Slate993tt

So I'm in a bit of a conundrum. My car has 73K miles and is an absolute driver. I bought this car to own for the rest of my life(if possible) so it's value is of no relevanceto me. However I lovethe car soo much that should anything every happen to it I would want another one asap. Well that's the problem apparently these are so special that they no longer match Insurance values to the street value they demand...and I mean not even close.

I ran my car thru both Edmunds($37K) and KBB($48K) and then did a quick Autotrader national search and the cheapest car of the whopping 5 available was $95K and it had 75K miles. Well F*&^ Me now that's a problem.

Soo with the recent(last12 mos especially) price phenomenon that Air-cooled 911's and especially our 993tt's are going through are each of you switching to an agreed upon Value policy and if so who's gotten you the most reasonable deal on it. I figure I'll start with Leiland West but thought I'd ping the collective group to see if anyone else feels the same as me and what you did about it.

I will want to be able to drive the car 5K miles a year. So not a huge amount but it's no garage queen either.

TTKan

I recently went with Leland West. You do have to jump through some hoops. I had to send them pictures of my garage, provide info on other drivers in the home, and provide information on other vehicles that we had to drive on a regular basis. I also had to bombard them with various website and sales information to get them to agree to the value I wanted for my car. That said, they should now be better educated than before I talked to them. On a 12k 96 Twin Turbo, their initial position was that the maximum value they would agree to was 70k. I got them up to 145k, but it was a fight. Good Luck.

Slate993tt

Thank you for the response and for blazing the trail with them. Did you speak with a particular person or?? If so maybe PM me their name.

Thanks!

TTKan

You have a PM and good luck!

Dennis

JPS32

I just got some agreed value quotes posted below from a broker on a WA 993 TTS. I wanted casual use coverage (including potentially into the office from time to time).

I am a loyal USAA customer, but they outsource agreed value to American Collectors. Their premium was north of $5K with a 10% deductible (not a typo). Do be careful if you're also carrying an umbrella policy, as an agreed value policy with another carrier may not "roll into" your umbrella (USAA being an example). I have to replace my USAA umbrella with a 3p since I wouldn't use American Collectors.

Here are the quotes from the broker:

"a) Leland West has quoted a 3,000 annual mileage policy that would allow the occasional drive to work at $1748.00 per year.
b) Hagerty was not as flexible in their permissible uses and the annual premium was considerably higher at $4969.00.
c) Chubb came in at $1530.00 for the Porsche.
d) Safeco came in at $1615.00 for the Porsche.

Both Chubb and Safeco will require underwriting approval prior to binding with Safeco also requiring a third party certified appraisal.



In any case, we would need photos of all four sides, the interior, the motor and the trunk prior to issuance."

I've not bound coverage yet, so there may be more hoops based on the prior comments.

TTKan

I opted out of the occasional drive to work, but agreed to the annual mileage cap of 3000, and Leland West was in the $1300 range for an agreed-upon value of $145k.

Boober

I got $95k agreed value from American Collector Car Insurance. It's for occasional use only so there are several limitations (no more than 2,500 miles a year for instance). And the price was $1,200 for the year. This worked out best for me as I don't plan on putting many miles per year anyway. The agreed value was more important to me.

nine45s

Best price I found was Leland West for agreed value of $90k on my TT and $85k on my 930. I checked with everyone I could find.
Problem is the way prices are rising and cars are disappearing I probably still can't get replacements if something happened.

jmten

I bought my 97 TT 18,000. miles new last December. I will drive it no more than 500 miles a year. To add it to my standard auto policy the cost is only $458.00/year. To get an agreed upon value policy for $145,000. the quote was $1,400. to $1,800. per year.
Keep in mind that with an agreed upon value policy they are not going to want to total your car they will fight to repair it as the cost will be far less for them. Lets look at another problem, lets say you are in a $5,000. fenderbender. With or without agreed upon value they will pay $5,000. Unfortunately the resale value of your car because of the accident has dropped $20,000. They will not pay you 1 penny for that and unfortunately that type of accident is far more likely than a total.
For me because I cannot get loss of value coverage for a fenderbinder, agreed upon value is not worth the cost.
Even though I do not have agreed upon value insurance if my car is totaled I will still demand at least $145,000. because that is the true and honest value of my car that is easily proven by comparables. Who would have a harder time in a court of law? Me finding comps at $145,000 or them finding comps at $60,000.
For me agreed upon value is great for my insurance company but not so great for me.

Boober

While I agree that fender benders will be most common which renders agreed value wasted money, and that an agreed value will likely motivate to insurance not to total the car, I think there is more than enough evidence that it's almost a necessity to get agreed value these days. Just look at everything that Bonnie has gone through in the 993 forum. Her car was easily worth $35k but her insurance stood firm that the value was $13k based on KBB values. In your case, should the however unlikely scenario happen where the car is a complete loss, you would be in need of a pretty pricy lawyer to fight your insurance to get the $100,000+ difference in value. Pay now or pay later I guess.

badabing

TTKan

Please PM me as well.

I am getting quotes from Hagerty and others in the $4k to $5k range.

Thanks.

911-AL

F. all those specialty companies. I pay $600 for the year for 95k policy through State Farm.

OverBoosted28

I agree with your stance, but I have dealt with alot of ins. co. and been to a few depos. You may find it hard to collect on the policy if you have to make a claim.
Insurance agents are the nicest most caring people in the world when they're drafting up a policy. Unless it's your brother/sister in law (and you're still happily married) they won't be there when you really need them.
I used to have the TT with the house and the car under AAA. Had the car valued at 75K (2006) with 5000 miles annually. Researched after the fact and discovered although it was written at a stated value, if a claim was submitted they use KBB values. Just about ALL major ins. co do this. They're not gonna tell you until you ask. Get it in writing! Not just that it's valued by you at an amount, that THEY WILL cover the loss at that value.
Sorry, but from watching how the industry works, I trust no one.
I have seen some pretty ridiculous crap from insurance lawyers.

One accident, had a single driver pull out of an alley and get struck by an elderly adult. The driver who pulled out of the alley rolled to a stop, got out of car, RAN into alley, then 4 family members ran back, jump into van and all claimed they were injured. ALL were transported by ambulance. I threatened each of them that they were going to jail when I could prove they were making false reports. They stuck to there guns and I eventually went to a deposition on it. I was so mad that it actually got that far. I think the poor old guys ins. just settled before a judgement. My witness was UTL when we needed him. So it was 5 stories against the 1 other drivers word.
Like to think this horrendous lawyer **** only happens in this stupid state, but I'm sure it goes on elsewhere.

ca993twin

The above made me panic so I called my State Farm agent about my 'Stated Value" policy. She assures me that if totaled, I would receive a check for the full, stated value on the policy. I'm thinking of bumping the stated value to $100k.

hillsdonsmith

In Canada, I use Hagerty. I just increased value to $95K- no problems.
Cheers,
Mark