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914World.com _ 914World Garage _ Cars about done! Now an Insurance Question.
Posted by: TM_Corey Apr 19 2017, 09:59 AM
I can't believe I am just now thinking about this after 14 months of bring my car back from the dead. I have had my car on my "normal" insurance plan since the day I bought it, even though its value has changed dramatically since then.
So from what I understand it is a pretty normal that most of our cars that have had extensive work on them either by the owner, or by a shop, are worth less then we have in them. (except the 6's I would assume)
How does that work for insurance? Am I just out the "gap" of what the books say it should be worth and what I actually have in it if it were stolen or totaled?
Will a normal insurance agency do a "agreed upon value", or will places like Hagerty's?
I have about a week to figure it out!!
Posted by: ConeDodger Apr 19 2017, 10:05 AM
As to what they will do, that is a question for them.
Agreed Value - where both you and the company agree on the value. Safest bet.
Stated Value - where you State what it's worth. When it comes to a loss, they will likely disagree with you.
Best to get an appraisal from an accredited appraiser every couple years and update your policy accordingly..
Posted by: BillC Apr 19 2017, 10:08 AM
Normal insurance will use the "book value" of the car, for deciding to repair or total. It will also only pay out a max of "book value" for the car, regardless of what you paid for it or told them it was worth.
Hagerty's and other classic car insurance will insure your car for whatever value you specify, within reason. Plus, it's usually less expensive than normal insurance. The catch is that the car is not supposed to be used for everyday travel, but the levels/areas of restriction vary between companies.
I have Hagerty's on my 914, and have been pretty happy with them so far. However, I have not yet (fortunately) had to use the insurance for anything, so don't have any first-hand experience with their claims process.
Posted by: fixer34 Apr 19 2017, 06:21 PM
I had my /6 appraised a couple years ago (probably time to do it again). Took it in to State Farm and they wrote a policy for 'stated value' of the appraisal. No restrictions on driving it.
In the event of a loss, they will pay repairs up to policy stated value, no quibbling.
Posted by: Olympic 1.7 Apr 19 2017, 06:40 PM
My neighbor has an classic Buick Conv. insured by Classic auto ins. I called them up and although the price was reasonable they would not insure for driving a lot of miles. When I told them I planned on driving the car long distances to places like Kentucky or Niagara falls maybe Key West. they told me they wouldn't cover it.
I think Hagarty will allow you unlimited mileage. but you must state that when purchasing insurance
Posted by: mepstein Apr 19 2017, 07:09 PM
I have American Modern. 1/2 the price of Hagerty and full coverage. $135 year for my 1st 914 then added a second 914 for $65 year. you have to shop around and get quotes and see what the coverage is for each. Mine will let me drive to work and play. I just have to keep in a garage at my house and have a daily driver.
Posted by: Amphicar770 Apr 19 2017, 08:15 PM
I had a claim with Hagerty some years ago. They made it very easy and were actually proactive in making sure that the repairs were done properly and to the highest standard. It was not a Porsche but they were great with my sourcing rare NOS parts from different sources and using multiple shops. I am a customer for life.
Posted by: Type 47 Apr 19 2017, 08:35 PM
I have American Modern. 1/2 the price of Hagerty and full coverage. $135 year for my 1st 914 then added a second 914 for $65 year. you have to shop around and get quotes and see what the coverage is for each. Mine will let me drive to work and play. I just have to keep in a garage at my house and have a daily driver.
is this an agreed value policy? Is there an annual mileage limit? I've got a agreed value of $14k for $97 with Haggerty.
Posted by: Ferg Apr 19 2017, 08:35 PM
Hagerty no question
Posted by: TM_Corey Apr 19 2017, 09:23 PM
I had a claim with Hagerty some years ago. They made it very easy and were actually proactive in making sure that the repairs were done properly and to the highest standard. It was not a Porsche but they were great with my sourcing rare NOS parts from different sources and using multiple shops. I am a customer for life.
Hagerty is sounding pretty good. I'll have to see if they have a table at Hershey.
Posted by: SKL1 Apr 19 2017, 09:37 PM
I have both my 914's with Hagerty for stated value. Had to send them photos of the cars.
Luckily haven't had to "use" them as well.
McKeel Hagerty is a Porsche guy too...
Posted by: Dave_Darling Apr 19 2017, 09:45 PM
In the event of a loss, they will pay repairs up to policy stated value, no quibbling.
You might want to re-read the fine print in your policy. In many cases, the "Stated Value" policies will pay out up to the stated amount, or up to the "fair market value". Which they use the KBB to determine. And since the insurance company gets to choose if they use the stated value or the KBB value, guess which one they pick?
