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914World.com _ 914World Garage _ Insurance Excellence Value Questions

Posted by: ThinAir914 May 26 2005, 12:29 PM

Now that my 73 2.0L is about to go back on the road, it's time to think about insurance. In the past I've just carried liability on my older cars, but this one is special and deserves more.

When my care was appraised 2 years ago the guy used the Excellence Magazine values and mine was at $5,300. If I recall correctly Excellence uses 3 catagories & mine was in the middle. I don't remember what month the 914 values get updated. Does anyone have the latest Excellence figures for a 73 2.0L?

In earlier topics about insurance I recall several folks who have purchased coverage from their regular company, rather than a "classic car insurance" company. Seems like I remember there being 2 different ways that insurance is done. They both sound like you are covering your car for a stated amount, but with one type you get no argument about the value of your car, with the other they use it as a maximum but still hassle you about whether they should spend that much. I can't seem to find this stuff back by doing a search. Can anyone set me straight on this so I know exactly what to ask my insurance company for?

Assuming my car is valued at $6,500 - what do I insure it for? I'm guessing that it would be for at least $10,000, but how do I determine that and do I need to justify the difference between the appraised value and the value that I choose?

Thanks guys!

Posted by: CptTripps May 26 2005, 12:32 PM

I've got $9K on mine...Costs me $380yr.

Posted by: ArtechnikA May 26 2005, 12:48 PM

QUOTE (ThinAir914 @ May 26 2005, 02:29 PM)
Assuming my car is valued at $6,500 - what do I insure it for? I'm guessing that it would be for at least $10,000, but how do I determine that and do I need to justify the difference between the appraised value and the value that I choose?

what you're looking for is "agreed value" insurance.

"stated value" is a big problem area.

you can "state" your 914 is worth (Dr Evil Voice...) ONE MILLION DOLLARS! but if it's totalled, no insurance company is going to just write you a check for that. or we'd see "$100,000 Yogo's" crashed right and left. (you get to pay premiums on a $1,000,000 car in the meanwhile, tho...)

an Agreed Value policy is going to be backed up by a certified appraiser. you can insure it for that. you can do your own market research, go through PCA's Market Valuation process, get letters from Jurgen Barth - whatever - as you make your case for a value, but ultimately, you will insure your car for its value - no more.

Posted by: BMartin914 May 26 2005, 12:52 PM

Mine is insured for an "agreed value" of $10,000 through Aon. $90 per year.

Posted by: drgchapman May 26 2005, 01:01 PM

Check this Thread:

http://www.914world.com/bbs2/index.php?act=ST&f=2&t=31936

jim chambers cites the reference you looking for.