secretcollector

I can tell you unequivocally that "Agreed Value" insurance can and does include taxes, fees, transport and any other expenses that one would incur if you had to enter the marketplace and purchase a like kind replacement for your car.

CGT000

Smokey. I was not at the auction. I was bidding on the phone. Bidding started at $350 and went to $410 within a minute. I came in at $420. The $430 bid came in just before the hammer. I stopped at that point. Then came a $435 and he got the car.

I have to say that the yellow is absolutely stunning. I hope the new owner really enjoys it.

smokeygt

000 thanks for the reply. Since yellow and being an 05 with low miles brings a premium, I guess a silver 05 with similar miles and issues would come in at around 375? Higher mileage cars even less?

Bruce P

Secretcollector -- can you please elaborate. My agent tells me that "agreed value" is the exact amount I would receive in a total loss situation, nothing less and nothing more regardless of what the "market" is doing or what expenses might be incurred for shipping taxes etc. on a replacement. If the value of the car you have is increasing it is incumbent upon you to keep increasing the "agreed value" and pay the appropriate premium. Your stated value must be in line with current market conditions so that you cannot purchase a $10,000 beater and insure it for $1M, however if you want to insure a $300K car for $200k of its value and self insure for the other $100k that can be acceptable in certain instances.

bojali

I PM 'd you on service costs.

Mercel

Here are some nice looking Carrera GTs. Not a big fan of the yellow one pictured above.

http://www.dupontregistry.com/autos/...e=Carrera%20GT

secretcollector

Bruce, your agent simply is wrong. The concept of Agreed Value insurance is to replace your lost item with the closest match without you having to pay a difference. The key is to use your total cost as the AV amount - purchase price plus all additional costs. If you bought yours below market, make sure to add reasonable amounts for what you will have to pay.

An insurer like Haggerty will have no issue with this approach.

CGT000

Bojali. I did not get a PM from you.

Bruce P

Secrectcollector-- I believe what you just stated confirmed what I had posted and that is the AV value is your total cost. You will not receive payouts higher than your AV for additional costs for taxes, shipping etc. In an ACV (actual cash value) policy these items can and usually are an item for harsh negotiation with your insurance company. In short I believe any collector car of significant worth should be insured with an agreed value policy to avoid any conflicts with the insurance company should a total loss occur.

nuvolari612

I know the guy who bought the Yellow - he would have paid whatever it took to own it.

He has an extremely expensive collection and is in his 20's.

E-Man

I hope he drives it and enjoys the car.

bojali

sorry pm'd nuvolari612 since he was looking at service costs..

smokeygt

That's the way to buy! May he live long and prosper. ( I hope he's not the guy that wrecked that black f50) future Copart car?

CGT000

Hope he's going to drive it.

CGT000

Since you know the guy who bought it, would you know if he bought it as an investment or for driving pleasure? I'm also curious to know if he knew about the pre purchase inspection done by Brumos Porsche.