Rufus just got appraised for Stated Value insurance
07-20-2014, 08:29 PM
#16
Race Car
Agreed value 19a insurance works fine in Ontario. I know several guys who got reimbursed no questions asked. I don't know any air koolers who have not kept their insurance up with market values.
07-21-2014, 10:54 AM
#17
Race Car
Steve,
Thanks for the nudge to get this done. Shame on me for not doing it sooner. I guess the skyrocketing value of these cars creates a sense of urgency to get proper insurance.
A recent example: My brother owns a 964 which I originally purchased in 2003. He uses USAA (just like me) for a standard auto policy. Unfortunately, he was t-boned last week and the car is totaled. USAA's appraisal was $17k. In my estimation, it is undervalued by about $10k.
Their appraisal was based on two cars on the market, a 92 Cab Tip and a 92 Targa. Both for sale by owner. And likely the lowest value of the 964s. My brother's car was a pristine original 5 sp coupe with many upgrades. He has some work to do. With your stated value, there is no negotiation etc.
I hope that by having a teenage driver in my house - I'll still be able to get a decent policy on both of my air-cooled Porsches.
Thanks for the nudge to get this done. Shame on me for not doing it sooner. I guess the skyrocketing value of these cars creates a sense of urgency to get proper insurance.
A recent example: My brother owns a 964 which I originally purchased in 2003. He uses USAA (just like me) for a standard auto policy. Unfortunately, he was t-boned last week and the car is totaled. USAA's appraisal was $17k. In my estimation, it is undervalued by about $10k.
Their appraisal was based on two cars on the market, a 92 Cab Tip and a 92 Targa. Both for sale by owner. And likely the lowest value of the 964s. My brother's car was a pristine original 5 sp coupe with many upgrades. He has some work to do. With your stated value, there is no negotiation etc.
I hope that by having a teenage driver in my house - I'll still be able to get a decent policy on both of my air-cooled Porsches.
07-21-2014, 08:17 PM
#19
Race Car
Quick update after two callas to Leland and Hagerty.
Leland was the most knowledgeable on what a RUF was and was agreeable. Hagerty, first declined, then approved but was 2x the cost.
They are able to exclude my 17 YO son, which is good.
Leland was the most knowledgeable on what a RUF was and was agreeable. Hagerty, first declined, then approved but was 2x the cost.
They are able to exclude my 17 YO son, which is good.
07-22-2014, 12:33 AM
#20
07-22-2014, 09:44 AM
#22
Race Car
Problem with the agreed value policies is the restriction of use. No daily driver usage. But that works for my 993.
If you have a stated value policy, you must read the above.
07-23-2014, 12:24 PM
#23
Nordschleife Master
Thread Starter
I'll double check my State Farm Stated Value policy when I get home, but I'm 99% sure there is no "... or ACV, whichever is less..." language in there.
12-31-2014, 06:11 PM
#25
Nordschleife Master
Thread Starter
Oh... sorry I didn't follow up. The language in my policy is quite clear... in case of a loss, they will pay the stated value. Period. No if, ands, or buts. Of course this means that they will do everything possible to NOT total the car if its possible to repair it.
Happy New Year!
01-04-2015, 09:47 AM
#27
Nordschleife Master
I tried to get Stated Value on the Speedster through State Farm this year and they told me they didn't have that kind of policy so I went with Leland West. With Rufus' accident yesterday I'd say you got this just in time .. if you don't mind, please post about State Farm's process.
P.S. glad your ok.
Tx, JP
P.S. glad your ok.
Tx, JP
01-04-2015, 09:58 AM
#28
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JP, I also have State Farm stated value ($75k) on my C4S. I just had to submit a few pics and good to go. My sister in law is our agent and not sure if that helped but either way it was easy and affordable.
01-04-2015, 10:14 AM
#29
Nordschleife Master
I tried through two different agencies and they both said they could do it up front and when it got to underwriting, they refused and said they wouldn't/didn't write those types of policies .. and I have my house, two other cars and a major umbrella policy through them so it's not like I'm just a 'walk in' customer 
However, at first, they were quoting me the same number's as what Leland West's policy cost so there would have been no savings and Leland West had no problem insuring for 9m's replacement cost of $235K so I'm happy with it, just don't understand how some agents can get it done and some can't. I actually spoke to State Farm's corporate office and they said no way, never have had those and not interested in getting into it.
However, at first, they were quoting me the same number's as what Leland West's policy cost so there would have been no savings and Leland West had no problem insuring for 9m's replacement cost of $235K so I'm happy with it, just don't understand how some agents can get it done and some can't. I actually spoke to State Farm's corporate office and they said no way, never have had those and not interested in getting into it.