Insurance Recommendations
01-15-2019, 12:58 AM
#17
Track Day
Join Date: Nov 2016
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And if the value next year, tomorrow etc after a total loss is found to be 150k based upon market factors then that is the settlement. Your interpreting my comments as “negative” and in reality we both want the same thing..proper valuation. My 964 at time of issuance was 25k, but market factors dictate today if there was a loss the value would be more like 40k. So I’m a little taken back by your approach as a moderator on this site. If someone has practical claims experience with the subject then info should be accurate. Your loss settlement provision is the key to this whole discussion and that is the point I’m making.
01-15-2019, 01:04 AM
#18
Banned
No I am not interpreting your comments as negative, they are not true. Your saying State Farm does not offer Agreed Value, when in fact they do. You may not offer it in your office or your state, but State Farm does offer it it many other places.
01-15-2019, 08:26 AM
#19
Good information, but for the OP's sake, do remember that we're talking about insuring a 981... They won't be appreciating within the time frame before one should be shopping for revised insurance policies.
01-15-2019, 11:04 AM
#20
Rennlist Member
There is a insuring agreement in every policy and loss settlement provision. There is no agreed value provision. Policies have state specific requirements per state statute. I would suggest reviewing the insuring agreement of the policy in relation to your specific state and you will find the example provided is a rendition as to how the valuation of a vehicle is determined. All accurate information.
01-16-2019, 11:20 PM
#21
I have Leland-West which is advertised in Panorama. WONDERFUL rates, horrid customer service. At the end of the day I just try not to speak with them and remember what I’m paying Lol.
04-29-2022, 06:26 AM
#23
2nd Gear
Join Date: Apr 2022
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04-29-2022, 09:03 AM
#25
I'm not advocating overpaying for insurance, but I feel like I need to chime in here. I would strongly urge the OP and others who may own a home, have investments, etc. to consider not just what the "cheapest" insurance is, but the "best".
Saving $1K per year insuring your weekend toy will seem like peanuts if you are involved in a terrible accident and are on the losing end of a monetary settlement.
We own several rental properties, have teen and young adult drivers, and a considerable net worth. I have all cars, properties, and our $5MM umbrella policy with the same insurer. I am probably overpaying, but the last thing I want is bickering between my umbrella provider and my P-car cheap insurer about who is responsible.
I think if you have reasonably high limits on your "cheap" policy, and not a lot of investments or property, you are safer rolling the dice. I would just caution the OP and others to stop and consider the value of "more" insurance... whatever that means to the individual.
Cheers
Saving $1K per year insuring your weekend toy will seem like peanuts if you are involved in a terrible accident and are on the losing end of a monetary settlement.
We own several rental properties, have teen and young adult drivers, and a considerable net worth. I have all cars, properties, and our $5MM umbrella policy with the same insurer. I am probably overpaying, but the last thing I want is bickering between my umbrella provider and my P-car cheap insurer about who is responsible.
I think if you have reasonably high limits on your "cheap" policy, and not a lot of investments or property, you are safer rolling the dice. I would just caution the OP and others to stop and consider the value of "more" insurance... whatever that means to the individual.
Cheers