Best insurance carrier for agreed upon value
03-16-2021, 09:16 PM
#31
Thanks for the heads up. I wonder if this was an issue with my agent.. I gotta call them directly and see what they say.
03-17-2021, 02:06 PM
#32
Race Car
*Disclaimer: I am not associated with PAI whatsoever. Just passing on info to the community about my experience.*
I just switched to Porsche Auto Insurance. I spoke with Scott Johnson (ext 320) and he was very helpful. PAI is basically a DBA for Mile Premier Insurance. It is a mileage-based policy and they are the designated insurance company/partner of Porsche and license their name. They were selected by Porsche NA out of over 30 companies vying for the business. The company is headquartered in Atlanta. Currently in 4 states but will be rolling out in the rest of the country over the next couple years. Some helpful feedback about their coverage:
Overall, it was a good buying experience and I end up saving several hundred dollars per year compared to Hagerty. My 6-month premium is $325 for 2,500 miles, max liability coverage, $110K agreed value, plus some other basic coverage. For reference, I am 55, no accident history, and my GT3 is not my primary vehicle. I recommend checking them out if you are shopping for insurance.
I just switched to Porsche Auto Insurance. I spoke with Scott Johnson (ext 320) and he was very helpful. PAI is basically a DBA for Mile Premier Insurance. It is a mileage-based policy and they are the designated insurance company/partner of Porsche and license their name. They were selected by Porsche NA out of over 30 companies vying for the business. The company is headquartered in Atlanta. Currently in 4 states but will be rolling out in the rest of the country over the next couple years. Some helpful feedback about their coverage:
- There are no restrictions on where/when I can drive my car. It's mileage based so my premium is based on estimated miles driven every 6 months. My rate happens to be approx 7 cents/mile (YMMV). I have to provide a photo of the odometer for each premium renewal period and they will true me up based on actual miles driven every time I renew. If I go over the estimate, they will charge 7 cents/mile over the estimated miles driven. If I go under, they credit me the same rate for the next premium period. You can renew monthly or every 6 months.
- Glass coverage is included and they will either try to repair or replace. If a replacement is needed, they will pay for OEM Porsche glass.
- Agreed value works as expected and they will reimburse you full agreed value, minus deductible in case of a total loss.
- I can use any valid repair shop for repairs. They will also recommend a Porsche-certified shop in your area.
- They will cover OEM Porsche parts. If you have mods, they will cover up to $4000 in after-market parts, but you should probably do more research on this. They did not ask me which mods I have installed. It seems they are pretty flexible about mods.
Overall, it was a good buying experience and I end up saving several hundred dollars per year compared to Hagerty. My 6-month premium is $325 for 2,500 miles, max liability coverage, $110K agreed value, plus some other basic coverage. For reference, I am 55, no accident history, and my GT3 is not my primary vehicle. I recommend checking them out if you are shopping for insurance.
03-24-2021, 08:25 AM
#34
Rennlist Member
Overall, it was a good buying experience and I end up saving several hundred dollars per year compared to Hagerty. My 6-month premium is $325 for 2,500 miles, max liability coverage, $110K agreed value, plus some other basic coverage. For reference, I am 55, no accident history, and my GT3 is not my primary vehicle. I recommend checking them out if you are shopping for insurance.
03-24-2021, 09:27 AM
#35
03-25-2021, 01:58 PM
#36
I have to say that I was totally unable to get a competitive quote from Grundy recently. Much better deal with conventional insurance from Allstate, who guaranteed coverage to 100% of "Actual Cash Value".
The Grundy agent emailed me back:
"We have more coverage on your autos then you probably have with
Allstate. Especially the Porsche, we provide agreed value coverage,
all state offers actual cash value. So if something happens to it
you will get market value."
I replied:
"In this case (2008 Porsche GT2), ACV = market value, no? How could it not? Can you help me understand?"
His response:
"Correct ACV= market value"
EDIT: So why is everyone so focused on agreed value for our (stock or stock-ish) GT cars, if we get the same limits with conventional insurance?
The Grundy agent emailed me back:
"We have more coverage on your autos then you probably have with
Allstate. Especially the Porsche, we provide agreed value coverage,
all state offers actual cash value. So if something happens to it
you will get market value."
I replied:
"In this case (2008 Porsche GT2), ACV = market value, no? How could it not? Can you help me understand?"
