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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bbrock |
Sep 17 2022, 11:50 AM
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#3
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914 Guru Group: Members Posts: 5,269 Joined: 17-February 17 From: Montana Member No.: 20,845 Region Association: Rocky Mountains |
Settle with your carrier. They will pursue EMC for you and attempt to recover their payout and your deductible. That simple. (IMG:style_emoticons/default/agree.gif) My brother is in the insurance industry and my dad was a KS state insurance regulator before that. From what I've learned from them, your insurance is still on the hook to "make you whole" per your coverage with Hagerty. It is up to them to negotiate with the other insurance carrier, but in the end, you should be covered according to YOUR policy. Bottom line is if you are insured for replacement value, then replacement value is what you should receive. Who pays what part should not be your problem. Regulations vary by state and I'm not an expert, just passing along what I've been told by someone who is. |
dakotaewing |
Sep 17 2022, 12:07 PM
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#4
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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. (IMG:style_emoticons/default/agree.gif) My brother is in the insurance industry and my dad was a KS state insurance regulator before that. From what I've learned from them, your insurance is still on the hook to "make you whole" per your coverage with Hagerty. It is up to them to negotiate with the other insurance carrier, but in the end, you should be covered according to YOUR policy. Bottom line is if you are insured for replacement value, then replacement value is what you should receive. Who pays what part should not be your problem. Regulations vary by state and I'm not an expert, just passing along what I've been told by someone who is. If Marty has an agreed value policy, and just say that amount is $100K, Hagerty would pay that amount. Not a dime more. Hagerty then would subrogate to the other carrier for Hagerty's cost incurred. There would be no additional funds paid to Marty. |
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