928man

Well thanks for all the thoughts everybody, James, no I wasn't singling you out but 8 928's for $1700 insurance is quite a deal! Do you have collision on the GTS models? I have comprehensive & uninsured drivers too adds to the bill . I know Michael, NY state is high on insurance, NJ too, I would guess. I'm thinking twice about the comprehensive & uninsured motorists being added ------- Bill
1980 Euro-S 5spd - 300rwhp
1986.5 US Auto - Stock

pcar928fan

Bill,

Yes, they are fully covered at stated values ($40k and $35k IIRC) and that covers anything. 2500 miles per year limit per car...no track coverage (but that is the norm these days) but I can for fun drive them anytime, but can't use them for work or to take the place of the DD if it is in the shop... Easy peezy and CHEAP for cover my babies!

86'928S MeteorGrey

I got full comprehensive with $1000 Deductable too. I pay $180 a month for a 928, a 944, and a Dodge Durango. But this is also covering the 928 for 15000 miles per year, and with a teenage driver in the household... I spoke to the insurance agent about getting the car appraised, and then insured upon the appraised value. There was one place that was mentioned. They said if you bring a bill of health from a factory mechanic, a insurance inspector can come out and appraise the car for higher than blue book in some cases. I was also told that this insurance costs more and strictly limits mileage. So I left it alone... How much could a 84' S really be worth, right?

928man

James: Congratulations on such a great collection of 928's, I'm grateful to have 2 of them, my Euro was Carelli Modified with front/rear S4 bumpers, momo steering wheel, headers, dual exhaust with resonators. I was wondering if you had any of your DVD evolution 928 available, heard a lot of great talk about it? I bought my 1980 Euro-S for $10K on ebay 8 yrs ago, then put 20K in restoration costs but engine & trans were ok. Has BBS wheels, all new suspension, so $30k later I guess I should insure it for stated value with a classic car insurance company. Other car is a 1986.5 US Auto updating maintenance now for it, indian red/blk interior. Paid $6200, plus $2300 in parts, about 2K labor. Car has 68k miles, tight with nice interior. --------- Bill

pcar928fan

Bill,

Out of 928 EVOLUTION DVD's, but thanks for the kind words. It was a work of love and I am pretty happy w/ the way it came out, if I do say so myself! Hang with me, I am going to have another 100 burned here pretty soon, I need to talk to my folks that do that work for me.

You certainly should have your car insured for stated value with all you have in it! No doubt! Because of all the work you have in it and the $30kish you would want to value it at for insurance (probably cost you $550/year I am guessing...2500 mile limit on driving is likely too) they may want you to get an appraisal. Probably not to hard to do, but just something to keep in mind.

Mike,

My 81 is valued at $10k (probably pretty close to an average '85's value I would guess) and it is $220/YEAR and I can put 5000 miles on it... that is what specialty insurance can do for you! Probably worth checking in to anyway!

philesk

The problem with standard insurance policies is that repair or replacement costs can easily exceed what the insurance company wants to pay. Most carriers pay ACV (Actual Cash Value = NOT) based on the lowest set of comparables they can locate. Do not fall for STATED VALUE. This is only ACV with an upper limit. They will total any car whose repair cost exceeds 65-70% of "ACV".

I recommend you look into "Collector or Classic Car Insurance". There are a bunch of brokers who sell this type of policy and several carriers who underwrite these policies. There are differences but in general:

1. Mileage limitation (5,000 or 7,500 or maybe none)
2. Garage requirement (fully enclosed garage - some require attached to your primary residence)
3. May not be daily driver and proof of a daily driver is required.
4. No deductible on glass breakage. Many do not require a $1000 deduct. Mine is $500.
5. Works really well for multiple collector cars since only one liability premium is charged ( You can't really drive more than one car at a time, can you?).
6. Some will cover current (new) cars, motorcycles and even classic boats.
7. Best of all.... AGREED VALUE. You and the insurance co. agree on the value of your car, and it is insured for that amount. They will still apply the 70% rule in the event of accident damage, but you don't have to fight about valuation. If stolen, you receive the full agreed value.
8. Cost is VERY low. The marginal cost for comprehensive/collision of some of my Porsches is .6% per year. (i.e $25,000 agreed value is $150/year).

Many brokers will give a quote online.

Some to try:
Heacock Classic (5 of my cars with agreed value of $80,000 total = $800/yr)
Leland-West (only Porsche) (2 Porsches with $66,000 agreed value = $944.00/yr)
Hagerty (often no mileage limits but a little more expensive)
J.C. Taylor
American Collectors
Make sure you ask fro and receive an AGREED VALUE policy.

Speedtoys

We have USAA for insurance here in CA.


Dropped the 500mi/yr PNO insurance on my 87 Supra turbo, for the 88 S4, and our premium went up $19.78/mo with a $100 comprehensive deductible, $1000 collision, uninsured coverage, 30/900 rental coverage, towing..

I was very surprised it was that low with all the coverage bling.

philesk

But, USAA is still ACV. I have friends doing the insurance valuation dance right now with USAA. They wrecked their 36,000 mile 1999 Camry and they couldn't even begin to replace the car for what USAA is offering. I don't believe USAA offers Agreed Value coverage.

Agreed Value is even more important with our 928s. During claim negotiations around a $9000 accident, State Farm tried to tell me my 1990 928GT needed to be totaled. Car was at a Porsche dealer and the adjuster saw a 1987 928S4 available for $27,000 on the showroom floor and tried to tell me my car was only worth $11,000. After a lot of discussion/escalation/threats/etc. they finally paid up for the repairs. I moved that car to Heacock, and the marginal cost of $25,000 agreed value on that same car is around $150/yr.

Phil

pcar928fan

Phil,

That is a VERY GOOD buy on your $25k agreed value! Very good indeed!

philesk

The $150 doesn't include about $400/yr for 100/300 liability. I have had only one small claim with Heacock, but it went smoothly.

If I had your fleet, I'd get competitive bids from Heacock, Hagarty and every other insuror I could find who has agreed value insurance.

pcar928fan

Hagarty would not let me drive the cars EXCEPT to CLUB SANCTIONED events and of course NOT on track. I had Leyland West for awhile (6+ years) but got tired of dealing with the MORONS that work there and every year having to jot down my mileage for them. So, I looked in to JC Taylor (and I think one other place) and JC was not only the easiest to deal with they also were the cheapest. I have $35k agreed on value on my '92 GTS and it is $550/year total for that car with a 2500 mile limit (that they don't check btw). Total for the 7 street cars is ~1700/year! NICE!