Cars about done! Now an Insurance Question. Options

[TM_Corey]

I can't believe I am just now thinking about this after 14 months of bring my car back from the dead. I have had my car on my "normal" insurance plan since the day I bought it, even though its value has changed dramatically since then.

So from what I understand it is a pretty normal that most of our cars that have had extensive work on them either by the owner, or by a shop, are worth less then we have in them. (except the 6's I would assume)

How does that work for insurance? Am I just out the "gap" of what the books say it should be worth and what I actually have in it if it were stolen or totaled?

Will a normal insurance agency do a "agreed upon value", or will places like Hagerty's?

I have about a week to figure it out!!

[ConeDodger]

As to what they will do, that is a question for them.

Agreed Value - where both you and the company agree on the value. Safest bet.

Stated Value - where you State what it's worth. When it comes to a loss, they will likely disagree with you.

Best to get an appraisal from an accredited appraiser every couple years and update your policy accordingly..

[BillC]

Normal insurance will use the "book value" of the car, for deciding to repair or total. It will also only pay out a max of "book value" for the car, regardless of what you paid for it or told them it was worth.

Hagerty's and other classic car insurance will insure your car for whatever value you specify, within reason. Plus, it's usually less expensive than normal insurance. The catch is that the car is not supposed to be used for everyday travel, but the levels/areas of restriction vary between companies.

I have Hagerty's on my 914, and have been pretty happy with them so far. However, I have not yet (fortunately) had to use the insurance for anything, so don't have any first-hand experience with their claims process.

[fixer34]

I had my /6 appraised a couple years ago (probably time to do it again). Took it in to State Farm and they wrote a policy for 'stated value' of the appraisal. No restrictions on driving it.
In the event of a loss, they will pay repairs up to policy stated value, no quibbling.

[Olympic 914]

My neighbor has an classic Buick Conv. insured by Classic auto ins. I called them up and although the price was reasonable they would not insure for driving a lot of miles. When I told them I planned on driving the car long distances to places like Kentucky or Niagara falls maybe Key West. they told me they wouldn't cover it.

I think Hagarty will allow you unlimited mileage. but you must state that when purchasing insurance

[mepstein]

I have American Modern. 1/2 the price of Hagerty and full coverage. $135 year for my 1st 914 then added a second 914 for $65 year. you have to shop around and get quotes and see what the coverage is for each. Mine will let me drive to work and play. I just have to keep in a garage at my house and have a daily driver.

[Amphicar770]

I had a claim with Hagerty some years ago. They made it very easy and were actually proactive in making sure that the repairs were done properly and to the highest standard. It was not a Porsche but they were great with my sourcing rare NOS parts from different sources and using multiple shops. I am a customer for life.

[Type 47]

I have American Modern. 1/2 the price of Hagerty and full coverage. $135 year for my 1st 914 then added a second 914 for $65 year. you have to shop around and get quotes and see what the coverage is for each. Mine will let me drive to work and play. I just have to keep in a garage at my house and have a daily driver.

is this an agreed value policy? Is there an annual mileage limit? I've got a agreed value of $14k for $97 with Haggerty.

[Ferg]

Hagerty no question

[TM_Corey]

I had a claim with Hagerty some years ago. They made it very easy and were actually proactive in making sure that the repairs were done properly and to the highest standard. It was not a Porsche but they were great with my sourcing rare NOS parts from different sources and using multiple shops. I am a customer for life.

Hagerty is sounding pretty good. I'll have to see if they have a table at Hershey.

[SKL1]

I have both my 914's with Hagerty for stated value. Had to send them photos of the cars.
Luckily haven't had to "use" them as well.

McKeel Hagerty is a Porsche guy too...

[Dave_Darling]

In the event of a loss, they will pay repairs up to policy stated value, no quibbling.

You might want to re-read the fine print in your policy. In many cases, the "Stated Value" policies will pay out up to the stated amount, or up to the "fair market value". Which they use the KBB to determine. And since the insurance company gets to choose if they use the stated value or the KBB value, guess which one they pick?

Hopefully yours isn't like that, but many are.

--DD

[infraredcalvin]

Both Hagerty and Leland West (American modern) have requirements for a newer model daily driver, they also require covered garage... im not sure if they are more lenient on lower value policies.

