Stolen 914-6 GT insurance help Options

[Marv's3.6six]

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]

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?

[DaveB]

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?

(IMG:style_emoticons/default/agree.gif)

You are insured by Hagerty. You must process the claim for theft with them if this is covered in your policy. You will settle with them. Only address the facts of what happened. Do not talk with EMC or anyone you have not retained.

Because of the value and circumstances, consult with an attorney who specializes in insurance claims. Get a review of the policy, your rights under the contract, state laws, regulations and steps you need to follow for a fair closure.

I would recommend not talking or posting publicly about the value or insurance issues until you consult with counsel. Do not assist with the initial value determination and wait for a written offer. This is the job of your insurance provider. Requesting comps and information from a forum helps as long as the information is sent to you. Ask for calls from anyone about this theft and subsequent claims to be submitted to you in writing. Follow the guidance of an attorney on what to collect, how and when calls are allowed to be made and recorded and how to respond to questions and correspondance. Any information online is in the public domain. This is a very valuable car, financially and emotionally. A fair and reasonable outcome is all you are looking for.

DaveB