spark1

As we have seen 968's rise in value, chances are, your insurance company will not view the 968 values anywhere near the actual value. Having been in the insurance industry in my past I know all to well what tools they use for valuation.

In my backyard, so to speak, we have recently had a natural disaster that claimed many "priceless" cars and property in general. We have seen the largest property loss in US history due to natural disasters over the last several years.

You have at least two options available to you. The easiest is to get a "stated value" insurance policy (which many mainstream auto insurers do not offer). The second is to get a certified appraiser to value your car after accident or natural disaster occurs. This is troubling to me because it does not account for the added value due to special condition or rarity of your car. The most troubling part is that the appraiser will have to use general values because they did not see or "value" the condition before any accident or disaster.

Eyeman

Yes, I definitely plan to get classic car insurance (Hagerty) on my recently purchased coupe. When I got my insurance through USAA so I could get a tag, I think they valued my car around $6k. I'm scared to drive it around now realizing how much I'd lose with a value like that. But I don't plan to drive it anyways..lol.

az968gpw

I have a "stated value" policy through Infinity, been happy with them, only had one minor claim for a windshield. Right, general insurance companies won't give nearly what our cars are worth. Everyone should look into stated value policies, just in case the worst happens.

Sdale944

My 1992 coupe is insured by Hagerty.....stated value is $20,000 and Hagerty did not push back at this amount. Very reasonable price I thought....just under $500 / year.

thomasmryan

az968gpw

My policy with Infinity, thru Midwest Auto Classics, is for stated value of $25k with $500k liability cost me $179 for the year. Since my car is over 25 yrs old (it's a 93) the rate dropped as it is considered a "classic" car now. I have an annual mileage limit of 1,200 miles, but they do not count miles driven to car events, so my drive from AZ to N. Calif last summer for the 968 Gathering did not count against the policy mileage, nor did my drive to Phoenix last fall for the PCA concours weekend. Just have to notify them of starting and ending mileages for "car show" type events.They also have several plans with higher miles.

jeff968

I have stated value with American Classic.

Speedvagen

FLT951

Stated Value will not give you an ounce of relief. It is still Actual Cash Value with a higher premium. You need "Agreed Value" coverage. "Stated" means you "said" what your opinion the value was and the carrier agreed to allow you to buy it. The policy will pay whichever is least, the stated value or actual cash value. Agreed value means the carrier agrees with you the value is…..and therefore they will pay. There is tons written about this and every so often Stated rears its ugly lying head again. Agreed good. Stated just an incorrect ill advised method of insuring. Read the policy. If it says we will pay the amount shown on the policy you are ok. Anything else is no way. Also, remember this is still only for a total loss and that is still in the hands of the carrier. Then document. Save ads for comparable cars so you can prove your claim. A folder of ads collected over time can be significant. Also a current 20 pic collection of your car can do the same. An appraisal in advance of claim can be goldmine. Probably at about $500 by a PCA or other appraiser. My SY car was appraised by Bruce Anderson and it paid off. Annual or occasional updates would cost $50 to $100.
​​​​​​​AGREED NOT STATED!
See the car on the left? AGREED NOT STATED!

thomasmryan

Bruce did an appraisal for me years ago on a 914. God rest his soul.

my hagerty policy uses the term 'guaranteed value'

az968gpw

Agree with Bill, policy needs to be "agreed value", great advice! Mine is agreed value. Zero deductibles. Every year I email my agent a new set of photos showing the car is still in excellent condtion.Gives me a reason to clean it once a year for its beauty pics" :-) Also keep him up to date on concours trophies, improvements and big maintenance expenses so there would never be an issue about a full payput in the event of an disaster.

FLT951

Yes, "guaranteed" is another word that assures the position of the carrier. And, yes, follow Bob's advice on record keeping. A documentation file says that you are an enthusiast who knows your car and your rights.

Yes, Bruce is missed but causes me to post this sad information here.

​​​​​​​Gene Gilpin died last week after a long fight with several health issues and a short fight with cancer. Gene, from Fresno, was 40+ years PCA.
Past President of San Joaquin Region, PCA.
Past Zone 7 Rep, PCA.
1981 Family of the Year, PCA.
Past Chairman National Public Relations Committee, PCA.
Past candidate for National Treasurer, PCA
Parade Concours People's Choice Award
Parade Concours Judge's Choice Award
Class Winner Pebble Beach Concours
Co-Chairman 1990 Porsche Parade Monterey, Ca. (with me)
Zone 7 Wall of Fame
My best friend.
I am posting this here in hope that some of you will move it on. I have no privileges on the rest of this site.
The Fresno Bee has an obituary which accepts your messages.
Gene's Facebook may be activated to accept your messages.
I am attending a small family gathering in Clovis on Saturday and would be happy to deliver your message.
I wrote 2 articles about Gene and his family and Gene and the winner car for Panorama if you'd like to check them out. "A Teutonic Fairy Tale" appeared in 1982 and "Family of the Year" in 81.
Also, 2 articles about Bruce Anderson. "The Other Bruce" and "Talking to Bruce About Tech".
Remember "AGREED" not "STATED".

FLT951

My apologies! I guess that was a bummer and a thread killer. Carry on. Remember, "AGREED".
​​​​​​​

Jay Wellwood

Thanks Bill. Your words of wisdom are not lost.

LTDzak

What AGREED value would I insure my 92 coupe for? 220 car (meets factory breakaway specs), hi mileage (closing in on 180 K), think Jeff would agree astonishingly nice cloth script interior, Texas/OKC car all its life, apparently original paint in worn but still shiny condition, hoping to get a dent doc to look over the dings, maintenance completely up to date, complete records back to the original owner (30+ K of work over the years), pinion and diff bearings replaced.

1 of 1 according to Jeff