Imo000

"hopefully you'll never have a claim."..... then what's the point of paying more for a higher value premium?


If you have that many restrictions and can only drive 3K (~$.10/mile), then again, what's the point of having such a $hity policy? Policies like that are only meant for collector vehicles. The difference between them and and a regualar policy is really not that much.

Bill

The difference is stated value.

With a normal policy, the cars value is determined by the insurance company. What logic they use to arive at this value is unknown to me. So what happens is, you get into a wreck, lets say $3,000 to repair damage, the insurance carrier values the car at $4000, if the cost to repair is greater than 75% of the appraised value they total your car. End of story for your car. It gets parted out.

With stated value, you agree on a value. Say you state the value at 20,000. With the $3000 repair bill above, and stated value, the repair is less than 75% of the value, and you car gets repaired.

So the difference is HUGE if you love your car.

How do I know this.........

Last week I took my car to an alignment shop. Shop completes repair and during test drive, gets into fender bender. They appologise profusely and assure me that it will be repaired. Take car to body shop, ins carrier for shop sends adjuster. Shop and adjuster agree $3,000 will fix damage (small dent behind passender tire 1/4 panel). Insurance carrier calls me and says the value of my car is $3,000 and is a total. I send insurance carrier $35,000 of replacement parts receipts in the last 3 years. I send ads for 8 equivelent 951s for sale at a average price of $21,000. I send kelly blue book print out with value of $10,000. I send pictures of how perfect my car is. Adjuster notes that my car is perfect. Insurance carier says my car is perfect, and with documents, it raises the value of my car to $3,500. I ask what method they use to determine value, carrier say "I dont know". Carrier says needs to call body shop, if repair does not have hidden costs, they will repair for $3000 and not total. Body shop agrees. So I will be made whole again, but the carrier was setting me up for a total. If I had a stated value policy I would have had no worries. I attempted to get stated value 4 months ago, but AAA (my carrier) does not offer. You can bet before my car sees the road again, it will be covered by a stated value policy.

Driftomagnifico

Porschefile's 911 ran in the mid 20's I believe, it has the capacity to produce over 500whp on high boost, and it weighs around the same as a 951.

911 doesn't always equate to an overpriced twin turbo, I've seen plenty of prepped 911's selling for fair pricing.

I'm not saying his car is a pile of ****, because it looks rather nice, but I am saying that in the eyes of the market the car isn't worth the same, and never will be. The car is only of value to 951 enthusiasts.

streckfu's

Are you aware of the history of his car and what has been done to it?

DFASTEST951

Thanks for the response. Let me clear a few things up.

My insurance company is the one who sent me to this guy. He's been doing if for years and doesn't do insurance appraisals. He does actual market appraisals for collectable cars and sells them too. That said I thought my car would be worth 70 grand. When I pulled up, the appraiser was in the middle of doing one for an authentic Cobra built by Shelby with his sig on the dash. He wasn't even half way done and he said it was well over half a million already. With all the cars he had in his indoor showroom, and other credentials, I trust his judgement. He is the one who said the muscel cars are softening at the big auctions and that the hot rods and customs seem to be the next up and coming in the marketplace. Good news for us.

Farmers didn't want an ansurance appraisal so their underwriters don't balk if there is a claim. They sent me to an appraiser that does actual market value on cars. So, in the event I do have a claim with them, they just write a check. Better customer services that way. I've had two claims with them in all the years I've been with them and they always issued a check within 48 hours.

If I had to build the car over again, I could do it for sixty. Or really close to it. I've got all the hookups now and know what to do on making the car look the way it does. As far as the motor, David may be retiring soon but said he's do work for me anyway so I know how much that would cost. I would just start with a rust free body with as good of interior as I could find and hope for a blown motor as I'd throw it away anyway.

Now for the news from Farmers for coverage. $3,000 dollars for the year! I got off the phone, changed my shorts and here I am to tell you guys what's up. ****ty Vegas drivers! Now, that is unlimited mileage, DE's ok too. What do you think? I'm gonna shop as I don't put more than a few thousand miles on it a year anyway.

Oh, somone mentioned that there wasn't anything really special about my car. As biased as I am, I have to disagree. If you seen it, you'd probably say differently. There was a 53' custom vette in the appraisers showroom for sale with a $15,000 dollar paint job. Nothing special as far a graphics or color. Just a hell of a paint job. My paint was better than the vettes. The car hasn't seen rain in over 15 years and I'm the only idiot that's ever washed it besides my detailer. It's kinda purty and kinda quick. For the others that gave me props for it, thank you, it means more coming from you guys than from others that have no idea or appreciation for them. Last, if any of you ever want to increase the actualy value of yours, get a hold of me. I know what it takes.

streckfu's

As long as you're writing the checks, I'm in.

Driftomagnifico

Unless it's a ChMo tube chassis car with complete carbon fiber wide body rolling on an engine built by Ray Childress I think it will be hard to convince me that any 951 is worth that much.

Although, the car does sound like it carries a good persona, and I am up for a story

BTW, I just noticed you are running some sort of front splitter. Which one is that so I can tell Porschefile to buy it already cause it looks good.

streckfu's

That would be a no then....

At least research the members before you bad mouth their projects.

It's from GT Racing.

bearone

yours is quite a ride and most claims can be settled quickly but i guarantee somebody'd be choking while writing out the $60k check for a 20 year old vehicle that has a much lower kbb value.

Porschefile

All I have to say is, Dfastest, you have the absolute nicest 951 I have EVER seen.

Driftomagnifico

Buy that front splitter damnit... I don't care if the car doesn't run.

Driftomagnifico

No offense but I think the guy can talk for himself.

I'm not bad mouthing his car, if anything why don't you give me a run down beyond the fact that it has a 3.0L I4 16v engine and produces good power in an immaculate chassis.

It's a nice car, but I'm not gonna buff the dude's nuts over it.

ninefiveone

Take it easy on drifto, folks. He speaks the truth.

I'm sure the car is extremely special to dfastest. But the last time he tried to sell the car it only got a high bid of $26K. To be fair, it once drew a high bid of $46K at auction as well.

This will be the third time I've seen dfastest try to claim this car is worth $60K but not once has someone been willing to pay that money for the car.

There's even been a noble attempt to raffle the car off for charity. There weren't even enough people interested to sell enough tickets for the raffle to go through.

There is a reason for this. I'm sure the car is worth at least $60K to dfastest, if not more. But the reality is that it's not worth that to anyone with $60K to part with.

So before everyone tries to rip drifto a new one for "not researching," I suggest you all do some research of your own.

porshhhh951

hehe you said buff and nuts in the same sentence

streckfu's

I was here for that and a car's worth is defined by the owner first and potential buyer second. You should caveat you sentence with yet as he very well may find the right buyer. If he does, that only benifits all of us. I'm just emphasizing that any time a legitmate valuation on any 951 can be documented at such a price, the trickledown market will eventually help all those who own,

It looks like the 'community' aspect of this forum has gone to ****, lately. Instead of helping each other out, it's all about who can make up the most bull****.