Insurance
09-18-2023, 07:20 PM
#46
09-18-2023, 07:57 PM
#47
One thing to keep in mind is that some (or most) traditional carriers will challenge you on paying the hourly rate that most Porsche Certified Repair facilities want to charge for repair work. This is typically 1.5 of the standard repair facility hourly rate. I had an accident in my wife's Macan (I was at fault) and had a certified repair shop do the work and State Farm would only cover a set amount for the hourly labor charge which left me holding around $4k in additional labor charges to pay out of pocket. I was able to work with my local agent to have them cover half the delta in the additional labor cost but I still had to pay $2k out of pocket.
11-01-2023, 01:04 PM
#48
Anyone else get a NON-Renewal letter from Porsche - Miles Premier?
11-01-2023, 03:19 PM
#49
California? Many insurance companies are not taking new customers in California. I had to really dig deep and jump through a lot of hoops to get insurance. Eventually was able to get it -- easiest was Toggle Insurance, best rate was Progressive ($1400/6mo full coverage).
11-02-2023, 07:12 AM
#50
11-02-2023, 07:43 AM
#52
So if you already have insurance with them, are they maintaining the policy until renewal time? Mine will renew in January.
11-02-2023, 11:16 AM
#53
Let continue here.
https://rennlist.com/forums/general-...insurance.html
BTW, I just got an email with Re-Newal
11-02-2023, 11:47 AM
#54
Burning Brakes
Insurance has become a nightmare !
The renewal for my 2023 base 911 just increased from $2400 a year to $4000 a year (no accidents no change in coverage).
My agent can get insurance at a lower premium with Hagerty but my main insurer will not provide umbrella insurance for the Porsche unless they also provide auto insurance for the Porsche.
I have too many assets to feel comfortable forgoing Umbrella insurance, so I am staying with my primary insurer.
In a similar vein, I have a vacation home/condo on Long Island Sound in Ct.. The condo HOA was recently informed that the current insurer will not renew building coverage for the community. The association, with great difficulty, was eventually able to find coverage with a new carrier. The annual premium increased from $1200 per unit to $2200 per unit, and each owner deductible increased from $2500 to $10,000.
The renewal for my 2023 base 911 just increased from $2400 a year to $4000 a year (no accidents no change in coverage).
My agent can get insurance at a lower premium with Hagerty but my main insurer will not provide umbrella insurance for the Porsche unless they also provide auto insurance for the Porsche.
I have too many assets to feel comfortable forgoing Umbrella insurance, so I am staying with my primary insurer.
In a similar vein, I have a vacation home/condo on Long Island Sound in Ct.. The condo HOA was recently informed that the current insurer will not renew building coverage for the community. The association, with great difficulty, was eventually able to find coverage with a new carrier. The annual premium increased from $1200 per unit to $2200 per unit, and each owner deductible increased from $2500 to $10,000.
Last edited by audi4t; 11-02-2023 at 11:49 AM.
11-02-2023, 12:16 PM
#55
Rennlist Member
Stupid question @audi4t but what is "umbrella insurance" on an auto policy? I was a personal injury attorney for years and the only policy limits we worry about in NY is whatever coverage the defendant has. If that person only has a $25K policy and I have $1M Supplemental Underinsured Motorist coverage (I do) and get the defendant's full coverage of $25K, that policy. as against mine, is underinsured by $975K which I then proceed against my carrier for the difference. I've got insurance on my home and don't need anything more. The only time in NY insurance doesn't cover me is when I do something intentional like beat up someone. If sued, that's a personal non-insurable incident I'd have to cover in a court case suit. In short, I'd ditch that umbrella coverage and go shop for a better priced policy. I've got a 2023 992T, a Mazda CX9 and a 330i xDrive which cost me $1060, $1040 and $951 a year for $1M Bodily Injury, $1M SUM, full glass, and extended no-fault benefits ($125K vs. $50K limits) from AAA.
11-02-2023, 01:22 PM
#56
Burning Brakes
Stupid question @audi4t but what is "umbrella insurance" on an auto policy? I was a personal injury attorney for years and the only policy limits we worry about in NY is whatever coverage the defendant has. If that person only has a $25K policy and I have $1M Supplemental Underinsured Motorist coverage (I do) and get the defendant's full coverage of $25K, that policy. as against mine, is underinsured by $975K which I then proceed against my carrier for the difference. I've got insurance on my home and don't need anything more. The only time in NY insurance doesn't cover me is when I do something intentional like beat up someone. If sued, that's a personal non-insurable incident I'd have to cover in a court case suit. In short, I'd ditch that umbrella coverage and go shop for a better priced policy. I've got a 2023 992T, a Mazda CX9 and a 330i xDrive which cost me $1060, $1040 and $951 a year for $1M Bodily Injury, $1M SUM, full glass, and extended no-fault benefits ($125K vs. $50K limits) from AAA.
