FourT6and2

Exactly.

Although Farmers was fairly reasonable. A little more expensive than the other two cheapest I've found. But that's only with $1,000 deductible. And you have to a'la carte a bunch of other things like OEM parts replacement, OEM glass, and they do have full new car replacement for two years for an additional like... $11/month. But other than that, it's actual cash value in the event of a total loss.

Only way I'm gonna get Agreed Value is through specialty companies like Hagerty and Classic Car and whatnot. Not sure the GT3 really warrants that? That's my main question here. Should I get a typical Actual Cash Value policy? Or do I need Agreed Value? Stated Value is something different it seems? Where you'd want to insure an expensive car for less, to get cheap premiums. But in the event of a total loss, they insure for actual cash value OR stated value, whichever is less. So that only applies if I were to like... inherit or win a $500,000 car and I only want to pay premiums based on a $200,000 stated value.

misterwaterfall

Agreed value and state value and used interchangeably by most. Same thing.

On the "regular" policy side, ask them what their policy language is. This can vary, and can matter in the event of a loss. Also coming in to play is that most specialty type policies ala Haggerty have stricter guidelines and mileage limits. If this is your second, third car that is probably fine, if the GT3 is your DD that might be an issue. There really isn't a one size fits all answer as you can see from the replies above. I have mine on a "regular" policy as it's easier up front. I know that in the event of a claim it might be a bit more work, but at the end of the day my policy says that the company will replace it, and that is good enough for me.

gtr

One of the reasons my GT3 is stripped under 150k. Because of that my insurance is under $1000 vs $5000 per year if over that amount. Carriers go by MSRP I believe.

FourT6and2

Not a daily driver. Just weekend fun. Maybe 3K - 4K per year, if that. It's my only car. But I don't need a car on a daily basis, living in a big city where I walk everywhere.

So far I'm finding that "Stated Value" is different from "Agreed Value". But really depends how the policy's fine print defines 'em. I guess I don't really need "Agreed Value". That's really only for actual collector cars, through a company like Grundy and Hagerty and the like. I think a regular Actual Cash Value policy with an added New Car Replacement feature is a good middle ground. "Stated Value" is something else as defined by all the companies I've talked to. That's where, in the event of a total loss, you get EITHER your stated value minus deductible OR actual cash market value (minus deductible), WHICHEVER IS LESS. So really you can tell them your stated value is $5,000,000. Doesn't matter. If the market value is $100k, you'll get the lesser of the two valuations.

Icutyou

I think I'm more confused now then when I started reading this thread. My insurance covers up to market value as well. What's this rider you guys are talking about? With cars like this that can't easily be replaced without a significant markup I'd be interested to add that on. I have geico.

shapiroeric

So a $149,999 MSRP is $1000 a year and $150,001 MSRP is $5000?....that makes zero sense

sampelligrino

I've used State Farm for insuring all my stuff, usually you'll get more discounts the more business you give them. Home/renters/jewelry/life/other cars/etc... That being said I was quoted a fairly high premium for my incoming GT3 and might start looking at Geico/Farmers, maybe even Haggerty to shop around. Being in LA and under 30 is not likely helping my case.

FourT6and2

Look at Amica, too. Amica and Farmers have been the best so far. Wawnesa is cheap too, but the fine print coverage sucks.

sampelligrino

Will do, thanks. I'll need to get this sorted by May/June when my car arrives

misterwaterfall

Yea, not really how it works. Most companies don't pull MSRP(I don't know any that do), they pull what package level you have, but my carrier doesn't know if I have LWBs or 4 ways for example, nor do they need to until claim time.

Splitting Atoms

Your car is NOT covered by a homeowners policy unless you have some special add-on. My house burned three years ago with my Porsche 356 parked in the garage. NOT COVERED! I had a standard State Farm homeowners policy. Cars, boats, and aircraft need their own policy. At least that's my experience. I got lucky with the 356. The paint was ruined, the roof has dented, the rear window was broken out, and there was some other damage, but it wasn't destroyed. It needed a restoration anyway.

0to60

Get 3 quotes from any of top rated insurers. Then compare exact coverage, choose then your best fit. I never cheap out on insurance. Liberty mutual works for me.

pissedpuppy

I wouldn't knock GEICO (unless you've had a bad experience) - I use them, they've been fine.

if you're shopping on price, get out of the city, mine was lowered dramatically once I bailed SF (out of need not desire, but I don't miss it or the homeless..)

misterwaterfall

Zip code is one of the highest rating factors, good call.

FourT6and2

Ever had to use your Liberty Mutual insurance for repairs? They just told me they don't authorize actual OEM Porsche parts should something need to be replaced. If I get an estimate at a shop for real Porsche parts they will deny the claim. Farmers said the same thing. But they do let you pay extra for the ability to use OEM parts. Liberty Mutual didn't have that ability.