Stolen 914-6 GT insurance help |
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Stolen 914-6 GT insurance help |
Marv's3.6six |
Sep 17 2022, 09:22 AM
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#1
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Actual member 7" Group: Members Posts: 695 Joined: 22-November 04 From: Huntington Beach, Ca. Member No.: 3,165 Region Association: Southern California |
Hey Teener community I need some help understanding how the insurance game works. I am hoping there are insurance professionals in this community that can chime in and help me understand the mechanics of insurance process in this situation.
As most of you know my GT car was stolen from a prominent Porsche shop in my area. It is starting to look like the car is gone and will be a “total loss.” My car is insured by Hagerty but the loss is the responsibility of the shops insurer EMCIns. As a point of reference James Patrick said a new top end 914-6 3.6 GT could be built for $225k, this would represent replacement value. Yesterdays sale on BaT for a 72 914-6 GT 3.6 of $171k would represent market value today. I have been informed by EMCIns. that they do not pay “replacement value” but they pay “actual value”. How does this work on our cars, how is “actual value” on a 50+ year old high end 914-6 GT determined? Thanks in advance guys. |
Mikey914 |
Sep 17 2022, 11:43 AM
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#2
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The rubber man Group: Members Posts: 12,678 Joined: 27-December 04 From: Hillsboro, OR Member No.: 3,348 Region Association: None |
Honestly,
You may not have enough insurance personally to cover it. And that is your choice, however, your company is not technically liable. To settle with your insurance may not be the best option. Check the details out with an attorney. A consultation will not cost much, but knowledge is power. Remember ither insurance company is not on your side. It cost what it cost to replace. They are responsible to make you whole. What looks like a windfall, may not be enough. It would be in your best interest to try to find one they could purchase to replace it. That way you are not out the car and holding a check while inflation and other numbers drive your cost up. It's really the fairest way to settle for all involved. The question is can you find one? |
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