I just noticed that the KBB value for my 1999 has dropped down to the $12k-$14k range. I'm wondering if I should insure the car for more since it would be pretty difficult to buy another one for that price if it got totaled. Any thoughts?

 

have you also asked your current insurance provider?

 

That is a personal decision but if you're car is in excellent condition and/or you've done a lot of mods on it or planning to, I would ask how much more "agreed upon value" insurance rates are and figure out if it's worth it to you.

 

My WAG is if you can get an insurance company to insure the car for its replacement cost you will have a mini heart attack when you see the premium.

And for what? The very low risk the car will get totaled?

Generally there is some leeway the insurance company has -- but may not elect to use it, of course -- when settling a total car claim. (I might also add if your car is totaled due to the fault of another driver you have lots more leverage to effect a more suitable settlement than if you are at fault and having to deal with your own insurance company.)

If you can show the car was well maintained, well cared for, perhaps had less than average miles, you can argue for a higher settlement.

Also, you can shop similar replacement cars in your area and with what you find almost certainly point out the replacement cost is up. For instance you do not have limit yourself to identical 1999 cars, but you can go a year or two or even more newer.

You won't get a settlement that has you able to buy a two year old model but you could very well get more than the nominal value of your car.

But the odds are you won't even have to bother with this, as I mentioned above the odds the car will get totaled while not zero are small. However, I have to add though that as a car gets older the odds go up as it doesn't take a real smash up to total an older car.

But call your insurance company and ask what's available and the cost. BTW, while you might get this insurance it might come with restrictions on the car's use, for instance it might have a limit on the number of miles you can drive the car per year.

But make the call and find out for sure.

 

Thanks for the advice gents...

 

Leland West will insure at agreed upon values, however they do have mileage restirctions on the car annually, how it has to be stored, etc..

Not a customer, no affiliation, just know of them through various outlets.

DS

 

I have my Carrera 4S insured through Hagerty for agreed replacement value. Not sure if they will insure all types of 911's. I think they did it for me since I am an existing customer with other classics under policy. It might be worth a try though.

 

Now the Carrera's are considered classics under their definition so they will insure 996's for agreed upon value. This wasn't always the case.

Hagerty is great if you don't drive the car too much.

 

We have a $1.3 million umbrella policy with Hagerty at the auto museum. Great company to work with.