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-   -   Who insures your modified 930? (http://forums.pelicanparts.com/911-930-turbo-super-charging-forum/1006621-who-insures-your-modified-930-a.html)

getz 09-01-2018 12:29 PM

Who insures your modified 930?
 
Hi all,

I received an odd email from GEICO who I have used for many years, and currently cover 4 cars with, that they will be canceling my 930 policy because the car is modified. They asked when I initially insured the car if it was modified which I disclosed, but 3 months later, now they want to cancel. Has anyone else experienced this? Also, any recommendations for companies that will ensure a modified 930 would be greatly appreciated.

Thanks,

Dan

plexiform 09-01-2018 01:09 PM

Hagerty for all my Porsche needs. They will insure it for a guaranteed value.

gumba 09-01-2018 01:45 PM

Hagerty carries our modified 930, heavily modified '68 crewcab, and our stock '86 doka. All at agreed value.

JMS935 09-01-2018 03:00 PM

Hagerty as well. I can PM you my insurance agent’s info if you’d like. He’s a great guy to have on your side when and if a claim is needed. I just referred him to another forum member, and they recently moved their entire collection over to him.

Rawknees'Turbo 09-01-2018 04:12 PM

I use American Collectors - declared modified and no problems with that.

MDPorsche 09-01-2018 05:46 PM

Hagerty has my highly modified 930. Not the cheapest but is the best.

full quack 09-01-2018 07:04 PM

Hagerty for both my 930 and the 951, both declared value, never an issue.

Mark

Uwon 09-02-2018 02:11 AM

Hagerty quoted restrictions to me such as not insured in parking lots, no daily driving, no driving to US unless to a car show, no overnight parking at hotels, etc. Useless for my needs!
Johan

mdj930 09-02-2018 04:38 AM

I have hagerty and for a while I had 5000 miles per year restriction but a few years ago they told me that no longer applied per my state regulations so it was removed. So currently it is insured as any of my DD ( by a different insurance company ).
What kind of plates do you have on the car?
I'm guessing they are just following what ever your states laws are.
Mike
Edit: what your countries regulations are.

slow&rusty 09-02-2018 05:39 AM

I got sick of Hagerty's high rates and made the change to Grundy

Tug68 09-02-2018 06:06 AM

I have Grundy with an agreed value on my modified. I think I’m allowed 2500 miles per year.

1979-930 09-02-2018 06:09 AM

Quote:

Originally Posted by slow&rusty (Post 10165179)
I got sick of Hagerty's high rates and made the change to Grundy

I called and complained about the increase. We discussed miles driven and I was able to get my rates lower. So I stayed. I ended up less than $100.00 more than Grundy.

Speedy Squirrel 09-02-2018 06:20 PM

So, what is the point of agreed upon coverage? I have coverage through Progressive as part of a multi car policy, with $1k deductible on the 930, and 5K miles per year. They never asked me if it was modified or not. My whole policy for all three vehicles was less than the Haggerty quote, roughly $2200/year. As far as I know, they have to pay the replacement cost for the 930.

Hot Euro 09-03-2018 03:34 AM

Quote:

Originally Posted by Speedy Squirrel (Post 10165776)
So, what is the point of agreed upon coverage? I have coverage through Progressive as part of a multi car policy, with $1k deductible on the 930, and 5K miles per year. They never asked me if it was modified or not. My whole policy for all three vehicles was less than the Haggerty quote, roughly $2200/year. As far as I know, they have to pay the replacement cost for the 930.

Most auto policies are Actual Cash Value. The insurance company decides what your classic car is worth at the time of the loss. If you do not agree with them, chances are you'll need a lawyer to help you argue the point. Many classic car policies sell stated value as if it was the same as "Agreed Value". It is not! Stated Value policies pay the "Stated Value" or the "Actual Cash Value" ... whichever is less. All that stated value insurance does is help decide how much premium you pay. Only an agreed value is without hidden gotchas. If your car is stolen or totaled, you will receive the agreed value. Period.
I had hagerty for a while thru my local agent until I checked with Leland-West (promoted by PCA).
I saved 50% over Hagerty and the policy had better options. At the time Hagerty was 800 and Leland west was 400 for 40k.
I am going to hit them up for a 20k increase in the spring.

OldSpool87 09-03-2018 03:37 AM

Quote:

Originally Posted by Rawknees'Turbo (Post 10164932)
I use American Collectors - declared modified and no problems with that.

Same here. Recently upped the agreed value as I was woefully under value. They asked me for a few pics and done.

jim tulloch 09-03-2018 07:26 AM

Have used American Collectors for a long time...insure 2 Pcars, Carrera and Turbo. No problems, easy to work with, good rates.

Speedy Squirrel 09-03-2018 11:37 AM

Thanks for the info. It is what I expected. I think I will ask Progressive what they think my actual cash value is. I wonder if they will do that without a claim.

Quote:

Originally Posted by Hot Euro (Post 10165955)
Most auto policies are Actual Cash Value. The insurance company decides what your classic car is worth at the time of the loss. If you do not agree with them, chances are you'll need a lawyer to help you argue the point. Many classic car policies sell stated value as if it was the same as "Agreed Value". It is not! Stated Value policies pay the "Stated Value" or the "Actual Cash Value" ... whichever is less. All that stated value insurance does is help decide how much premium you pay. Only an agreed value is without hidden gotchas. If your car is stolen or totaled, you will receive the agreed value. Period.
I had hagerty for a while thru my local agent until I checked with Leland-West (promoted by PCA).
I saved 50% over Hagerty and the policy had better options. At the time Hagerty was 800 and Leland west was 400 for 40k.
I am going to hit them up for a 20k increase in the spring.


freesaints 09-04-2018 08:55 AM

I had American Modern on stated value and recently moved over to SafeCo on stated value for my unmodded '87 Turbo. It saved me a few hundred by moving over since I could bundle it with our other two cars. Before that, it seemed that Grundy and American Modern had the best rates when I was shopping them around.

Hot Euro - that's interesting about the Stated value vs Agreed Value. I'll have to look into that. I was under the impression that if the car were totaled, I'd get the Stated value. Not so?

Hot Euro 09-05-2018 04:30 AM

Quote:

Originally Posted by freesaints (Post 10167287)
I had American Modern on stated value and recently moved over to SafeCo on stated value for my unmodded '87 Turbo. It saved me a few hundred by moving over since I could bundle it with our other two cars. Before that, it seemed that Grundy and American Modern had the best rates when I was shopping them around.

Hot Euro - that's interesting about the Stated value vs Agreed Value. I'll have to look into that. I was under the impression that if the car were totaled, I'd get the Stated value. Not so?

My original reply was copied from::D
https://www.lelandwest.com/stated-value-vs-agreed-value-classic-car-insurance.cfm

freesaints 09-05-2018 05:19 AM

Wow, that's eye opening. Will need to call my broker to double check. Thanks for the head's up.


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