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. |
eric9144 |
Sep 18 2022, 09:35 PM
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#2
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Advanced Member Group: Members Posts: 2,734 Joined: 30-March 11 From: San Diego, CA Member No.: 12,876 Region Association: Southern California |
How is "actual value" determined by an insurance company on a 50+ year old collector car? As others have said comps, which are going to be very few and far between...or perhaps you can leverage a letter from James Patrick stating reconstruction cost for your VIN as they had records on file for your car....??? Might be a bit of an ask as I know you did some work yourself and some there but then again always worth a try... Man this sucks (IMG:style_emoticons/default/dry.gif) |
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