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Posted by: 76-914 Nov 17 2015, 08:20 AM

I received my renewal notice from Hagerty yesterday and promptly called to renew (I don't want to be on an episode of Judge Judy ). As I was speaking with their rep it came to my attention that I had never increased my insured value since owning it. I've had the car for 4 years now and it was still insured for $6K. When I bought it is wasn't running and I thought $6K was a stretch then. Fast forward to today and I realized that with the increased interest in 914's plus my own mods & improvements I was under-insured. Don't know why this escaped me but it had. Feel a little better this AM since my limits were raised to $22K and only costs me another $90 per year.

Posted by: shoguneagle Nov 17 2015, 08:37 AM

76-914 brings up an excellent point. I can speak from personal experience when you are under-insured. I was like 76-914 having my car insured for $6,000 for the past 8-10 years since buying it as a rolling chassis and converting to Sixer. I did not watch the "back door" and the car was stolen while moving to Oregon; it was not complete with all the new rubber seals, 911 brakes, front oil cooler, etc but in running condition. The value alone was in excess of $7,000 based on the engine and related installed equipment.

I got the car back, cutup somewhat, without my new seals and related parts needed to complete the car.

Got the car back with most of it somewhat intact and now after another couple of years of not working on it, have it on the road but not complete.

This is my experience, please do not let it happen to you.

Steve Hurt

Posted by: 914_teener Nov 17 2015, 09:30 AM

I just had mine raised this past year.

Its a good idea.

Posted by: JmuRiz Nov 17 2015, 12:00 PM

Even though mine's been apart for years, I'll have to do it when I get it back together.

I've had to up my coverage on my other car 2 times in the past 3 years....from 30 to 80

Posted by: BeemerSteve Nov 17 2015, 01:58 PM

I just watched a video on I Drive with the host and big fish at Hagerty the owner saying that the entry into the Porsche market starts with the 924.....passing over without discussion about the 914!
I think there is still snobbery going on STILL about 914's! Just an observation.

Posted by: JmuRiz Nov 17 2015, 02:29 PM

That just means the 924 is still cheaper to buy-into than a 914

Posted by: BeemerSteve Nov 17 2015, 02:51 PM

I guess you're right!

Posted by: mgp4591 Nov 17 2015, 03:49 PM

This is slightly off topic but still talking about insurance. Many including myself have drawn comparisons about driving a 914 and riding a motorcycle. I was insured for 25k on the bike with all the bells and whistles. Now that I'm recovering from contact with a truck at 65 mph I realize that I could have insured myself and the bike for 250k which would be more equitable considering what I've had to go through for the last 5 months. I would recommend that if you're driving a fun, high performance car like ours that admittedly doesn't provide great safety features that you insure your ass for as much as possible. It really doesn't cost much more and if, God forbid, you get into a run in like mine you'll have enough to help rebuild your life. Now back to your regularly scheduled comments...

Posted by: jimkelly Nov 17 2015, 05:02 PM

hagerty is for original classics, correct? they don;t insure hiot rodded 914's, correct? they also don't want you to be using your car as a daily driver, correct? or am i all wrong? thanks.

Posted by: Racer Nov 17 2015, 05:25 PM

yes and no.

I had a "modded" 914 that they would insure. Their concerns were
1) not a primary car (needed a daily driver)
2) garaged
3) No competitions (ie, DE, AX etc)

The reason the insurance is less is based on the assumption that your risk is lower (because your use is somewhat limited).

Posted by: arty914 Nov 17 2015, 06:20 PM

I have an agreed value policy with Chubb insurance. I think I will be raising the insured value soon. Thanks for the reminder.

Posted by: ndfrigi Nov 17 2015, 06:31 PM

my 75 1.8 FI has a guaranteed coverage of $15k since 2012 with Hagerty. Maybe I should try requesting additional coverage since I did a 4 to 5 lug conversion with 911 6x15 fuchs wheels and 75 to 74 Heat exchanger (if HE has a different value).

Posted by: JRust Nov 17 2015, 06:33 PM

I'm with Hagerty & highly recommend them. They took good care of me when I had my fire.

I also am upping my limit to 50k instead of the 20k I was at. Got my car appraised & While I'd have no chance of selling for my appraisal. I also couldn't replace my car for much less. When you figure paying a shop to replicate my car. It wouldn't happen for less than 50k. Hard to look at it in those terms. Could I build it for less? Hell yes but when you don't take your time into account. Nor the fact that you scrounge for deals for all your parts. It adds up pretty quickly. So replacement value is a good 40% higher than sale value most likely would be

Posted by: jimkelly Nov 17 2015, 06:41 PM

thanks
confirms what i thought
jim

--

Posted by: Unobtanium-inc Nov 17 2015, 08:01 PM

Up the insurance, you'll be glad you did. A friend just restored a 67 912, he had about $56,000 wrapped up in it. He was ok with that since the car came out nice. But he didn't think to up his insurance. He got T-boned last week, the car is a total, and he had it insured for $30,000, which a few years ago was a stretch for a 912!
He now is probably going to buy it back from the insurance company and sink more money into it, hoping in 5-10 years he can breath air again, instead of water, or tears...


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Posted by: 76-914 Nov 17 2015, 08:40 PM

As Racer mentioned, I am in the modified class. Not a problem for me.

Posted by: Jake Raby Nov 17 2015, 09:18 PM

Hagerty raised mine for me on a few cars, but I called them and updated them all.. Needed appraisals on two of them, but that was easy.

Posted by: Unobtanium-inc Nov 17 2015, 10:04 PM

I raised the value on the 356, which gave me a suspect and slightly hell-ish premium of $666.....


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Posted by: Philip W. Nov 18 2015, 07:07 AM

That's kind of funny.,
I have haggerty, and a year ago I finally upped mine, it was only $5000 coverage, and they assessed it and set it at $15,000 and I pay $250 for year. I do believe based on other sales of 75's it should be $20k and in March I will increase it.
Question is how much is my 75 project worth? It's apart but runs, and I obtained it 2 months ago just getting the title transferred so what will it be insured for do you think in this condition? 5? 10k$?

Posted by: jeffzm Nov 18 2015, 09:32 AM

Great topic, since it's being discussed I have owned my insurance agency for over 25 years and specialize in covering cars like ours along with normal auto and home. I do much business writing with Hagerty which is the way to go, they are on top of there game.
Premiums are the same if you go direct or through a broker/agent so if you would like opinions on coverage and limits along with a quote let me know. Another huge issue which is not discussed often enough is your liability limits should be on the higher side to protect your assets in case of an at fault accident.
Hopefully I am not going against any forums rules by posting this but the subject was brought up and wanted to offer my services. I am licensed in several states any ? s p.m. ore mail stclairinsuranceagency@gmail.com

Thanks, Jeff

Posted by: pnewman Nov 19 2015, 04:17 PM

Raising the "limit" on your policy is a good start. As important is to "state" or "declare" a "stated" value or "guaranteed" value of the vehicle that the policy can be built around. If your limit is 20K but you total the car and the insurer claims that the car was only worth 6k then the 20K limit is a moot point.

Another point to consider is that auto body shops will most likely get the green light to "repair" a vehicle damaged to up to 85% of its value. This is where properly declaring your cars replacement price is important. Would you really want a 914 back that had 25.5K worth of work done to it? (i.e. with a 30K declared value.)

This is a great topic. Stay on top of your policy as these little cars are climbing in replacement price every year.