e90076

I’ve searched all over and contacted multiple insurance providers (Hagerty, Grundy, Porsche Auto Insurance, etc) to find an appropriate policy for my .1 RS. I’m currently with Porsche Auto Insurance and have been very pleased with the price (they are half the price, or less, than the others), but they will not write a policy for over $300k for any vehicle. They do offer diminished value but it is limited to something along the lines of 20% of the repair costs.

One of my biggest fears with a low mileage car is a small fender-bender, and the CarFax hit, causing a $30-60k depreciation hit…hence my search for a true diminished value offering. Anyone have any experience or recommendations with insurance providers that offer a declared value policy and accept diminished value claims? Even if the diminished value component proves to be a dead-end, I’d like to move to a different provider to accommodate a policy over $300k so if you have any lessor-known suggestions (e.g. outside of Hagerty and Grundy), I’d appreciate that as well!

Bxstr

Just to clarify, when you're thinking about diminished value I typically would expect the other drivers insurance to be paying out the diminished value claim if they were at fault. I do remember Porsche Auto Insurance mentioning diminished value and they referenced it as being a benefit because it could help pay some of your deductible as well.

For a true parking lot accident, I think most would just repaint the bumper out of pocket, not report it to insurance at all, yet when selling disclose the parking lot accident. That way, you're giving full disclosure, yet you've kept it off carfax and you're also preventing your rates from increasing for something small.

Also, what kind of mileage does your .1RS have? I know you said low, but is it 1-2k miles? Or is it 10k miles? I'd say 90% of .1RS unless a very unique spec such as RS green with very low miles are going to be sub $300k, so that should be enough coverage for you.

Hopefully someone else can chime in with a recommendation.

Vocan

Could check out Cincinnati Insurance for agreed value, that's who I use. You may need to get a quote for a broker and you may need to use them for homeowners for the best rate.

e90076

Yeah that’s true if it was the other party’s fault, not sure if your own insurance can step in to close the gap, or not, if the other provider doesn’t honor diminished value.

Hear you on the parking lot scenario but what I’m getting at is an instance where there is fairly significant damage, but not enough to total it out.

Mine has 1.5k miles but I really don’t want this to turn into a what are .1 RS values thread. There are folks out there with .2’s that I’m sure could benefit from the same info so if you do have any insurers you can recommend that would be much appreciated.

e90076

Thanks - I’ll check them out!

Bxstr

Totally - was not trying to turn this into an RS value thread at all. Trying to just give some thoughts based on what I've heard/read and also experienced.

A friend of mine uses Cincinnati and is happy with them. You could look at Chubb or Pure. Another friends family uses Auto Owners, they do agreed value. But again, I cannot confirm if any of these would do diminished value in the manner you're describing.

Someone also brought up to me that insuring too high would mean it would be harder to total out, which was a very interesting take. But with a diminished value claim like what you're describe that would eliminate this issue.

G80

Diminished Value is a tricky one.

I had the unfortunate circumstance of being rear ended twice in three months last summer in two of our cars.

The diminished value is paid by the at fault party’s insurance but in the recent climate of inflated and even rising prices, it was hard to prove the value had actually diminished

Case in point, I brought my M3 to BMW and asked them to make me and offer and they basically ignored the major accident repair and offered me the full value! They didn’t care about the ding on the carfax, they just wanted the inventory to flip

I think all you can do is have a solid agreed value and in the unlikely event of a fender bender or worse, hope you come out uninjured (not the case for my wife!), and get the repair paid for in full. The diminished value is icing on the cake but very difficult to get much out of them.

The other parties insurance gave me $5k diminished value on a $90k M3 that had $51k in damages…! But in fairness when I went to sell the car, the value had not diminished at all really. At a different time and with an RS, obviously it could be a different story but just sharing my experience

The damage wasn’t actually that bad but OEM parts, carbon parts, and labor have all gone crazy in price

vma1788

^interesting take. So you essentially need to sue the at fault's insurance company with a diminished value claim?

G80

Yes, the at fault party pays the diminished value, not your own insurer but it’s a battle. They fight it hard.

If you are at fault, there is no diminished value claim, they will just pay to fix the car or of its totalled, pay the market value or the agreed value

There are lawyers that specialize in DV claims but they take a big cut and in my experience, not worth it. Just get chat GPT to write you a legal letter, lol!

One other interesting thing I learned.

Go with a large deductible to reduce premiums - the auto body shops ‘waive the deductible’ to win your business

Also, don’t trust or rely on Carfax. In my experience, major accidents can be reported as minor or not at all

DIMINISHEDVALUE

Yes, most often insurance companies do fight it hard. Other times, inexplicably, they pay the full DV without any pushback. Look up the $60,000 diminished value claim paid by Chubb on a Lamborghini..

As far as coverage for 1st party diminished value, the only company that I know of is Auto Owners. There may be others but figuring a diminished value amount based solely on the repair cost is an invalid methodology. If you do get in a jam, seek out an appraiser who actually has conversations with Porsche dealers, not just formulas, algorithms, ad comparisons, book value comparisons, etc.

steve0827

Chubb generally takes cares of their customers in exchange for the higher premiums paid. Speaking from my experience on my old Audi.

DIMINISHEDVALUE

Don't forget, this was a third-party claim. Even though Chubb is the best, still quite a stretch for any insurer pay out $60K for diminished value without raising a fuss.

e90076

Just to clarify…Chubb’s driver was at fault and paid the diminished value to a third party victim that didn’t have Chubb?

e90076

Sorry to hear that man - I hope your wife is OK now.

DIMINISHEDVALUE

Yes. Chubb paid the claim to the third party.