Anyone else raising their insurance limits?
11-17-2021, 12:34 PM
#46
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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.
11-17-2021, 01:02 PM
#47
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I've seen a couple .2 GT3s sitting on the market near me around $159k, which makes me think the real transaction price on these cars is high 130s low 140s.... My concern with being over insured is that I think you run a higher risk of repairing a damaged car that would have otherwise been totaled, and then being stuck with a devalued car. I feel like you could fix a lot of damage for $200k. You might be totally right with you decision, but that was just something that I had been thinking about as I considered my insurance premiums lately.
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Robocop305 (11-17-2021)
11-17-2021, 02:49 PM
#48
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I've been watching one sit locally for weeks at 150.... I just checked again today and it's finally sold. I would love to know if they held firm, or if they made a deal to get it out the door. I saw one about a month ago for ~130k and it seemed like a feeding frenzy. $150 definitely not a deal..... But I'm still also not sure that 200k for insurance value is right, unless its a payout for theft. With these cars they could be $200k next month, or back to $100k... They have definitely had historical ups and downs.
11-17-2021, 03:28 PM
#49
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I don’t see any significant price fluctuations with these cars in the near future. They will only keep going up.
11-17-2021, 03:59 PM
#50
I'd rather pay the premium and have peace of mind. My car is not a stripper spec, its a desirable color, and it has a ton of OEM+ mods that account for well over $40k in cost. Its not going to be replaceable by a $130k-$150k car.
11-17-2021, 04:18 PM
#51
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I'm in agreement with Burren. There are so few of my Aqua .2/3 with PCCB, that it would be impossible for me to replace it,... and especially at even a $160k price point.
w/r/t damage,.. I don't even want to go down the rabbit hole of how many different scenarios there are, and "what if's". just too many iteration possibilities on what COULD happen.
w/r/t damage,.. I don't even want to go down the rabbit hole of how many different scenarios there are, and "what if's". just too many iteration possibilities on what COULD happen.
12-20-2021, 01:35 PM
#52
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8600 mile 2011 RS. Bought it at what I though was near top of the market 3 years ago. Never thought I'd have to raise limits as my intention was to drive it a lot and let mileage depreciation keep the current policy more than adequate. Turns out I don't drive it as much as I'd like( work, family, frequent sh*t weather, other cars), so the miles have stayed low while the values have gone absolutely crazy. Emailed my agent at American Modern, asked to raise my valuation to what I thought was 'fair', took 4 photos of the car, and done. Premium went up $224/year. Not terrible and definitely better than trying to find a replacement if some dimwit on a phone plows into my car.
Last edited by bonehead; 12-20-2021 at 03:22 PM.
12-20-2021, 01:47 PM
#53
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Thread Starter
what did you raise the agreed value to?
12-20-2021, 03:01 PM
#54
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Never thought I'd have to raise limits on my agreed value policy when I bought near the top of the market 3 years ago. Figured I'd drive it a lot and mileage depreciation would keep my current policy as more than adequate. But, turns out I don't drive the car as much as I'd like I could never get back into a similar car with my current limits. Emailed my agent at American Modern, took 4 photos and told him what I believe the car is worth. Underwriters agreed and my premium has gone up $224/year to $1812
8600 mile 2011 RS. Bought it at what I though was near top of the market 3 years ago. Never thought I'd have to raise limits as my intention was to drive it a lot and let mileage depreciation keep the current policy more than adequate. Turns out I don't drive it as much as I'd like( work, family, frequent sh*t weather, other cars), so the miles have stayed low while the values have gone absolutely crazy. Emailed my agent at American Modern, asked to raise my valuation to what I thought was 'fair', took 4 photos of the car, and done. Premium went up $224/year. Not terrible and definitely better than trying to find a replacement if some dimwit on a phone plows into my car.
8600 mile 2011 RS. Bought it at what I though was near top of the market 3 years ago. Never thought I'd have to raise limits as my intention was to drive it a lot and let mileage depreciation keep the current policy more than adequate. Turns out I don't drive it as much as I'd like( work, family, frequent sh*t weather, other cars), so the miles have stayed low while the values have gone absolutely crazy. Emailed my agent at American Modern, asked to raise my valuation to what I thought was 'fair', took 4 photos of the car, and done. Premium went up $224/year. Not terrible and definitely better than trying to find a replacement if some dimwit on a phone plows into my car.
Your garage is exactly what I dream for... I have the white RS, now I need to find a compelling moment when my wife will approve a GT...
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bonehead (12-20-2021)
12-20-2021, 03:09 PM
#55
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I had Doug give me an appraisal and raised my agreed on value quite a bit. Previous owner added an RS wing and factory carbon seats. Since the seats are no longer available those parts added a lot to my value. My rate actually went down because it is now classified as weekend car (not sure why it wasn't already classified that way, but a pleasant surprise).
01-14-2022, 03:25 PM
#56
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Thread Starter
I went back to a standard policy. My agreed value policy with a $150k replacement value no longer made sense. We now have so many comp sales and listings above $150k that a regular policy would probably pay out more than $150k and the premium is half of what the agreed upon policy cost.
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01-14-2022, 03:30 PM
#57
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I went back to a standard policy. My agreed value policy with a $150k replacement value no longer made sense. We now have so many comp sales and listings above $150k that a regular policy would probably pay out more than $150k and the premium is half of what the agreed upon policy cost.
01-14-2022, 09:40 PM
#58
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I had the same thought as you but my insurance agent thought there might be a bit of risk with that. At this point I've left mine alone with agreed value, but I will consider doing the same thing as you did again in the future as the comps just keep going higher and higher.
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02-04-2022, 11:03 AM
#59
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I had the same thought as you but my insurance agent thought there might be a bit of risk with that. At this point I've left mine alone with agreed value, but I will consider doing the same thing as you did again in the future as the comps just keep going higher and higher.
02-04-2022, 04:50 PM
#60
My hagerty policy is up for renewal, so I revisited this thread, and re read some of the thoughts people had here. My particular GT3 is always going to be closer to a bottom of the market car, as it has been repainted from guards red to ruby ret metallic. The BOTTOM of this current market is still probably $120k, maybe $115k. If I switch to a regular insurance policy instead of Hagerty, I would save close to $2,000 per year. I keep my cars a long time, I have an aircooed 911 that I've owned for more than 10 years. I'm starting to be of the opinoin that I should look at regular coverage. Looks like we have at least a couple people moving to regular insurance and preparing for some kind of fight in the case of a loss. Any new thoughts?
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The Mick (02-08-2022)