Insuring your 997 - agreed value policy?
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Racer
Joined: Dec 2011
Posts: 289
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Insuring your 997 - agreed value policy?
So, my 997 will soon turn 10 years old. It is my daily driver for now after selling my truck, but will not be for long. I've never considered anything but standard car insurance before, but wondering if there's a general age when it's a good idea to consider a different type of policy.
What's the general rule here and what are the pros and cons to think about? Is it too soon to think about switching? I've been reading other threads, but I'm still confused.
What's the general rule here and what are the pros and cons to think about? Is it too soon to think about switching? I've been reading other threads, but I'm still confused.
Three Wheelin'
Joined: Feb 2017
Posts: 1,870
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From: San Diego <->Knoxville
A few months ago, I switched my 1994 Toyota Supra turbo from Grundy to State Farm Classic Car insurance. The 997 also qualifies for their CCI since the minimum year is 10 yrs but there are limitations.
https://www.statefarm.com/insurance/...e-classic-cars
https://www.statefarm.com/insurance/...e-classic-cars
Rennlist Member
Joined: Sep 2012
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From: DFW, TX
I have an 75K agreed value policy thru Grundy for my 997 turbo.. There are a few limitations.. it cant be your only car.. it cant be your daily driver.. Possible mileage restrictions (not an issue for me), I saved a few hundred bucks vs a standard full coverage policy thru USAA.
Three Wheelin'
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From: Texas
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Racer
Joined: May 2012
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Just moved my 997 from USAA to Hagerty at an agreed upon value of 55k. Mainly to cover true replacement value and track modifications etc on a car worth low to mid 20's if something happens. Works out to be around $58 a month. I also have my off track insurance for my trailer, spares, and tools fully covered with them.
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Joined: Mar 2017
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From: Central CT
My agreed value policies are based on whatever I say they are, within reason. This makes sense, as the premium is a simple calculation of agreed value, amount of use, type of car (in terms of chances of theft or accident), location, and driving record. If I say I want to buy an extra $5k in coverage, why would they not agree?
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From: Clemson, SC
All of these cars should be on agreed value policies as the book value on them is not represetative of the real value unless the car is a tiptronic and a cab.
I have all my cars on a Grundy AV policy. This year the RUF moved from an Exotic to a Classic since it's an 05 it just hit 15 years old, which lowered the premium a bit and loosened the restrictions. The 914 and 928 are classified as Classics (cheaper) and the X5, truck, Cayenne, and wife's 997 are classified as regular use vehicles. Although the heavily modified Cayenne sees fewer annual miles than anything except.maybe the 914, becsuse it's our family vacation car and gets parked at hotels and other less secure locations, it could only be insured in this classification. With Grundy, Agreed Values on Classics or Exotics never decline and can be raised. Values of regular use vehicles take a depreciation decline each year, but can also be readjusted. For example, my wife's car used to be about 20% over book value. When looking at the policy renewal this year, at $50k it was only like 2% over their valuation, so moved it up to $55k with no more than a phone call.
Summarizing, yes, get an AV policy on it and in the event of an accident go through your insurance, not the other guys, as their insurance company won't honor the AV valuation. They'll get all the money back from his isneitsnce company when it's all said and done and you won't have to battle with the other guys insurance who's goal is to close the claim for as little money and as quickly as possible.
I have all my cars on a Grundy AV policy. This year the RUF moved from an Exotic to a Classic since it's an 05 it just hit 15 years old, which lowered the premium a bit and loosened the restrictions. The 914 and 928 are classified as Classics (cheaper) and the X5, truck, Cayenne, and wife's 997 are classified as regular use vehicles. Although the heavily modified Cayenne sees fewer annual miles than anything except.maybe the 914, becsuse it's our family vacation car and gets parked at hotels and other less secure locations, it could only be insured in this classification. With Grundy, Agreed Values on Classics or Exotics never decline and can be raised. Values of regular use vehicles take a depreciation decline each year, but can also be readjusted. For example, my wife's car used to be about 20% over book value. When looking at the policy renewal this year, at $50k it was only like 2% over their valuation, so moved it up to $55k with no more than a phone call.
Summarizing, yes, get an AV policy on it and in the event of an accident go through your insurance, not the other guys, as their insurance company won't honor the AV valuation. They'll get all the money back from his isneitsnce company when it's all said and done and you won't have to battle with the other guys insurance who's goal is to close the claim for as little money and as quickly as possible.
Racer
Joined: Jan 2013
Posts: 437
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From: North Carolina/Florida
My 997.1 for $55,000 with Hagerty and 993 3.8l for $65,000 with American Collectors. Hagerty continuous higher quote for 993. Donzi with Hagerty at $45,000.
Last edited by Hilltopper; Oct 1, 2020 at 04:52 PM.
Burning Brakes
Joined: Nov 2006
Posts: 915
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From: Northern Nevada
A few months ago, I switched my 1994 Toyota Supra turbo from Grundy to State Farm Classic Car insurance. The 997 also qualifies for their CCI since the minimum year is 10 yrs but there are limitations.
https://www.statefarm.com/insurance/...e-classic-cars
https://www.statefarm.com/insurance/...e-classic-cars
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