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Registered
Join Date: Feb 2005
Location: Canada
Posts: 1,213
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Appraisal-- good idea?
Hi,
I originally had my 911 appraised when I bought it 7 years ago as it was a requirement for a Silver Wheels and Lant Insurance classic car policy (every 5 years). Supposedly Haggerty Insurance has bought the Silver Wheels program. They have told me that they now do not require another appraisal. My car has underwent significant changes in the past 7 years, the big one being a full bare metal repaint to correct some paint deficiencies with new lenses, lights, seals, etc. What is the point of obtaining an appraisal instead of taking my own photos and keeping my receipts and records? Will Haggerty Insurance pay out the valuation of the car in the event of a total loss? I know from my work that automobile insurance companies rarely pay out 100% of valuation. I also know that if I am paying insurance premiums for a car originally valued at $20K (made up) and the car is now worth $50K (even more made up 8-), I have a weaker argument for recovery in the event of a total loss (which will never happen-- knock on wood). What is everyone else doing in terms of appraisals and classic car insurance? Insight?
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1972 911T targa |
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05-11-2012, 10:37 AM
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Registered
Join Date: Sep 2004
Location: Burlington, Ontario
Posts: 631
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I have an accurate appraisal and they will pay out 100% of the appraised value if it is done with somebody reputable and on their list. If you are in Ontario I would recommend Bruce Farrow.
Regards, Joe |
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05-14-2012, 11:34 AM
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83 911 Production Cab #10
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You should and get an, if in ON, O.P.C.F. 19a (06/97) Agreed Value of Automobiles.
They will pay this value in the even of a total loss or up to the value to repair. If you put less than 5K a year, Echelon – Echelon General Insurance is cheap with no restriction such as not being able to go into a shopping center parking lot...
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Who Will Live... Will See  83 911 Production Cab #10, Slightly Modified: Unslanted, 3.2, PMO EFI, TECgt, CE 911 CAM Sync / Pulley / Wires, SSI, Dansk Sport 2/2, 17" Euromeister, CKO GT3 Seats, Going SOK Super Charger Last edited by JJ 911SC; 05-14-2012 at 12:33 PM.. |
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05-14-2012, 12:27 PM
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I'd avoid the headaches and swap your targa for my 951, straight up. Mine has a Turbo, afterall, is the same colour, and worth so little, who cares about insurance values?
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2012 911 Black Edition Cabriolet 2008 Cayman S Grey on Black - flooded, written off 1977 930 Turbo Carrera Black on Red #411 1987 951 Black on Black - sold to make room for the 930 1972 911 2.7 - I regret selling her every single day.... |
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05-18-2012, 10:33 AM
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<insert witty title here>
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Do you have the 19a addendum? If silver wheels, I'm sure you do. In a total loss, they will pay out that amout, nothing more, nothing less. So if the car is worth significantly more, yes, get an updated appraisal.
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05-19-2012, 05:29 AM
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Das Babe
Das Babe Metalberiech
1972 Porsche 911T 2.4
