1980 SC Insurance Value

fred cook · fred cook's Garage

I have a 1980 911 SC sunroof coupe on which the insurance is coming up for renewal. For the last 4-5 years I have had it insured for an agreed value of $23,000. However, about 2 years ago, I rebuilt the engine making it a 3.3SS. I spent about $11-12K on the rebuild using only the original block, crank, oil pump and flywheel with everything else new including an Electromotive XDi twin plug system. Under the circumstances, I need to increase the agreed value for the car and am considering pushing the value up to $35K. The question is, do you think that is a fair value? The car has had a bare metal paint job and new interior along with most everything else having been replaced or rebuilt.

id10t · 06-06-2016, 08:17 AM

If I showed you $35k cash would you sell me your car right now?

If you had $35k cash could you buy a very similar car right now?

There is your answer... sorta.

Chocaholic · 06-06-2016, 08:24 AM

Probably but there's more to consider. I, for one, loathe insurance companies and giving them my money. Having NEVER had a claim in 40 years of driving, well...you get the idea. So, are you worried about covering the entire value of the car or are you willing to self-insure to some extent?

In my case, my pristine 87 Carrera is with American Collectors for a named value of $25k. The car is now worth much more than that, but it is a garage queen mostly. Only driven on occasional nice weekend days. So, I'm keeping it at $25k. Would I sell for that? No. Could I find another one for that? No.

So, you really need to answer your own question.

ramonesfreak · ramonesfreak's Garage

I just increased mine from the amount I paid 9 years ago up to $25k. Doing so nearly doubled my yearly premium. I feel better knowing I'm covered but likely won't go up anymore as I would describe my car is original but good, not excellent condition.....could use a paint job, new leather etc...

intakexhaust · intakexhaust's Garage

Fred, thats a sharp looking ride. Yes, increase the value. Rather them dictating you, tell them the market.

That said, don't expect an insurance company to offset any cost on maintenance, including engine rebuild. The less trivial is having a good relationship with an agent, thats if you have one. The online discount insurers wont follow your reasoning.

Bob Kontak · Bob Kontak's Garage

Quote:

Originally Posted by intakexhaust

The online discount insurers wont follow your reasoning.

I had a decent experience with Progressive when my kid stuck the left front headlight into a tree 18 months ago.

Something like $24k all in if they hauled it away. $9k buy back.

Like ramonesfreak, mine was not as spiffy as Fred's. Nice paint but interior showing it's age. Engine top end in the mid 90's. Targa top just redone by Dan P.

I agree on upping the value.

herr_oberst · 06-06-2016, 11:23 AM

Quote:

Originally Posted by fred cook

Nice ride! I like the rake a lot!

fred cook · fred cook's Garage

Quote:

Originally Posted by intakexhaust

Fred, thats a sharp looking ride. Yes, increase the value. Rather them dictating you, tell them the market.

That said, don't expect an insurance company to offset any cost on maintenance, including engine rebuild. The less trivial is having a good relationship with an agent, thats if you have one. The online discount insurers wont follow your reasoning.

Not expecting to get an increase specifically because of the engine build, but having done the build, it has raised the value of the vehicle. I would hate to lose a large amount of money just because someone does something stupid! Just for the record, I have this car insured by Leland West.

onewhippedpuppy · 06-06-2016, 04:24 PM

That's a great looking car. I would say at least $35k with the current crazy prices.

mark waller · mark waller's Garage

I have a 83 SC cabriolet, 59,000 miles and have it insured currently at $45,000. Might need to review my policy.

KFC911 · 06-06-2016, 09:15 PM

Quote:

Originally Posted by Chocaholic

....So, are you worried about covering the entire value of the car or are you willing to self-insure to some extent?

In my case, my pristine 87 Carrera is with American Collectors for a named value of $25k. The car is now worth much more than that, but it is a garage queen mostly. Only driven on occasional nice weekend days. So, I'm keeping it at $25k. Would I sell for that? No. Could I find another one for that? No.

So, you really need to answer your own question.

My '88 is very similar, and I have it insured for that amount too. If it weren't for liability reasons, I don't think I would even carry insurance on my rental properties which are worth a LOT more. If one of them burned to the ground (uninsured), I probably would not bat an eye....if my '88 goes up in flames, then I'm gonna use the 25K to buy a huge beer to cry in

. It's purely psychological for me...doesn't make a bit of sense, but that's my story....

Por_sha911 · Por_sha911's Garage

Beautiful car. I will not try to say what it is worth but in the last few years I have seen where ALL original is worth more than nice looking with a bunch of non stock parts. Its up to you to decide what the numbers are. Look at the ads in Excellence. They stress factory original...

Baz · Baz's Garage

Nice looking SC, Fred!

FastCarFan · FastCarFan's Garage

I used Haggerty's valuation tool (HAGGERTY COMMUNICATIONS GROUP Home) to validate the value I was claiming for my '88 Carrera. Trying to be as accurate as possible I split the difference between #2 and #3 condition. It spits out a nice report, which I sent to my insurance company. They found it acceptable.

rusnak · 06-08-2016, 12:12 PM

You've got to insure it for 2X so that if you ever need the insurance later, 2X is not the size of your butt hole.

fred cook · fred cook's Garage

Just did a comparison between Leland West and Haggarty. Haggarty wants 2X what Leland West does for the $35K valuation! Leland West is $400 per year while Haggarty is $790 per year! Guess I will keep checking around!

LeftCoastErik · LeftCoastErik's Garage

I have my 80 insured for $40k. It probably isn't as nice as yours, but I do a lot of business with Hagerty and they give me a good deal. I figure the time and money for things like the sunroof delete, recaros, boxter brakes, wheels/tires, suspension, etc. That stuff adds up and with the values climbing, I would rather be overinsured to a point where I could walk away and recreate the car

Bill Douglas · 06-08-2016, 05:46 PM

Umm, I've got my 911SCSport insured for NZ$29,000. That's about US$20,600. I should do something about it

aschen · 06-08-2016, 07:29 PM

It's really up to ypu, and the trade-off between premiums and pay out. I had my 27k mile original 930 insured at 20 k for a decade but recently moved it to 40k.

fred cook · fred cook's Garage

I just heard back from the insurance company (LeLand West) about increasing the value of my SC from $23K to $35K. After reviewing pictures of the car and garage and reviewing information that I sent about the cars condition they agreed to increase the value to the requested $35K. Now, I feel better about driving it knowing that I will at least get a decent return in case of a collision, theft or other event. I still would not break even, but would be a lot closer! The increase cost about a $100 extra per year.