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. |
Marv's3.6six |
Sep 18 2022, 10:16 AM
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#2
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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 |
Thanks for the response guys.
The question though still remains unanswered, here it is again: How is "actual value" determined by an insurance company on a 50+ year old collector car? Let me be clear I am not talking about "agreed value" such as is done with Hagerty. Marv |
infraredcalvin |
Sep 18 2022, 03:39 PM
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#3
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Distracted Member Group: Members Posts: 1,523 Joined: 25-August 08 From: Ladera Ranch, CA Member No.: 9,463 Region Association: Southern California |
Thanks for the response guys. The question though still remains unanswered, here it is again: How is "actual value" determined by an insurance company on a 50+ year old collector car? Let me be clear I am not talking about "agreed value" such as is done with Hagerty. Marv When I got into my accident my insurance (not Hagerty) used the NADA guide to determine value, they asked me to submit accrued bills, detailed pictures and close comps to increase what they came up with. My car was fixable, but values were lower at the time and I wanted the car fixed vs totaled. It was not easy, I had to fight for everything. Took 2-3 months of calls and e-mails almost every day to get them to write me an additional check of $3500 for parts/pieces not correctly replaced or installed by the shop. |
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