I was told in writing (email) from my agent that ACV was the replacement value to buy the same car as a replacement should the insured car get totaled. If the insurer is going to try to play games by pointing to an inaccurate price tracking service or other opaque tricks to get out from that, it would be mediation/arbitration/litigation time. It seems to me therefore that opting for AV over ACV simply amounts to paying “hassle” insurance on top of your regular coverage.

Is there really any more to it than that??

 

I think if you have an average car with average mileage, then ACV is probably a safe bet. Not too hard to find comps to make your replacement value argument if needed. However, if you have a rare spec and/or extremely low mileage, you're not going to convince your insurance adjuster that your PTS, full leather, PCCB, 5k mile car is worth $40k more than the current three 25K mile black GT3s that are listed for sale.

 

I went through an Arbitration claim before and besides the headache, diminished value was brought on the table that agreed values won’t discuss because it’s obviously agreed. At the end of the day, the bet is to get close enough to the min for total and get the payout. Gamble either way. At least with arbitration and no restrictions (please read Grundy for those that have it as it has been discussed in Classic forums multiple times), you’re going to get an appraisal and actual market valuations (NADA and even Hagerty don’t come to play).

Pick your poison and hope a claim doesn’t happen.

 

FWIW: If the actual value of your car is approximately $70K or greater, you should do a proper and professional appraisal including details, pictures, and market comps. That appraisal should be formally shared with the insurance company for an agreed and documented value. Yes, this process will take some time, and cost you money, but the alternative can be a rough ride depending on what you own and future circumstances.

~$70K is just a rule thumb based on my own learning over the years and what my agent(s) have told me, etc. And I should say that I am not in insurance business just have owned a couple of cars...

 

Correct. But for a regular insurer, it doesn’t mean a darn thing. They’ll send out their own appraisal after only the appraisal clause is invoked. For the AV, sure it helps and is sometimes a requirement for the back office to agree/amend terms.

again, these AV companies can come up with a host of terms that have to be abided by. Some won’t even let you stop for Coffee at a Coffee and Cars event. Others, it’s picking up your kid from school if Mommy is running late. I mean it, they can and will try to deny any way possible. Hagerty has the least restrictions but is often the most expensive….
oh, and don’t let the AV know you visit the track every once in a while utilizing another insurance for that event

 

I'm getting a new policy quote from Hagerty... my current agreed value is only $85k for the RS...

 

Well I got my quote from Hagerty... agreed value is $120k... way too low in my opinion.

Has anyone had better luck with their RS?

 

Try Grundy.

 

In the process of renewing policies with Hagerty, I told them I wanted the RS insured for 210K, they didn't question. I have always told them the value of the cars and never had an issue. All P cars with AV policies.

Where can you buy a 10RS for 120k?

 

What effect, if any, do the recent auction sale prices have on cash values used by regular insurance companies. The last two base GT3s sold for an average price of $165k. Would this impact what an insurance company would pay out in the event of a total loss? I'm currently paying up for an agreed value policy and wondering if it still makes sense to do so now that we have sales comps that are at or above my agreed value range.

 

I do Hagerty also on agreed value… however when I called them three weeks ago to up my .2 from $120 to $150 they said they would up it to $140 but won’t do $150 until they see more sales. I called them on that given the latest sales and they said if I want to press the issue to provide an official appraisal.

 

how many miles… they can do better.

 

I spoke with Hagerty this morning for a while, I have an agent that has been working specifically with the underwriter for the 997's... they raised mine. PM me if you want her name I told her I was going to refer friends.

Dan

 

I just passed 10k miles. And I paid top dollar in 2018 so I'm not sure why my AV is so low. It's been underinsured for over 3 years now! They want to see evidence of RS's selling for over $200k...

Thanks I'll take any help I can get!

 

Here are a few recent ones and these are all .1 so there should no problem justifying equal or greater value to a .2.

https://bringatrailer.com/listing/20...911-gt3-rs-15/
https://bringatrailer.com/listing/20...che-gt3-rs-33/
https://bringatrailer.com/listing/20...911-gt3-rs-14/
https://bringatrailer.com/listing/20...che-gt3-rs-29/