Evidently ACE insurance feels that my 1997 Carrera 2S with 50k miles is only worth about $21,000.
I asked them to raise the value and they responded:
ACE will need either an appraisal of the vehicle substantiating the increased value or if you have documentation referencing that is is a collector edition that will suffice. You see, if they only refer to the vehicle identification number it will continue to list as a 911 Carrera.

Okay gents... What do I do here? And how much should I ask ACE to insure my car for?
How much is an appraisal and where do I go for something like that without paying unnecessary amounts?

Thanks,
B

 

They think your car is worth 25% of it's actual value and you still want to deal with them? For me the conversation ends there.

There's a thread here once a week on this topic. If you don't get many replies try the advanced search. I think the most recent thread is in the 993 turbo forum.

 

They don't know any better. They just look up KBB or BlackList, etc.
I just have to give them some appraisal.
They're not giving me any issue on my R8 Spyder... And I have it insured for much more than I bought it for.

 

I got my insurance to commit (in writing) to a replacement value of Euro 50K. All I had to do is talk to them. They understand the market and my monthly rate didn't increase.
You might want to shop around a bit.
Ed

 

Time to call Leland West.

 

American Modern Home Ins co 1 866 884-6167

 

That would be my position as well...

 

State Farm for the win. Already have a policy with them, less restrictions than the single line companies from my due diligence, just upped it with a phone call in the last month. Easy Peezy.

If you current ins co isn't up to it, time to punt. Perhaps in your conversation you left off the part about using blah blah oil and removing the undertray. That piece of info will result in an exponential increase in value.

 

Are you sure? I just tried this with State Farm last month. They would only do a stated value (ceiling) on my coverage. In the event of a total loss, they would first determine the current value of the car, then payout that value or the stated value, whichever was lower.

I didn't want to take the chance with them determining the current value of the car post incident. No way we would agree on that number, so I'd be stuck without a car and in a battle with a large insurance company.

Any chance you could dig up your policy and paste in the relevant text on how they determine value in the event of a total loss? I'd love to go back to State Farm as they've been great in the past.

 

I spent a lot of time talking with State Farm about their "Stated Value" collector insurance. I was informed that they changed their total loss wording about two years ago, and now they will payout at the stated value. Rufus is at $150,000 replacement value. I had to provide an appraisal to them (approx $500).

 

You have to ask for the Limited use/classic car coverage. They make a notation under the vehicle information section "Vehicle Value of $XXX, XXX" its also makes a reference to the declarations page and amendments/endorsements.

6171BR Antique or classis motor vehicle. (this is the thing they need)

Excerpt from Amended language to the standard policy booklet.
Physical damage coverages.
1) covers spare parts
2)Limits and loss settlement- comprehensive Coverage and CollisionIt may depend on the car and the quantities that they were produced. I insure a TT, so maybe that has something to do with it.

 

Huge thanks guys. Not sure why my agent is unaware of this. I've prepaid for a year of Grundy. So, next year I'll probably be back to State Farm.

 

As stated in several previous posts State Farm does offer agreed value insurance. I have $70k on the C4S with about 28K miles but need to up it now. Agent took some pictures but that was it, no appraisal.

I did have to tell the agent the specific policy type as well, they first told me State Farm did not offer agreed value.

 

I called my state Farm rep, and she Googled "1998 Porsche 911" and said the car would be worth $61,000 replacement value if lost today. Is that adequate, or do I need to get it in writing? She said no need for a special policy because they would pay what the market was bearing for the car, based on comparable sales in the area of similar cars. Sounds flimsy to me. Thoughts?

 

I believe all insurance must pay out on comps. If the comps are $80k they must pay you $80k minus deductable. They can not pay you just on KBB or NADA.