Hopefully yours isn't like that, but many are.
--DD
Posted by: infraredcalvin Apr 19 2017, 10:58 PM
Both Hagerty and Leland West (American modern) have requirements for a newer model daily driver, they also require covered garage... im not sure if they are more lenient on lower value policies.
I had Hagerty on my 930 for several years. They had awesome customer service, their mag and website tools are cool. I had to use the roadside assistance once, it was a nightmare (took 3 hrs - couldn't get a tow company out, holiday weekend Sunday, ugh) but they called me every 15 min with updates. (Good and bad). They went out of network to try and get a flatbed there faster... regardless they sent me a 100 gift card for the hassle, upon renewal they offered a comp on the highest roadside program because of the issue. I shopped around when the values skyrocketed (as did my premiums) and ultimately went with Leland West (they are a PCA sponsor). In the end it was 30% less, and got rave reviews from my local PCA members. Thankfully, I have yet to make a claim...
Posted by: thelogo Apr 19 2017, 11:46 PM
Sorry but i just had to speak up
Hagerty is complete ass hats ![yellowsleep[1].gif](style_emoticons/default/yellowsleep[1].gif)
Grundy is where you wanna be .
Jim grundy endorsed 
" its your car , drive it as you wish ."
109$ full coverage and 250$ worth of towing
-------------------
Anybody who lets some old lady at hagerty tell you how, why and when to drive your car shouldn't even have a 914 . 
Im not gonna be happy until im doin mach 2 with my hair on fire
But thats just me 
Posted by: mepstein Apr 20 2017, 04:15 AM
I have American Modern. 1/2 the price of Hagerty and full coverage. $135 year for my 1st 914 then added a second 914 for $65 year. you have to shop around and get quotes and see what the coverage is for each. Mine will let me drive to work and play. I just have to keep in a garage at my house and have a daily driver.
is this an agreed value policy? Is there an annual mileage limit? I've got a agreed value of $14k for $97 with Haggerty.
Agreed value, 5k mileage, $5.00/thousand miles if I go over. They never ask though.
Posted by: KELTY360 Apr 20 2017, 10:56 AM
I had a claim with Hagerty some years ago. They made it very easy and were actually proactive in making sure that the repairs were done properly and to the highest standard. It was not a Porsche but they were great with my sourcing rare NOS parts from different sources and using multiple shops. I am a customer for life.
I had a similar experience a '47 Lincoln. They were very focused on making sure the car got fixed right.
Posted by: john77 Apr 20 2017, 12:08 PM
I have my 914 and my BMW 2002 insured through ANPAC. Like Hagerty, and I think most classic policies, they'll only insure you if you have another car as a daily driver BUT I can drive the 914 and 2002 anytime, anywhere, for any reason I like.
That said, in defense of Hagerty, I did have another BMW 2002 insured through them that some dipshit decided to reverse out of parking garage entrance into the front of (Dipshit may seem harsh, but he actually got out of his car and said 'It wasn't my fault, I just didn't see you behind me'...)
Hagerty were nothing but helpful, paid out $17K for repairs within a week of the accident without blinking and never once asked me why I was driving the car that day, whether I was going to a show, etc etc...
Posted by: ljubodraz Apr 20 2017, 12:19 PM
I have American Modern. 1/2 the price of Hagerty and full coverage. $135 year for my 1st 914 then added a second 914 for $65 year. you have to shop around and get quotes and see what the coverage is for each. Mine will let me drive to work and play. I just have to keep in a garage at my house and have a daily driver.
is this an agreed value policy? Is there an annual mileage limit? I've got a agreed value of $14k for $97 with Haggerty.
Hey Type 47, could you confirm that is how little you are paying Hagerty? I have to renew my policy soon. I'm paying $182/year with a guaranteed value of only $7k. I'll be calling to complain as I have garage and modern daily drivers in addition to the teener. I'm sure they'll chalk it up to location.
Posted by: drem914 Apr 20 2017, 12:25 PM
Just did a quick quote on line for my '75 1.8 and Hagerty wants $350/year for stated valuation of $15K?? Is this another penalty for living in Southern California along with all the other "fees" we get his with?
Posted by: mepstein Apr 20 2017, 12:34 PM
Just did a quick quote on line for my '75 1.8 and Hagerty wants $350/year for stated valuation of $15K?? Is this another penalty for living in Southern California along with all the other "fees" we get his with?
That's why you have to shop around. Hagerty wanted 2X what I pay now for the same coverage. I'm not knocking them, you just want to know your options. It may be location but it may not.