His response:
"Correct ACV= market value"
EDIT: So why is everyone so focused on agreed value for our (stock or stock-ish) GT cars, if we get the same limits with conventional insurance?
Last edited by mchrono; 03-28-2021 at 01:53 AM.
04-01-2021, 10:57 PM
#38
Rennlist Member
Actual Cash Value is standard coverage for typical insurers. If the vehicle is totaled they decide what the current market value is for an average condition example (yes, depreciation). The vehicle owner has little to no room to negotiate on that settlement value.
Agreed Value:
"You and Leland West will agree on the vehicle value when you sign up - before the policy is issued and any money changes hands. Once a policy is in place, in the event of theft or a total loss, we will pay the Agreed Value. No wiggle room." from Leland-West's website
Leland-West has Agreed Value, options on mileage programs , coverage, and premium seems reasonable especially with discount for Porsche Club of America members.
.
Agreed Value:
"You and Leland West will agree on the vehicle value when you sign up - before the policy is issued and any money changes hands. Once a policy is in place, in the event of theft or a total loss, we will pay the Agreed Value. No wiggle room." from Leland-West's website
Leland-West has Agreed Value, options on mileage programs , coverage, and premium seems reasonable especially with discount for Porsche Club of America members.
.
Last edited by enthusiast; 04-01-2021 at 11:12 PM.
04-02-2021, 11:07 AM
#40
So back to the point that AV=ACV for our cars. Lets say one of us totaled our 997 GT car. How would the conventional ACV insurer support a lower replacement value than the current market for the car? Current values are well documented via the auctions and other online tools. If an ACV insurer tried to take the position of original MSRP less 12 years of depreciation, then its off to arbitration for sure, as there is no way anyone can “replace” the car for a value based on that. Am I missing something here?
04-02-2021, 12:10 PM
#41
Rennlist Member
With ACV, you are at the whim of the insurer and what their claims department believes is "market value", which can be derived from many sources, including NADA, Edmunds, etc. My experience and others has been that their assessment is typically lower than what the insured expects. The onus is then on you to provide data to support what you believe is fair market value. It is a PITA.
With AV, you establish the number up front and if your car is totalled, you get paid. Done deal. Much less of a headache. With our cars, it is much better to go AV.
With AV, you establish the number up front and if your car is totalled, you get paid. Done deal. Much less of a headache. With our cars, it is much better to go AV.
So back to the point that AV=ACV for our cars. Lets say one of us totaled our 997 GT car. How would the conventional ACV insurer support a lower replacement value than the current market for the car? Current values are well documented via the auctions and other online tools. If an ACV insurer tried to take the position of original MSRP less 12 years of depreciation, then its off to arbitration for sure, as there is no way anyone can “replace” the car for a value based on that. Am I missing something here?
04-02-2021, 12:40 PM
#42
Rennlist Member
Agreed Value is used in the case of a 'total loss' or 'theft' (not recovered) and probably comes into play if the vehicle has significant damage repair costs (deciding if it is economically repairable based on its value).
Loss of value due to a 'fender bender' could come into play with an Agreed Value policy. I don't know if they would give you any cash to compensate for the decreased value of the car. In addition, the insurance company probably won't agree with the pre-wreck Agreed Value when it is time to renew the policy.
An owners opinion of AV dollar amount might equal ACV but they won't know the answer until a total loss or theft occurs. The insurance company is going to use their database to determine actual cash value and I don't how much if any the MSRP minus x years of depreciation comes into play. Most insurers, if not all, are not going to give you money for modifications or extra items you installed in the car.
Loss of value due to a 'fender bender' could come into play with an Agreed Value policy. I don't know if they would give you any cash to compensate for the decreased value of the car. In addition, the insurance company probably won't agree with the pre-wreck Agreed Value when it is time to renew the policy.
An owners opinion of AV dollar amount might equal ACV but they won't know the answer until a total loss or theft occurs. The insurance company is going to use their database to determine actual cash value and I don't how much if any the MSRP minus x years of depreciation comes into play. Most insurers, if not all, are not going to give you money for modifications or extra items you installed in the car.
05-25-2021, 01:05 PM
#44
Rennlist Member
Update for this thread...
Clearly the markets are going crazy, prices are through the roof, and yet valuations ARE NOT KEEING PACE.
