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. |
rick 918-S |
Sep 17 2022, 10:30 AM
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#2
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Hey nice rack! -Celette Group: Members Posts: 20,493 Joined: 30-December 02 From: Now in Superior WI Member No.: 43 Region Association: Northstar Region |
Settle with your carrier. They will pursue EMC for you and attempt to recover their payout and your deductible. That simple.
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dakotaewing |
Sep 17 2022, 11:48 AM
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#3
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Senior Member Group: Members Posts: 1,160 Joined: 8-July 03 From: DeSoto, Tx Member No.: 897 Region Association: Southwest Region |
Settle with your carrier. They will pursue EMC for you and attempt to recover their payout and your deductible. That simple. Marty's issue may be that his policy is agreed value and under current replacement costs. Not sure about Cali, but in Texas the liable party is required to make you whole. In the past, the carriers have attempted to decide for all parties what that looks like. It in my opinion, that means that the liable party is replacing the car, regardless of costs. They can't provide a similar car in the market place, and therefore attempt to justify paying "market value" or in this case, depreciated actual value. It's been my experience that the carriers have not been pushed out of the box they have built to support their hold on rare car damage settlements. Most inexperienced adjusters that work for carriers will tell you that the owe for market value, and then attempted to provided comparables to support their findings. However, usually those comps are provided by a third party to support the carriers offer. Those comparables, in this case would be ... (IMG:style_emoticons/default/bs.gif) shit. Meaning, very few images of the comparable vehicle to support valuation, and poor documentation to support differences in valuation between the various items that cost big money, ie 3.2 vs 3.8 engines, transmissions, quality of paint, etc. It is also possible the shops carrier is attempting to not even address the cost and value incurred to modify the car in any way. Marty should get the shop's carrier to provide current cars in the marketplace to support whatever valuation they are currently providing. That report (document) should be in hand prior to moving forward. I would also request a certified copy of the shops policy and dec page. That will have to be requested in writing, and advising an expected response time of 10 days. This will give you the language of the terms of the contract that the carrier has with the shop, and the amount of coverage they provide. In no case whatsoever will a carrier pay more than the limits listed for losses set in the policy. Marty also has the option to file suit against the shop, and decline the carriers offers. But, that is a long road. |
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