p_carfan

WOW..........I just clicked over to check my rate, 5,000 mi a year and agreed value for $750 a year. That looks darn good to me.

Marv

I have great service with State Farm. I had no accidents except one and it was a costly one and my fault. I missed a light (never saw it) and ran right into the side of a Police van. 100% my fault.

State Farm spent $20K rebuilding my 1990 Carrera 4 almost from the ground up my way without hassle. After the car was done I asked about my rates. They said flat out that there would be no rate increase, period.

It has been 5 years and my rates continue to go down (about $500 per year for full coverage). I have nothing but good things to say about them. I am sorry that your experience has not been as well.

There are services that rate companies. Search the web. I think there is an insurance company in New England that has the best ratings, but I know not what that one is.

SKM

American Hobbyist Insurance in Jenkintown, PA offers agreed value with limits on usage, etc. for about $750/yr on a $45K Porsche.

901aero

justAnotherRed993: I'm happy to hear what info you post and of course all agents are not the same. But it's hard to expect anyone that went through what I did for a year not to carry a grudge. Misinformation by my agent? Maybe. But I trusted them to tell me if they were not in the business of covering my particular car. They were made aware of the model, Carrera 3.0, and it was issued as a mileage limited policy. It was of course a Stated Value policy (read worthless) and I knew that going in, but to have the info and pricing in hand of a similar car and deem it irrelevent is not right. Bottom line I was assured I was covered by my agent time and time again each time I questioned them. But of course I was not. Lesson learned. I now have an agreed value policy with another company. Of course we will see if THEY step up to the plate if and when the time comes (fingers crossed--never I hope!)

slant911

I am curious...

You stated above that an appraisal today means nothing a year from now. I can see that. However, what if you had an appraisal today AND a KBB or NADA quote from today to simply show the vast difference between the items. Would that help in a future incident? Or no?

JimProuty

I, for one, am quite interested in what you're slowly typing! Thanks!

mr_bock

JustAnotherRed993,

I appreciate your thoughts and insights on these issues. I will most certinly wash and wax my car before it goes to the bodyshop for the repair estimate and then the business of who pays how much, etc... This topic is an important one and should be of interest to most all as the value of these cars go up for being 'special'.

Thanks!!!!!

901aero

JustAnotherRed993:You sound like a stand up guy. Too bad YOU weren't my adjuster/agent. I think your posts have real value. keep it up

Ed Burdell

What a tremendous response to this question! Thanks, everyone.

I'll need time to review and digest all of this, but it sounds like I shouldn't be too hasty in switching insurers, after all, as there seems to be no magic insurance company out there that handles our sort of vehicles perfectly.

Indeed, my preferred paradigm for business is relationship building, and coming in cold off the street to someone new may not be the best answer...in the meanwhile, I'll drive fast but not recklessly!

Thanks again, everyone - now I can go back to thinking about how best to lower my US spec ride height!

c993k

Incredible info Justanotherred993, Thank you for taking the time to explain the details.
It's a secret science full of procedures that not many are aware of unless in the biz.
Thank you again. Chris

993RUF

Thanks JAR993
Great advice,insight and knowledge.

Ed Burdell

Insurance update:

OK, I'm sticking with State Farm - I just got back from an hour and a half meeting with my agent, who explained the whole claims process exactly as JustAnotherRed993 has described (thanks, bro!). I showed him my car, and he showed me some comps that he found in the area, so we are indeed on the same page regarding the value. Although we tweaked some coverage limits, it's basically the same policy I have on my other "regular" cars - not a stated value, not an agreed value, nor a classic/collectible/exotic policy.

What I really got out of that meeting was a reasonable comfort level that State Farm would not mindlessly apply KBB and call it a day. I'm sure I could still get burned, but short of becoming an adjuster or expert myself, I have to think that my exposure is within tolerance. And yes, I will perform my due diligence and build a file replete with photos, comps, upgrades, etc. and keep it current. (Should be easy enough - I did a lot of that research while searching for the car in the first place.)

In the end, the long term relationship carried the day. Spending time with the agent and encouraging him to develop a stake in your situation go a long way toward making him an advocate for you within his organization, should a claim become necessary.

Either that, or I'm an easy mark for a sales pitch!

Thanks again to all who contributed valuable information to this topic.

InThePocket

I gotta bring this thread back to life, great info within. I have a question: Is the owner of a totaled vehicle with an "agreed upon value" coverage that has been written a check for the full amount obligated to sign over the car title to the insurance company? I've heard from several folks presumably in-the-know that as consumers we buy insurance to cover our loss, and that we still legally own and can do what we please with the totaled vehicle. Any truth to this?

jackb911

When the insurer issues the check/draft for a total loss, they own the salvage - unless the owner and the insurer can come to a mutual agreement where you retain the salvage for a reduced settlement amount.

However... many states REQUIRE that a salvage title be issued on a total loss, even if the owner retains the vehicle. This is a good law, in that it protects a subsequent purchaser from unwittingly buying a car that has been totalled.

ca993twin

Is there any advice for a guy with a 993 that... ummm. has had certain modifications... engine build, aftermarket body, suspension, wheels, and interior bits, etc. The market value for such a car may be higher than a plain vanilla version. The owner of such a car may... ahem.. not want to throw a red flag at the insurance company. It seems that "stated" value would be a good way to go.