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Marv's3.6six |
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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. |
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rick 918-S |
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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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Robarabian |
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#3
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914 A Roo ![]() ![]() ![]() Group: Members Posts: 592 Joined: 11-February 19 From: Simi Valley, Kalifornia Member No.: 22,865 Region Association: Southern California ![]() ![]() |
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dakotaewing |
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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 ![]() ![]() |
Claim through Hagerty. they pay replacement. They go after the shops insurance in subrogation claim. Settle with your carrier. They will pursue EMC for you and attempt to recover their payout and your deductible. That simple. I'm not defending the insurance carriers, I just very clearly understand what their legal obligations require per policy, as well as does Rick. Any individual who has has a insurance policy should understand that the policy is a contract, written by the insurance carrier. Your payment to the insurance company for that policy is a contractual acceptance of that contract. If the value to replace Marty's car is above his agreed value on his policy, Hagerty will not and has no obligation to pay Marty any more than the agreed value on his policy. As Rick suggested, this is the easiest route to go if the cost to replace the car is equal to the agreed value on the policy. Additionally, if Marty accepts settlement from Hagerty, based on his agreed value, he gives up his right to pursue seeking additional damages from either the shop, or the shops insurance carrier, which are assumed by Haggerty. I wholly agree with Ricks last statement. I'm not here to see anyone get screwed, but, rather hope to provide as much limited info as I can, so an educated decision can be made. |
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