Insurance
03-01-2023, 03:53 PM
#1
Insurance
Are most people insuring their 992’s through the traditional big box insurance company’s? I have an incoming GTS and not sure whether to add to my existing home/auto/umbrella policy or find an individual policy for the 911. I’ve been reading through the forum and noticed that ‘agreed value’ seems to be the way to go but with ADM’s diminishing, I’m not sure if it’s necessary? Also do I need to find an insurance company that will replace parts with OEM parts or is that already assumed? Any advice that I need to consider when looking at insurance would be much appreciated - I’m in NJ.
03-01-2023, 04:03 PM
#2
I am in NJ and am paying 520 every 6 months with Allstate. Added it to my policy which already has 2 other cars. It is listed as under 7500 miles per year. I have 1K deductible.
03-01-2023, 04:22 PM
#3
RL Community Team
Rennlist Member
Rennlist Member
Are most people insuring their 992’s through the traditional big box insurance company’s? I have an incoming GTS and not sure whether to add to my existing home/auto/umbrella policy or find an individual policy for the 911. I’ve been reading through the forum and noticed that ‘agreed value’ seems to be the way to go but with ADM’s diminishing, I’m not sure if it’s necessary? Also do I need to find an insurance company that will replace parts with OEM parts or is that already assumed? Any advice that I need to consider when looking at insurance would be much appreciated - I’m in NJ.
It's not that unique or hard to find comps for a payout. Heck, it's not unique at all, really. And comps are aplenty.
Plus agreed value just isn't worth the hassle for a commodity like the 911, as most carriers have restrictions (like mileage, use, storage, etc.)
03-01-2023, 04:49 PM
#4
Burning Brakes
I had no trouble or hassle whatsoever, and have no restrictions, on my agreed value policy at MSRP with Hanover insurance at ~$1000/yr. I just had to provide the bill of sale, because when Hanover pulled it up the car showed at base MSRP of 138k, substantially less than my agreed value.
If you can do it, I would recommend it simply for the peace of mind. It's easier to have dealt with this upfront than to experience a catastrophic loss and then have to fight your insurance provider over the value of your car on top of that. Especially if you're like me and have very little self control when it comes to ticking boxes in the configurator 😬😂
If you can do it, I would recommend it simply for the peace of mind. It's easier to have dealt with this upfront than to experience a catastrophic loss and then have to fight your insurance provider over the value of your car on top of that. Especially if you're like me and have very little self control when it comes to ticking boxes in the configurator 😬😂
Last edited by zachr; 03-01-2023 at 04:50 PM.
03-01-2023, 06:18 PM
#6
Race Car
Erie Insurance doesn’t, which is who I am with. They run off ACV (Actual Cash Value). $660/yr with $500 deductible, 8,000 miles per year limit.
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03-01-2023, 07:47 PM
#8
Rennlist Member
Agreed value (or to some extent “stated amount”) as respects auto insurance establishes a predetermined value for your car. Without such an endorsement, your car is insured for actual cash value (ACV). While this has no bearing in the event of a repairable collision claim, it very much comes into play in the event of a total loss and/or a theft. No depreciation of value is taken into account…..what you will be paid is already established. Every carrier doesn’t offer agreed value coverage…..and, before you say “but our cars are appreciating in value” there’s no guaranty of what an insurance company will pay you with ACV.
Just as an FYI, I have been in the insurance business since 1971, for what it’s worth.
Just as an FYI, I have been in the insurance business since 1971, for what it’s worth.
03-01-2023, 08:06 PM
#9
Agreed value (or to some extent “stated amount”) as respects auto insurance establishes a predetermined value for your car. Without such an endorsement, your car is insured for actual cash value (ACV). While this has no bearing in the event of a repairable collision claim, it very much comes into play in the event of a total loss and/or a theft. No depreciation of value is taken into account…..what you will be paid is already established. Every carrier doesn’t offer agreed value coverage…..and, before you say “but our cars are appreciating in value” there’s no guaranty of what an insurance company will pay you with ACV.
Just as an FYI, I have been in the insurance business since 1971, for what it’s worth.
Just as an FYI, I have been in the insurance business since 1971, for what it’s worth.
03-01-2023, 08:23 PM
#10
Rennlist Member
I am insured with Chubb, agreed value. As I took delivery of my car new, in January of 2022, I just gave Chubb the dealer invoice, and that’s what it’s insured for.
03-01-2023, 08:38 PM
#11
Rennlist Member
03-01-2023, 08:48 PM
#12
Burning Brakes
I have it. It’s basically a pay per mile type of policy, so it’s worth looking at if the Porsche is not your daily. Its agreed value and insurance covers OEM parts. Price wise they are competitive when comparing to other agreed value carriers
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maplefrm (03-01-2023)
03-01-2023, 11:28 PM
#13
Rennlist Member
Every time an insurance thread pops up I am reminded that I am probably overpaying. I just threw it on my USAA policy which has been creeping up every 6 months for as long as I can remember now. I clicked the Car Replacement option that pays value + 20% but I think I will call another carrier and do an agreed value plan and drop USAA all together.
03-01-2023, 11:34 PM
#14
Rennlist Member
I am located in South Florida…. annual cost is $3,299. Agreed value of $178,000. Chubb is not inexpensive…..but their claims service and coverage is excellent.
03-01-2023, 11:38 PM
#15
Rennlist Member
Remember….all insurance is the same until you have a loss!
Dixonk……USAA is historically excellent on claims
Dixonk……USAA is historically excellent on claims