Sanjaghak

Hi,

After waiting for almost 3 years (since I put down my deposit) my ordered to spec GT3 Touring finally arrived and I am going to pick it up very soon.
I almost figured out everything (finance, PPF, cover and ...) with exception of one thing: The Right Insurance

In the past I used Mercury for my other cars and I am happy with them, but non of my former cars were a $200k limited (in the sense that if something happens too it I cannot get another one or find another one like it) production car and of the dealer lot worths more than its MSRP.

So my question is that is there any type of insurance out there that you Porsche GT owners suggest for these type of cars. A type of insurance that covers the real value of the car and also cover not just the repairs but also the depreciation caused by the accident. I like to understand what options I have and the trade offs between them. Your help will be much appreciated.

Regards,

GrantG

Sanjaghak

Thanks, can you add a bit more detail about how this works? Also how it compares to other type of insurances cost wise.

GrantG

Sanjaghak

Thanks,
I started the quoting process with them and they are asking about market value of my car. What is the best way to determine this? My car is a 2018 GT3 Touring with PTS and CXX options with MSRP of $198k.

GrantG

fibredog

I use Chubb for my GT3 & 2RS, in addition to 3 other cars. They will do stated value. I also have my homeowners and my umbrella with them. I found their rates to be more reasonable than Hagerty, but that may be due to the multiple policies I have with them. I would check them out as well.

jackmac

May want to do a quick search, this has been discussed in details in the past. I found a good post by one of the RL members that went into great details about "value" of the car

https://rennlist.com/forums/991-gt3-...-question.html

shapiroeric

The car in it's current spec is likely "irreplaceable".....I would state the value at $220K....easy to show what dealers are asking and any of the major collector car companies shouldn't have an issue with it.....I use Grundy

jasonfreed

There are some companies that do "stated value" but there is also something called "agreed value".

I would NOT do a stated value policy - only agreed value.

Stated value means you pay the premium based on the value that you tell them - if you have a total loss, they can say your stated value was incorrect and it can turn into a fiasco. So, you potentially just paid a higher premium for coverage that the insurance company can argue is higher than the worth of the car.

An agreed value policy involves having the insurance company agree - in advance - that the car will be insured for X amount (some require an appraisal, some inspect the car, some just look at pictures and agree) - if you have a total loss, you get X, not an argument.

Just make sure you know the difference.

stated value vs agreed value

Sunny_M3

I use Mercury and have a pretty good rate; however, my driving record is pretty clean, I use the same insurance for my homes, and I don't normally commute with the car so take what I say with a grain of salt.

Mussl Kar

Lot of variables to think about. Many carriers want your home owners/renters package too. Some may even want you to have a DD other than the GT3. Get another agency if your current agency is struggling with it. My former agent was going to set the McLaren up for me in an assigned risk pool. Just under $7000.00 for the 570S. WTF!!! Then valued my 07 GT3 RS at $49k! Former agent.

GrantG

Thanks, Jason. I had my terminology confused - I have agreed value through Hagerty.

mwar99

And make sure there aren't other requirements that won't work for you. I.e. mileage limitations, etc.

2006m5