DFASTEST951

I'm going to be shopping around for insurance on the car. So I had to get it appraised for insurance. Came out to 60 grand even. With an increase of up to 10 percent a year as euro hot rods are an up and coming market noticed by all the big auctions and the classic and collectable car market.

Anyone ever have their car appraised and what do you think about mine. Should I be happy? What do you think?

leonc944

Shhh, don't let turby find out!!!

special tool

You said it, man.
I'd trade mine for a cleary jumbo marble and a Rod Carrew card.

ibkevin

Holy $hit!, did they use the Cali price guide?

Driftomagnifico

The real question is, who would pay $60,000 for a 951, when they could afford a very nice 911 for the same price.

In that regard the appraisal is too high, as actual market value is much lower. I'm sure with all the junk in my car I could get $60,000 as a value, but I'd be luckier than hell (think winning the lottery) to get 1/3rd of that.

Take it to insurance and get a custom plan drawn up. Never know when some sack of **** might decide to steal it, or run into it.

kasturbo

Please point me in the direction of any 911 for 60k that will come any where close to touching his 951. You won't find one. I would pick that 951 over any 911 any day.

streckfu's

I don't think that his 951 would share a market with a standard 911. Completely different buyers.

If he can get it insured at a $60k value, it can only help every 951 owner. I hope his company goes for it.

jgporsche

When I bought my car, I had it appraised for insurance purposes as well. It was basically stock at the time. $15K. I thought that was pretty good for an '86 with 146K miles.

streckfu's

There's a special Vegas only appendix to the KBB.

ninefiveone

Lets not confuse insurance appraised value for real value.

Insurance companies are educated bets. They use well developed algorithms to determine the likelyhood of having to pay a claim. That determines the premium you'll pay. They don't care what the actual value of the object is, really. They only care about the chances of actually having to pay the claim. You can insure a peanut for $60K if you want.

This is an oversimplifcation but the point remains. Insurance value has nothing to do with real value. You will not find anyone who will pay $15K for a stock '86 951 with 146k on the clock. But there isn't an insurance broker in the world who won't take the premium you'll pay to insure the car for that much.

As for dfastest's car... the 10% increase every year is not a reflection on euro hotrods and 951's within that market. 951's are not collectible. At all. They are not old enough, rare enough, or historically significant enough.

The 10% increase every year is to ensure the premium goes up every year. That ensures an increasing cash flow for the insurance company that beats inflation.

dfastest, you really need to apply the same sort of analysis the insurance company does to what the car is worth to you. Start with replacement cost. What would it cost you to have powerhaus build another one just like it? Not to be harsh but there's nothing particularly unique about the car except what powerhaus put into it. You can find another black 951 easily and have an identical car without undue effort. Would it cost you $60K to replicate your car? Only you know what it cost to build but there's no reason one can't replicate that car for $40K.

Bottom line, I would only insure it for the cost of another good condition 951 + whatever the check you'd need to write to david at powerhaus to build another motor. Btw, I'd also talk to scott gomes or any of the other well known engine builders to see what they can do for the same money. But given where you're located (near powerhaus) I think it's a no brainer to go with them again. They charge a little more than the others but they back it up with great service.

Tom M'Guinn

I'll have to look it up, but there was a collector car insurance company on My Classic Car a while back. They offer "agreed value" coverage on any year car, as long as you have a second car as your daily driver. I looked at their website, and it seemed like a true "car guys" solution. Anybody here know this Ins. Co. name?

SamGrant951

Tom, there are a number of them. Justin (Judson951) had his through Haggerty and had an agreed value at either 15k or 20k (can't remember) Allowed 2500 miles per year. He paid about $250-300 per year for that coverage.

bearone

the test will be when/if you have to make a claim.

insurance co's are quick to write policies but when time comes to pay out they try numerous ways to keep from paying.

hopefully you'll never have a claim.
how much for the policy?

fwiw:
i approached my insurance and they spun me off to some outfit who writes the special policies for them.
i stated $18k, no appraisal required but....couldn't drive to work, race, de's and a ton of other stuff and limited to 3k miles/year.

87951

Mercedesben

I picked up a pristine 87 951 with 67,000 miles last week.
I just added it to my Nationwide policy and my insurance is
$52 per month, I am quite happy with that amount, but I am curious to
see what my replacement value is based upon. Some companies use blue book, but I have even heard of some using newspaper adds to gauge the market. I do not plan to pay extra to have it insured for a higher value.
Ben

pstickne

Full coverage (2nd vehicle) was $80/mo in Tennessee... $200/mo in Washington. :-/