Are you Under-insured?, raised my limits yesterday |
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Are you Under-insured?, raised my limits yesterday |
76-914 |
Nov 17 2015, 08:20 AM
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#1
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Repeat Offender & Resident Subaru Antagonist Group: Members Posts: 13,509 Joined: 23-January 09 From: Temecula, CA Member No.: 9,964 Region Association: Southern California |
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 (IMG:style_emoticons/default/biggrin.gif) ). 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. (IMG:style_emoticons/default/sad.gif) 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.
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shoguneagle |
Nov 17 2015, 08:37 AM
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#2
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shoguneagle Group: Members Posts: 1,180 Joined: 3-January 03 From: CA, OR, AZ (CAZOR); New Mexico Member No.: 84 Region Association: Northern California |
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 |
914_teener |
Nov 17 2015, 09:30 AM
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#3
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914 Guru Group: Members Posts: 5,205 Joined: 31-August 08 From: So. Cal Member No.: 9,489 Region Association: Southern California |
I just had mine raised this past year.
Its a good idea. |
JmuRiz |
Nov 17 2015, 12:00 PM
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#4
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914 Guru Group: Members Posts: 5,434 Joined: 30-December 02 From: NoVA Member No.: 50 Region Association: MidAtlantic Region |
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 |
BeemerSteve |
Nov 17 2015, 01:58 PM
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#5
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Member Group: Members Posts: 239 Joined: 2-September 15 From: Van Zandt, Wa Member No.: 19,123 Region Association: Pacific Northwest |
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. |
JmuRiz |
Nov 17 2015, 02:29 PM
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#6
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914 Guru Group: Members Posts: 5,434 Joined: 30-December 02 From: NoVA Member No.: 50 Region Association: MidAtlantic Region |
That just means the 924 is still cheaper to buy-into than a 914 (IMG:style_emoticons/default/biggrin.gif)
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BeemerSteve |
Nov 17 2015, 02:51 PM
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#7
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Member Group: Members Posts: 239 Joined: 2-September 15 From: Van Zandt, Wa Member No.: 19,123 Region Association: Pacific Northwest |
That just means the 924 is still cheaper to buy-into than a 914 (IMG:style_emoticons/default/biggrin.gif) (IMG:style_emoticons/default/agree.gif) I guess you're right! (IMG:style_emoticons/default/shades.gif) |
mgp4591 |
Nov 17 2015, 03:49 PM
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#8
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914 Guru Group: Members Posts: 5,383 Joined: 1-August 12 From: Salt Lake City Ut Member No.: 14,748 Region Association: Intermountain Region |
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...
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jimkelly |
Nov 17 2015, 05:02 PM
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#9
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Delaware USA Group: Members Posts: 4,969 Joined: 5-August 04 From: Delaware, USA Member No.: 2,460 Region Association: MidAtlantic Region |
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.
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Racer |
Nov 17 2015, 05:25 PM
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#10
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Senior Member Group: Members Posts: 787 Joined: 25-August 03 From: Northern Virginia Member No.: 1,073 Region Association: MidAtlantic Region |
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. 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). |
arty914 |
Nov 17 2015, 06:20 PM
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#11
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Newbie Group: Members Posts: 20 Joined: 2-May 10 Member No.: 11,683 Region Association: North East States |
I have an agreed value policy with Chubb insurance. I think I will be raising the insured value soon. Thanks for the reminder.
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ndfrigi |
Nov 17 2015, 06:31 PM
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#12
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Advanced Member Group: Members Posts: 2,933 Joined: 21-August 11 From: Orange County Member No.: 13,474 Region Association: Southern California |
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).
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JRust |
Nov 17 2015, 06:33 PM
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#13
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914 Guru Group: Members Posts: 6,307 Joined: 10-January 03 From: Corvallis Oregon Member No.: 129 Region Association: Pacific Northwest |
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 |
jimkelly |
Nov 17 2015, 06:41 PM
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#14
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Delaware USA Group: Members Posts: 4,969 Joined: 5-August 04 From: Delaware, USA Member No.: 2,460 Region Association: MidAtlantic Region |
thanks
confirms what i thought jim -- 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. 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). |
Unobtanium-inc |
Nov 17 2015, 08:01 PM
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#15
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Advanced Member Group: Members Posts: 2,215 Joined: 29-November 06 From: New York Member No.: 7,276 Region Association: None |
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... Attached image(s) |
76-914 |
Nov 17 2015, 08:40 PM
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#16
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Repeat Offender & Resident Subaru Antagonist Group: Members Posts: 13,509 Joined: 23-January 09 From: Temecula, CA Member No.: 9,964 Region Association: Southern California |
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Jake Raby |
Nov 17 2015, 09:18 PM
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#17
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Engine Surgeon Group: Members Posts: 9,394 Joined: 31-August 03 From: Lost Member No.: 1,095 Region Association: South East States |
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.
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Unobtanium-inc |
Nov 17 2015, 10:04 PM
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#18
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Advanced Member Group: Members Posts: 2,215 Joined: 29-November 06 From: New York Member No.: 7,276 Region Association: None |
I raised the value on the 356, which gave me a suspect and slightly hell-ish premium of $666.....
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DRPHIL914 |
Nov 18 2015, 07:07 AM
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#19
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Dr. Phil Group: Members Posts: 5,768 Joined: 9-December 09 From: Bluffton, SC Member No.: 11,106 Region Association: South East States |
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 $20k and in March I will increase it. Question is how much is my 75 project worth? It's apart but runs, and I obtained it 2 months ago just getting the title transferred so what will it be insured for do you think in this condition? 5? 10k$? |
jeffzm |
Nov 18 2015, 09:32 AM
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#20
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Newbie Group: Members Posts: 18 Joined: 17-July 15 From: norco, Ca. Member No.: 18,964 Region Association: Southern California |
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 |
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