Johnny_B

There was a post recently about the value of a 993 considered by the insurance carrier to be worth lower than market value for whatever reason. This concerned me so I called my agent to ask what the replacement cost would be for my C2 w/42k miles - she called me back with $28,942!!!! (BTW - State Farm , Florida).

It seems there is 'Blue Book' value and there is a 'Black Book' which I do not know about. My carrier went by the Black Book value. I let her have it and all she could tell me was to document mods and bring her receipts to add value. I told her it was an unacceptable value placement. She didn't care.

I wonder what others are finding - I may change carriers!!!

chris walrod

While I am with State Farm as well, when asked, they state 'replacement value' which is really, market value. They stated previously they average a few local listed examples.

For the premiums State Farm charges, you'd think our cars were worth a million bucks..

Randy M

State Farm is the best carrier period. They stood behind me and then some. For that I've pledged my allegiance to them.

CP

Great thread.

I did some research on that after my M5 got totaled. Bottom line first, All State and State Farm, here in CA, value my 1995 C2 with 106,500 miles at $33,000 tops (could be as low as $28,500). It doesn't matter that I have a RUF conversion, the most they will add for mod value is $1,000, receipts or not. They will not do stated value policies unless it is an antique car. a 1995 Carrera is NOT an antique car.

As such, I went looking for insurance companies that will do stated value policies. Leland West does not insure cars with power mods. Chubb does it, but referred me to an insurance broker. After working with him for a bit, I think I'm going with Fireman's Fund with stated value of $85k. Premium is $1,550 per year with $1k deductible.

Bottom line, the 'perceived' value of our 993s is quite low with the major insurers. It's prudent that we ask that questions, so there are no surprises in case of a loss.

Thanks for bring the subject matter up here. Hope my info. helps a little.

CP

Midnight C4S

Thanks for the info all. Useful to know. I may check with AAA next week where mine would net out.

Randy M

Back in '97 State Farm paid me $44K for my '87 930 w/ about 83K on it. I bought the car a year and a half prior for $31,500.

Johnny_B

CP;

That was some good info - just what I was looking for...but $1550!!! Whoa!!! State Farm charges me $950 annually w/$500 deductable...but I have a home and two other cars w/the same agent.

I guess the lesson here is to hold them to the market value of the same car wth the same milage. Good to know...thanks to all.

Nickels

CP

Check with your Agent to make sure that your Stated Value policy doesn't contains an ACV (Actual Cash Value) provision. With this endorsement, the adjuster has the latitude to pay you the LESSER of the stated value (insured value) or ACV determined by the guides, (Kelly Blue Book, etc). What you shold really look for is a policy with an AGREED AMOUNT. That's the value that both parties agree to with no BS.

Pete, Insurance Agent for 30 yrs. Closing in on a C2S purchase real fast.

CP

Pete,

They told me that if something happens and totals the RUF, they'd pay $85k, no questions asked. I guess that's 'agreed-value' per your definition. Although my wife is thinking of vetoing thta to stay with All State.

Johnny, the $1,550 was for an insured value of $85,000.

CP

CP

vjd3

Agreed value is a good way to go if your carrier will do it and if the state laws allow it. My carrier doesn't, and I'm in Massachusetts, which is a convoluted place to insure a car because insurance is state-regulated and the national carriers won't do business here.

My black 95 C2 coupe with 23k miles was totalled last year (an elderly woman in a minivan pulled right across my path 20 feet in front of me when I was going 45 mph, she was completely at fault).

My insurance company (we both had the same insurance, ironically) offered me $29,000 as a settlement. I was ready for that, and quickly sent them a copy of the current Black Book "Cars of Particular Interest" book, which showed a value of $40,750 for a 95 C2 coupe in "good" condition -- their highest rating. I also included a note from the bodyshop manager stating that my car was low mileage and in excellent condition. I also did a quick online search and located ten 95 C2 coupes with similar mileage, all with asking prices between high 30s and low 40s. (Sometimes, the prices at Willhoit, Premier, RPM, etc., and even Panorama can work for you). I printed those ads and included them.

Their next offer: $40,750. Depending on the carrier, being reasonable and supporting your claim with hard evidence can make a bad situation much easier. I expected to really have to fight to get what the car was worth, but it was just that easy. I simply told them that the NADA books et. al were perfectly fine for valuing a Toyota Camry, but an exotic car like a 911 is a whole different story.

Vic

deltawedge

USAA goes with NADA for loan values ($32400 for 95 C2 w/ 64k), but uses comparable car values in the same area at time of claim to determine claim amount. They do take into account documented improvements and even recent repairs. Learned this first hand, and I must say that I was impressed.

FGL28

This is a very painful subject for me right now. Having gone through hell trying to replace a 97 Cab with 40k miles.

My Carrier, Mercury Insurance, says it takes similar models and mileage from local ads to determine the replacement value. Guess what, they found out that the car is worth a lot more than I paid for it.

They immedately started to treat us like we were criminals. (We did get the car for a good price.)

They first said that we could not get more than we paid for the car. We pointed out the terms of the policy was for replacement/market value and had a list of cars listed for sale sorted by private parties and dealers. They came up with a lower value which was dervied by taking the lowest price they can find for 993s for sale and adjusting for mileage. They had the guts to comp our cab with a Targa. Again everytime we tried to discuss the value, we were treated like convicted felons. Our agent was a tower of Jello.

In the end we had to come out of pocket more than the deductable and had ot go out of state to find a car.

There is a moral to this story.

First: Document the replacement value of your car. This is easy because we are all obsessed with the value of the car.

Second: Go to your agent and show him / her what the replacement value is and ask to have your car to be insured for that value. It might cost more money but it will be worth it.

Third: If your agent does not do this then give them the hook. They might balk at that but I used the argument that I increase the value of my house when the market warrants. Also have them research different insurance companies if they can't or won't give them the hook. We forget that they work for us.

We have set a value for the new car to reflect the replacement cost.


I am interested in hearing other thoughts on this subject.

poorb0yw

I must say that USAA is amazing when dealing with "worth" of aftermarket mods.

Some other companies my friends have dealt with compare the aftermarket part values to that of the OEM part at full retail. In most instances the OEM part is worth more under this model.

seege

If you get the adversarial run around from your own insurance co- that's the time for an attorney to represent you. A good one can straighten things out quickly and most likely recoup more than their fee. Good luck.

No, I'm not an attorney.

Phil

Yo Johnny B....
you make very little sense!....you brag about "reaming your ins. agent"..cause YOU don't agree with the value of YOUR 993.....Like he/she has anything to do with valuation.....
Then CP....tells you what his prem...is for "stated value" 1550.00 a year....and that is too expensive for you????your prem. is 950 a year......but CP's policy will pay stated value.....and yours will not?....and your crying about 600.00 a year....GET A CLUE...and quit COMPLAINING ......