I not only just paid for, and obtained a recent APPRAISEL on my 2010 GT3,... but also went to Hagerty directly to see what they are doing ... and whether they could beat my current policy.
Result? ... NADA, "Sports Car Market inc", Hagerty,.... ALL of them are sooo badly behind the last 3-4 months,... that it is NOT worth it to get an appraisal & attempt to bump our Agreed Value policies. At least not from my own personal attempts.
Hagerty currently has a #1 with less than 20k miles, valued at $110k,... AND, here's the kicker,... "with flat, slightly downward trend" in prices in the coming year. WTF!!!
... anyway, I thought I would report out here, and get this discussion kicked back in gear. Sucks that I jumped too early & paid for an appraisal that is essentially useless to me. AND more importantly that our policies are not up to snuff to cover our cars if something were to happen. We could not replace them for the agreed value we would receive. yet another kick in the a$$ that is forcing people to leave the cars in the garage until all this crap boils over (if it ever does).
ugh.
Clearly the markets are going crazy, prices are through the roof, and yet valuations ARE NOT KEEING PACE.
I not only just paid for, and obtained a recent APPRAISEL on my 2010 GT3,... but also went to Hagerty directly to see what they are doing ... and whether they could beat my current policy.
Result? ... NADA, "Sports Car Market inc", Hagerty,.... ALL of them are sooo badly behind the last 3-4 months,... that it is NOT worth it to get an appraisal & attempt to bump our Agreed Value policies. At least not from my own personal attempts.
Hagerty currently has a #1 with less than 20k miles, valued at $110k,... AND, here's the kicker,... "with flat, slightly downward trend" in prices in the coming year. WTF!!!
... anyway, I thought I would report out here, and get this discussion kicked back in gear. Sucks that I jumped too early & paid for an appraisal that is essentially useless to me. AND more importantly that our policies are not up to snuff to cover our cars if something were to happen. We could not replace them for the agreed value we would receive. yet another kick in the a$$ that is forcing people to leave the cars in the garage until all this crap boils over (if it ever does).
ugh.
05-25-2021, 01:17 PM
#45
Nordschleife Master
Update for this thread...
Clearly the markets are going crazy, prices are through the roof, and yet valuations ARE NOT KEEING PACE.
I not only just paid for, and obtained a recent APPRAISEL on my 2010 GT3,... but also went to Hagerty directly to see what they are doing ... and whether they could beat my current policy.
Result? ... NADA, "Sports Car Market inc", Hagerty,.... ALL of them are sooo badly behind the last 3-4 months,... that it is NOT worth it to get an appraisal & attempt to bump our Agreed Value policies. At least not from my own personal attempts.
Hagerty currently has a #1 with less than 20k miles, valued at $110k,... AND, here's the kicker,... "with flat, slightly downward trend" in prices in the coming year. WTF!!!
... anyway, I thought I would report out here, and get this discussion kicked back in gear. Sucks that I jumped too early & paid for an appraisal that is essentially useless to me. AND more importantly that our policies are not up to snuff to cover our cars if something were to happen. We could not replace them for the agreed value we would receive. yet another kick in the a$$ that is forcing people to leave the cars in the garage until all this crap boils over (if it ever does).
ugh.
Clearly the markets are going crazy, prices are through the roof, and yet valuations ARE NOT KEEING PACE.
I not only just paid for, and obtained a recent APPRAISEL on my 2010 GT3,... but also went to Hagerty directly to see what they are doing ... and whether they could beat my current policy.
Result? ... NADA, "Sports Car Market inc", Hagerty,.... ALL of them are sooo badly behind the last 3-4 months,... that it is NOT worth it to get an appraisal & attempt to bump our Agreed Value policies. At least not from my own personal attempts.
Hagerty currently has a #1 with less than 20k miles, valued at $110k,... AND, here's the kicker,... "with flat, slightly downward trend" in prices in the coming year. WTF!!!
... anyway, I thought I would report out here, and get this discussion kicked back in gear. Sucks that I jumped too early & paid for an appraisal that is essentially useless to me. AND more importantly that our policies are not up to snuff to cover our cars if something were to happen. We could not replace them for the agreed value we would receive. yet another kick in the a$$ that is forcing people to leave the cars in the garage until all this crap boils over (if it ever does).
ugh.