I had Hagerty on my 930 for several years. They had awesome customer service, their mag and website tools are cool. I had to use the roadside assistance once, it was a nightmare (took 3 hrs - couldn't get a tow company out, holiday weekend Sunday, ugh) but they called me every 15 min with updates. (Good and bad). They went out of network to try and get a flatbed there faster... regardless they sent me a 100 gift card for the hassle, upon renewal they offered a comp on the highest roadside program because of the issue. I shopped around when the values skyrocketed (as did my premiums) and ultimately went with Leland West (they are a PCA sponsor). In the end it was 30% less, and got rave reviews from my local PCA members. Thankfully, I have yet to make a claim...

[thelogo]

Sorry but i just had to speak up

Hagerty is complete ass hats (IMG:style_emoticons/default/yellowsleep[1].gif)



Grundy is where you wanna be .
Jim grundy endorsed (IMG:style_emoticons/default/sheeplove.gif) (IMG:style_emoticons/default/beer3.gif)

" its your car , drive it as you wish ."

109$ full coverage and 250$ worth of towing

-------------------

Anybody who lets some old lady at hagerty tell you how, why and when to drive your car shouldn't even have a 914 . (IMG:style_emoticons/default/poke.gif)



Im not gonna be happy until im doin mach 2 with my hair on fire


But thats just me (IMG:style_emoticons/default/beerchug.gif)

[mepstein]

I have American Modern. 1/2 the price of Hagerty and full coverage. $135 year for my 1st 914 then added a second 914 for $65 year. you have to shop around and get quotes and see what the coverage is for each. Mine will let me drive to work and play. I just have to keep in a garage at my house and have a daily driver.

is this an agreed value policy? Is there an annual mileage limit? I've got a agreed value of $14k for $97 with Haggerty.

Agreed value, 5k mileage, $5.00/thousand miles if I go over. They never ask though.

[KELTY360]

I had a claim with Hagerty some years ago. They made it very easy and were actually proactive in making sure that the repairs were done properly and to the highest standard. It was not a Porsche but they were great with my sourcing rare NOS parts from different sources and using multiple shops. I am a customer for life.

(IMG:style_emoticons/default/agree.gif) I had a similar experience a '47 Lincoln. They were very focused on making sure the car got fixed right.

[john77]

I have my 914 and my BMW 2002 insured through ANPAC. Like Hagerty, and I think most classic policies, they'll only insure you if you have another car as a daily driver BUT I can drive the 914 and 2002 anytime, anywhere, for any reason I like.

That said, in defense of Hagerty, I did have another BMW 2002 insured through them that some dipshit decided to reverse out of parking garage entrance into the front of (Dipshit may seem harsh, but he actually got out of his car and said 'It wasn't my fault, I just didn't see you behind me'...)

Hagerty were nothing but helpful, paid out $17K for repairs within a week of the accident without blinking and never once asked me why I was driving the car that day, whether I was going to a show, etc etc...

[ljubodraz]

I have American Modern. 1/2 the price of Hagerty and full coverage. $135 year for my 1st 914 then added a second 914 for $65 year. you have to shop around and get quotes and see what the coverage is for each. Mine will let me drive to work and play. I just have to keep in a garage at my house and have a daily driver.

is this an agreed value policy? Is there an annual mileage limit? I've got a agreed value of $14k for $97 with Haggerty.

Hey Type 47, could you confirm that is how little you are paying Hagerty? I have to renew my policy soon. I'm paying $182/year with a guaranteed value of only $7k. I'll be calling to complain as I have garage and modern daily drivers in addition to the teener. I'm sure they'll chalk it up to location. (IMG:style_emoticons/default/confused24.gif)

[drem914]

Just did a quick quote on line for my '75 1.8 and Hagerty wants $350/year for stated valuation of $15K?? Is this another penalty for living in Southern California along with all the other "fees" we get his with?

[mepstein]

Just did a quick quote on line for my '75 1.8 and Hagerty wants $350/year for stated valuation of $15K?? Is this another penalty for living in Southern California along with all the other "fees" we get his with?

That's why you have to shop around. Hagerty wanted 2X what I pay now for the same coverage. I'm not knocking them, you just want to know your options. It may be location but it may not.