Leon Speed

My car has full risk coverage, special insurance for "young timers". The insurance company requires the value to be appraised by an expert firm every two years. I had this done recently after two years. Today they called me to tell me they appraised the car at 14,500 Euros, which is the same as the value two years ago. That's fine for me but they made some interesting remarks.

They said the value stayed the same because normally this model still devaluates over time, but as I did a lot of maintenance (brakes, struts, lights etc) the car is in good condition. They said the 928 still devaluates because is it not yet rare and it has a V8 and with current gas prices the demand for these models is less.

I asked at what point the value would go up and he said that it needs to be a rare car before that happens. So it looks like amongst others gas prices influence the value of my 928 and I am a looong way away from a rise in value Well at least my insurance rate isn't going up

Is that the same in the US too?

hacker-pschorr

The collector insurance I have allowed me to pick the value, my premium is based on the dollar amount.

My "regular" insurance for the other cars doesn't seam to vary based on dollar amount. My wife's 1992 Audi winter car is the same premium as my 2000 VW (back when I bought the VW new).

Certain cars carry a higher risk that usually raises the rates, also depending on your marital status, age, location etc.....
For a while the Dodge Viper was the most expensive new car to insure because of the one piece hood. Any minor fender bender was big money since the hood was shot. The new Mini suffers from the same fate (all though not as high as the viper was).

S4ordie

I would inquire as to what are the criteria the insurnace company uses to determine if a car is "rare". Is it production volume? Age? Manufacturer? Miles/Km driven? Some sort of rating from Rare/Collectible car organizations? Years from MFG date?...

hacker-pschorr

+1

Ask most car enthusiasts they will agree the midyear 1963-1967 Corvette is a rare car. Most are not aware GM produced 117,966 cars during the five year run.

Per Wiki the 928 production numbers are 61,056 over a 17 year run.

6mil928

Hacker what insurance company do you use?

namasgt

+2

Leon Speed

That sound pretty good: you want it insured for "x", you pay "y"

Don't know how that works here. My DD is a lease Audi. It's sorta like "all inclusive" or "eat all you want"


Age and location here too, but marital status??? A single guy gets around more?


My guess would be that I wouldn't get an exact answer. But it would be interesting anyway to know. Mind you I am not looking to raise the value, I am content with the value when comparing with the price I bought it for. Now, adjusting the value for the maintenance and mod investments, well, you know how that happens (not).

hacker-pschorr

I only have collector insurance on my replica Cobra, all are with State Farm.

Most collector insurance have limited use only = non "daily" driving. I'll probably put my 79 on the same collector policy when its bank on the road.
The rest I take to work and use for "normal" use so they have a regular policy with no agreed value.

IIRC Haggerty also does agreed value.

I hope Sterling chimes in, he has some good info from his accident and collecting on a collector policy.

danglerb

The hard part is actually collecting money from the insurance company, and with a high value 928 (a much better than average condition, special, extra nice, etc.) I don't recall anybody getting close to satisfaction without a lawyer.

I expect the current market to be reflected in low ball offers for insurance payouts, and even more fights about totalling cars even with minor damage.

S4ordie

I have Hagerty. As stated, I tell them what I want the car insured for and they tell me what the policy will cost. Needed to prove copndition of car. For my Tiger I emailed pics of the total restoration and some of the concurs trophies I have collected. I added the 928 to the existing policy for my other cars - told them $30K they said okay. I will update that amount when my enhancements are complete. It is very important to send photographs and build costs even if they don't require them. It serves as your paper trail should you ever need to get an attorney for reimbursement..... "You (insert name of insurance company) agreed to insure the car at my stated value after review of the provided documentation...

I like Hagerty (one "g"). Never have had need to file a claim, but to date the service has been very good.

polecat702

Like Dan, I too have Hagerty with an agree'd value. You do have to prove that the car is worth the insured value. I have three cars insured with them so adding a car is not a problem. Also the car cannot be your primary transportation. My 84 SS El Camino is my dailey driver, It's insured thru Progressive at an agree'd value, but I pay more for full coverage for it than my wife's 05 Tahoe. Progressive say's that the reason it costs more is because it doesn't have all the safety equipment that the Tahoe does, air-bags, etc. Hagerty does not put a mileage limitation on collector cars, they just don't want you using them to commute to work everyday. Also they only match the limits of your current full coverage policy. Mine being 100,000, 300,000. I like Dan, have never had to turn in a claim.

87 928 S4
Blk/Blk Auto
928 OC Member
74 Pantera "L"
87 Monte Carlo SS Aero Coupe
84 SS El Camino
05 Tahoe "Wife's Ride