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. |
PanelBilly |
Sep 18 2022, 10:31 AM
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#2
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914 Guru Group: Members Posts: 5,817 Joined: 23-July 06 From: Kent, Wa Member No.: 6,488 Region Association: Pacific Northwest |
I was on the phone last week with Hagerty trying to increase my agreed value. At this point in my life I don’t want to build another car. If mine is taken I’ll just buy something. Hagerty told me my car was listed as a 2.0 an had a max value of 94,000 only if it was graded as a number 1 car and they were sure that wasn’t the case. Was told to start a review process by submitting photos and comps. My car isn’t perfect but it wouldn’t be cheep to replace.
I’m looking for comps too. |
Jett |
Sep 18 2022, 10:41 AM
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#3
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Senior Member Group: Members Posts: 1,641 Joined: 27-July 14 From: Seattle Member No.: 17,686 Region Association: Pacific Northwest |
I was on the phone last week with Hagerty trying to increase my agreed value. At this point in my life I don’t want to build another car. If mine is taken I’ll just buy something. Hagerty told me my car was listed as a 2.0 an had a max value of 94,000 only if it was graded as a number 1 car and they were sure that wasn’t the case. Was told to start a review process by submitting photos and comps. My car isn’t perfect but it wouldn’t be cheep to replace. I’m looking for comps too. Same here, but after taking the photos and bills, they agreed at $93K, which is about 30k less tan it took to build the car so not bad. Our 75 2.0 was agreed on at $80k, which is about what we have in it. |
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