Posted by: saigon71 Apr 20 2017, 01:11 PM
I put a lot of miles on my 914 each year and didn't want any restrictions.
I contacted my regular insurance company - Erie. Full coverage with an agreed upon value of $14,500 for $266/year. Bonus - it lowered the insurance on my truck because of a multi-vehicle discount.
I'm not opposed to Hagerty, but this seemed like a better fit for me.
I think the choice is largely dependent on how you plan to use the car, but it may be worth a call to your current insurance company.
Posted by: TM_Corey Apr 23 2017, 05:53 PM
I put a lot of miles on my 914 each year and didn't want any restrictions.
I contacted my regular insurance company - Erie. Full coverage with an agreed upon value of $14,500 for $266/year. Bonus - it lowered the insurance on my truck because of a multi-vehicle discount.
I'm not opposed to Hagerty, but this seemed like a better fit for me.
I think the choice is largely dependent on how you plan to use the car, but it may be worth a call to your current insurance company.
I have Erie as well. I'm going to call them Monday and I talked to Hagerty at Hershey this pass weekend. I was hoping Leland West was going to be there also. Hagerty just took my name and they are supposed to call me.
Posted by: forrestkhaag Apr 24 2017, 11:10 AM
I'm with Hagerty now but as Dillon says, things are a changin..
In my case, I have a garage in our home in AZ.
Required.
I have another driver.
Required.
I update the insurance policy site with photos of progress in the 6 conversion. The engine is insured separately until install into the car for 15K stated value.
The rebuilt 6 is now in the car / So Today, a call will be made to adjust coverage and update documentation for a 914-6 conversion.
I alway lean toward a reasonable and defendable value for an unreasonable premium paid on time. The rat bastard insurance company vultures must eat too. Dont deny them a scrap of food however, document everything 5 ways and with 5 separate angles and twice on Sunday (today) and go to bat with a seasoned hickory bat if necessary.
And a big stick will be necessary in the event of a catastrophic loss. Insurance companies are not your friend - they are complex entities in business to make money honey. You are their opportunity in the case of a loss. Not the other way around.
Posted by: mlindner Apr 24 2017, 11:47 AM
I've got Heacock agreed value on my 2007 Cayman, called them last year after my 914-6 GT body paint was done and the dollars started to add up. I first got a little flack because the car was drivable, I stated it was all there and would be done in a years or so. The agreed value is $30,000 and only added $100 to the insurance on the Cayman. Not Bad. Best, Mark
Posted by: 90quattrocoupe Apr 24 2017, 12:57 PM
I have had Hagerty on my 73 914 for years. Car is being restored by PMB, ATM. and when done the Agreed to Value will be going up. I also have my 1990 Audi Quattro Coupe insured with them, and with all the mods I have done to it, have no problem with the agreed to value.
I have a 1990 VW Fox Wagon, it is non-operable at the moment. For me to insure it with my daily insurance company, they said all the insurance values had to be the same as my daily, and would not insure it without PLPD. Why would I want to pay for insurance I will not use.
Gave Hagerty a call, and now have them to cover my Fox.
The Coupe is registered in another state, than my own, and Hagerty had no problems with that.
Greg W.
Posted by: BIGKAT_83 Apr 24 2017, 01:11 PM
I had my /6 appraised a couple years ago (probably time to do it again). Took it in to State Farm and they wrote a policy for 'stated value' of the appraisal. No restrictions on driving it.
In the event of a loss, they will pay repairs up to policy stated value, no quibbling.
I ended up with State farm 30k and less than half of what the others wanted.
Posted by: Chris Scott Apr 24 2017, 07:45 PM
I have had great experience with state farm. We had some kid run into the back of our 2001 ML55 that i have heavily modified. The first level adjuster gave me a ridiculous quote based on comparable vehicles listed on craigslist. Then i found out state farm outsources claims on rare and specialty cars to a company called big block and i was able to get an excellent valuation. We have been hit about 7 times in the past 3 years and state farm has always been great.
Posted by: brubou Apr 25 2017, 12:42 PM
I also have American Modern. It's $120 a year for an agreed upon value (twice what I paid). There is a mileage restriction of 3k a year (easy to keep that, as my Antique plate only allows me to drive it once a week). It must be kept in a garage, and I had to send them photos of the car before they approved the coverage.
Posted by: Amphicar770 Apr 25 2017, 09:15 PM
Some if these companies get weird about not only having a daily driver but also how old they are, how many kids you have with licences, etc. My 18 year old has his own vehicle but it is more than 10 years old which at least one classic car insurer treated as a disqualification even though he has never driven any if my classic cars.
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