye

Hagerty is one of the ones he mentions in the first post listed above. They wouldn't give him a 'stated' or 'agreed' value that he was comfortable with.

Thanks for the link, the more information we have going in the better. I just want people to know what to expect and not just think they'll get what the car is worth to them if it's stolen or wrecked.

Sailmed

I received a very nice settlement when the 86.5 went for a swim.
The company was Hartford.
The reason?
The appraisals from 2 Porsche dealers that my agent suggested I get when she wrote the policy!
Even at that, they came along and measured tread depth, brake pad thickness, and tried saying the interior had mold.
"No kidding - thats why it's totaled from flood - maybe if you wouldn't have waited a week, it wouldn't have molded!"
Get them before you need them