By Sazerac - Thu Aug 20, 2020 1:26 pm
- Thu Aug 20, 2020 1:26 pm
#9530
Hi All
The Basics:
As I have understood it for many years, most insurance policies are stated value policies. The stated value corresponds to what is stated in some adjusters book, and does not really take into account cars that by nature of their condition are exceptionally valuable (like perfect original paint, etc.) or anything we might do to improve our 928s. If you want to protect yourself, you need to have an agreed value policy, in which you agree with your insurance company on the value of your car.
Example
For my 91 GT, which has nice paint (but not original) and has about 75.000 miles, I paid KUSD 30 and then proceeded to buy about KUSD 25 in parts and services like GB refurbishment of my heads with welding, etc. On top of that I have about 500 hours of labor invested (most of it from the uber-competent Dave C). I figure the car is worth KUSD 70 to me at least, even though I would lose it at a loss at that price.
Datum
I am with AMIG and am paying about USD 900 for USD 70'000 in coverage for comprehensive and collision with 0 deductible and a 3.000 mile yearly limit. That having been said for no apparent reason they want to raise my rates by 10% (no claims, no tickets).
What are you guys out there doing for your agreed value policies? Are they also cranking up the rates? Curious minds want to know!
The Basics:
As I have understood it for many years, most insurance policies are stated value policies. The stated value corresponds to what is stated in some adjusters book, and does not really take into account cars that by nature of their condition are exceptionally valuable (like perfect original paint, etc.) or anything we might do to improve our 928s. If you want to protect yourself, you need to have an agreed value policy, in which you agree with your insurance company on the value of your car.
Example
For my 91 GT, which has nice paint (but not original) and has about 75.000 miles, I paid KUSD 30 and then proceeded to buy about KUSD 25 in parts and services like GB refurbishment of my heads with welding, etc. On top of that I have about 500 hours of labor invested (most of it from the uber-competent Dave C). I figure the car is worth KUSD 70 to me at least, even though I would lose it at a loss at that price.
Datum
I am with AMIG and am paying about USD 900 for USD 70'000 in coverage for comprehensive and collision with 0 deductible and a 3.000 mile yearly limit. That having been said for no apparent reason they want to raise my rates by 10% (no claims, no tickets).
What are you guys out there doing for your agreed value policies? Are they also cranking up the rates? Curious minds want to know!
Porsche V8 Fanatic
1990 928 GT - "The Cash GT"
1991 928 GT - "Schrödinger's 928"
"Chi piace a tutti, alla fine dei conti non piace a nessuno. La ricerca ossesiva del consenso e la paura di fallire portano direttamente alla mediocrità."
1990 928 GT - "The Cash GT"
1991 928 GT - "Schrödinger's 928"
"Chi piace a tutti, alla fine dei conti non piace a nessuno. La ricerca ossesiva del consenso e la paura di fallire portano direttamente alla mediocrità."
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