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^^^ ... and there's a very good chance they will not "rate" your car at a #1 condition. unless, like others have said above, you provide a thorough appraisal & your mileage is very very low.
good luck justifying to Hagerty. I tried (very patiently, and for many weeks) with them on a quote for my 997.2 / 3.
They admit themselves that they do not wish to take recent market public & private sales / auctions into their evaluations & coverage.
I do not say this as heresay either. That exact sentiment was expressed by Hagerty in the recent PCA Panorama coverage...
Take a look at the numbers they published....
Below: The four columns are, from Left to Right, #1 to #4 condition:
I saw this. Such nonsense. Have you ever seen a 2010 GT3 discounted relative to a 2011? They show a 14k delta between model years for identical cars. Yet they don't apply this same delta to the 997.1 GT3s or the RSs.
They have a 2010 GT3 valued identical to a 2007. Hard to take this guide seriously.
I saw this. Such nonsense. Have you ever seen a 2010 GT3 discounted relative to a 2011? They show a 14k delta between model years for identical cars. Yet they don't apply this same delta to the 997.1 GT3s or the RSs.
They have a 2010 GT3 valued identical to a 2007. Hard to take this guide seriously.
Makes them seem completely ignorant. Granted, our cars are a VERY small segment of the overall market. But, that data is so wrong it seems like its a poor attempt at a joke. Glad I don't use them and at this point, won't.
Grundy did exactly what I needed them to do for my car at the value I wanted with a very generous mileage "limit" of 10,000 per year. All they asked for was each member of the house having a separate daily driver and the GT3 was garaged, plus pictures. Piece of cake. Thankfully, I have a good insurance guy.
I'm reviving this thread due to the recent astronomical GT3 sale prices. Several months ago I changed my insurance from Liberty Mutual to an agreed value policy through Modern Classic. I did so because I feared that in the even of a total loss, a standard policy would look for a discounted cash value, and there were no good comps to actual sales. Cash value could easily be below $100k after depreciating a 10 year old car, while I felt my car was worth at least $150k. So I changed the policy to an agreed value of $150k, at a substantial increase in cost relative to my former standard policy. Now we're seeing base GT3 sales exceeding $200k, and I find myself feeling underinsured again. My car is objectively worth more than than the last two cars which sold for $187k and $214k, with fees. Would I be better served with a standard policy at this point since they would likely value my car relative to recent sales? Not only would the total loss value be higher, but the premium would be much lower. Any thoughts?
.... Would I be better served with a standard policy at this point since they would likely value my car relative to recent sales?
I suspect they would NOT value your car higher due to recent outlier auction sales. We have proven that NADA, "Sports Car Market", Hagerty,... all of which get used by the insurance companies, are not up to par.
I say no. You would not be better off. Not worth the risk.
Plus, coming from myself, who also feels that my $141k msrp .2 ... that still even has lower miles than the recent high auction sales (lucky for me my car started out with very low miles, so even though I am piling them on, I'm still in the black), I do not think our cars are worth "more" than these stupid auction sales happening right now. As a driver, and someone who would simply want to "replace" the car given an unfortunate event,... I do not think we should be obtaining agreed-value policies at over $200k. Not yet anyway.
I suspect they would NOT value your car higher due to recent outlier auction sales. We have proven that NADA, "Sports Car Market", Hagerty,... all of which get used by the insurance companies, are not up to par.
I say no. You would not be better off. Not worth the risk.
Plus, coming from myself, who also feels that my $141k msrp .2 ... that still even has lower miles than the recent high auction sales (lucky for me my car started out with very low miles, so even though I am piling them on, I'm still in the black), I do not think our cars are worth "more" than these stupid auction sales happening right now. As a driver, and someone who would simply want to "replace" the car given an unfortunate event,... I do not think we should be obtaining agreed-value policies at over $200k. Not yet anyway.
my .02
Yea agreed thats a huge risk in my mind... they may use the last 2 years to value it. Hagerty is catching up they bumped me to $175 2 weeks ago.
In case anyone doesn't know, Hagerty offers a decent discount for PCA membership. Not shown on their website but I asked while finalizing policy over the phone and they added.
[QUOTE=bweSteve;17695683I do not think our cars are worth "more" than these stupid auction sales happening right now. As a driver, and someone who would simply want to "replace" the car given an unfortunate event,... I do not think we should be obtaining agreed-value policies at over $200k. Not yet anyway.[/QUOTE]
I have a much more gloomy outlook on the trending prices... I suspect that with $4 gas, median home prices up almost 20% in the last year, and every other shortage / price gouge that we aren't really seeing a huge boom in GT3 "value", as much as a reflection of the USD not actually being worth much anymore. Unfortunately my salary hasn't changed much to match :/. This is some kind of recession or depression. People don't actually know they've been becoming poor because the numbers in their bank account are okay, money is still moving around, and they haven't noticed that the reason they can't buy things is because they cant afford rather than "availability".
Last edited by Auto_Werks 3.6; 10-28-2021 at 10:39 AM.
Based on threads like this and some auction results, I called American Collectors today to raise my agreed value policy on .2 GT3. The whole process was way easier and less expensive than I would have guessed.
Based on threads like this and some auction results, I called American Collectors today to raise my agreed value policy on .2 GT3. The whole process was way easier and less expensive than I would have guessed.
what did you raise it to and if you don’t mind sharing, what is the annual premium?
New data point for everyone: I raised the agreed value on my 2011 GT3 from $150k to $200k (with Grundy). 10,000 annual mileage limit, must be stored in a garage when not used but otherwise no restrictions. Premium went from $1,667/yr to $2,351/yr. This is for Houston Texas, which isn't the best when it comes to car insurance rates. Others might get cheaper.
09-20-2021, 03:58 PM