I don't think the umbrella is driving the Porsche premium increase it's more likely the repair and replacement costs of the vehicle.
The insurance company jargon for this coverage is:
It's an additional layer of protection for you in case you or a family member are responsible for property damage or personal injury to others.
An umbrella policy can provide $1 million or more of liability coverage over and above the limits of your auto, homeowner's, or other insurance.
My umbrella covers $5 million above my auto and home owner limits etc.
In addition, major insurers will only write umbrella policies if you have your your home and auto policies with the same company.
For me I would still have an umbrella policy regardless of the vehicles I own (I have 3 vehicles in total on the umbrella policy) so it made no sense to exclude the Porsche from the umbrella.
Since so many people have the litigious mentality I wanted to try to protect as best I can what we own.
Last edited by audi4t; 11-02-2023 at 01:29 PM.
11-03-2023, 09:35 AM
#57
Instructor
I'm paying $1100 a year in FL with AAA insurance. Also have replacement value
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Scott P (11-03-2023)
11-03-2023, 09:57 AM
#58
Rennlist Member
Did the repair shop make an earnest effort to go to bat for you and work it out with insurance? My experience with a "high-end" shop has been the two sides wind up meeting somewhere in the middle. There's no way I would pay out of pocket while the shop gets 100% of their asking price which is typically inflated anyway.
11-03-2023, 11:40 AM
#59
Comparing rates is the dumbest exercise ever. Why? There are over 1,000 rating factors in auto insurance today.
You and your next door neighbor could have identical 911's, identical credit scores, and the same DOB, and still have wildly different rates.
Comparing insurance in CA to insurance in NY is like comparing apples to oranges. They are completely different, even down to the coverage in your state. ALL insurance in the USA is governed by the state.
What is helpful to compare? Service, coverage education, advice, all worthy. But, someone saying "I pay $650 a year in PA" is 100% irrelevant to someone in NJ. Additionally, coverage limits vary. So if you're paying for $100,000 bodily injury, someone else could have $1,000,000.
- agent for 2 decades (I've also written insurance for guys on here)
You and your next door neighbor could have identical 911's, identical credit scores, and the same DOB, and still have wildly different rates.
Comparing insurance in CA to insurance in NY is like comparing apples to oranges. They are completely different, even down to the coverage in your state. ALL insurance in the USA is governed by the state.
What is helpful to compare? Service, coverage education, advice, all worthy. But, someone saying "I pay $650 a year in PA" is 100% irrelevant to someone in NJ. Additionally, coverage limits vary. So if you're paying for $100,000 bodily injury, someone else could have $1,000,000.
- agent for 2 decades (I've also written insurance for guys on here)
Last edited by jjw285; 11-03-2023 at 11:43 AM.
11-03-2023, 11:42 AM
#60
I guess my umbrella essentially provides the additional coverage that your supplement to auto insurance includes.
I don't think the umbrella is driving the Porsche premium increase it's more likely the repair and replacement costs of the vehicle.
The insurance company jargon for this coverage is:
It's an additional layer of protection for you in case you or a family member are responsible for property damage or personal injury to others.
An umbrella policy can provide $1 million or more of liability coverage over and above the limits of your auto, homeowner's, or other insurance.
My umbrella covers $5 million above my auto and home owner limits etc.
In addition, major insurers will only write umbrella policies if you have your your home and auto policies with the same company.
For me I would still have an umbrella policy regardless of the vehicles I own (I have 3 vehicles in total on the umbrella policy) so it made no sense to exclude the Porsche from the umbrella.
Since so many people have the litigious mentality I wanted to try to protect as best I can what we own.
I don't think the umbrella is driving the Porsche premium increase it's more likely the repair and replacement costs of the vehicle.
The insurance company jargon for this coverage is:
It's an additional layer of protection for you in case you or a family member are responsible for property damage or personal injury to others.
An umbrella policy can provide $1 million or more of liability coverage over and above the limits of your auto, homeowner's, or other insurance.
My umbrella covers $5 million above my auto and home owner limits etc.
In addition, major insurers will only write umbrella policies if you have your your home and auto policies with the same company.
For me I would still have an umbrella policy regardless of the vehicles I own (I have 3 vehicles in total on the umbrella policy) so it made no sense to exclude the Porsche from the umbrella.
Since so many people have the litigious mentality I wanted to try to protect as best I can what we own.
"insurers will only write ubmrellas if you have your home/auto with the same company".
You can mix and match, Company A will list your policy with Company B on the umbrella underlying limits section of a Declaration page.