Have you guys increased your stated value for insurance purposes?

[PabloX]

Sorry if this isn't a technical question, but it pertains to air cooled 911s especially.

In light of the market for these things, I called Grundy and increased the insured value on mine. Wise decision? Have you guys done the same?

Thanks.

[Quickstep192]

I haven't yet, but I actually got a call from the insurance company suggesting that current coverage isn't in line with the car's value. I'll be interested to hear responses.

[Nick Triesch]

I kept mine on the low side. I think there are just too many 3.2 cars in America. Now the 356? That is a different story.

[RFP]

Yes, I recently increased the coverage on my '87 Factory Turbo Look coupe. I've got the value set at the very top of today's market, I wonder how long until I have to do it again.

Rob

[timmy2]

Increased mine a few months ago.
Increased it another 13k....

[BFT3.2]

Did it yesterday, added another $10K to it.

[gamin]

Yes. Both cars. Going to do it again in the very near future.

[tomphot]

I raised the values on both cars a few weeks ago. I have 2 very well sorted out cars. If they were to get stolen or totaled, how much would it cost me to replace them and then sort out the new ones? My new stated values are on the high side as result.

[slow&rusty]

Absolutely! The extra premium is worth the piece of mind.

[RichardNew]

I've got an article about insurance in this months Vintage Motorsport magazine.

One big deal is the project car you have in your garage. It's not insured under your homeowners policy. This is especially true if it's not currently registered with the state.

The basic insurance rule is "If we don't know about it it's not insured."

You can get project car insurance though. These guys are pretty good with project cars and the parts in your garage. Something to think about.

Richard Newton

[trader220]

About 2 years ago I bought an 87 Targa with 74k miles on it. Nice car, not perfect but a nice straight car. I paid $24k and I Insured it at an agreed value of $25k. Fast forward to last fall... A lady not paying attention blows a stop sign and I plow into her, the car is wrecked. I could see it happening so I swerved and braced myself to lessen the impact. The car was totaled, I was unharmed. She got a citation on the spot because it was clear she was at fault.

I was pretty nervous since I knew I could never replace the car for $25k stupid me for not upping the insurance. After 2 months of stalling from her insurance company and me staying on them constantly and letting them know I was about to bring in my lawyer ( a friend who would help for free) they finally bucked up with $46,500.

I replaced the 87 with an 88 with 64k miles and I insured this one for $55k agreed value. Since its insured as a classic the cost was about $400 bucks for the year. Its worth it big time to buy agreed value insurance and set the price where you're comfortable.

[tdw28210]

yes, yes and soon.

[heimtun]

I just increased my a few weeks back - it's spring - plus values have gone up since last year.
My concern is less with the aft and more for other bad drivers.

[PabloX]

Originally Posted by trader220

About 2 years ago I bought an 87 Targa with 74k miles on it. Nice car, not perfect but a nice straight car. I paid $24k and I Insured it at an agreed value of $25k. Fast forward to last fall... A lady not paying attention blows a stop sign and I plow into her, the car is wrecked. I could see it happening so I swerved and braced myself to lessen the impact. The car was totaled, I was unharmed. She got a citation on the spot because it was clear she was at fault.

I was pretty nervous since I knew I could never replace the car for $25k stupid me for not upping the insurance. After 2 months of stalling from her insurance company and me staying on them constantly and letting them know I was about to bring in my lawyer ( a friend who would help for free) they finally bucked up with $46,500.

I replaced the 87 with an 88 with 64k miles and I insured this one for $55k agreed value. Since its insured as a classic the cost was about $400 bucks for the year. Its worth it big time to buy agreed value insurance and set the price where you're comfortable.

Similar story here (minus the accident, sorry man).

I bought my '86 3 years ago for $21k and it had 64k on it at the time. It had a few mechanical things to take care of on it, and some very minor cosmetic issues, but overall in fine shape. I insured it for $25k. Replacements seem to be at $40k so I went with that number.

Too little?

[jlynch1960]

Anyone have experience with any of the mainline insurers? I have State Farm and to get a "stated value" policy I need to get an appraisal, according to my agent. Not sure even where to start on that.

Looked into Haggerty and one of the other classic insurance companies, but they require that the car be kept in a locked, private garage. I live in NYC so that's a pipe dream to say the least.

Couldn't believe the quote I got from Haggerty - about a third of what I currently pay for twice the coverage. Makes me wish I lived in the hinterlands sometimes.

[Mike80911]

I just doubled mine with Grundy. I went from 35K to 70K They did it without question.

[86 ssinit]

Mike if this is you at Hershey today your still under insured. I'd say 100k. That's what it would cost to replace it. And yes it looks great.

[Quickstep192]

So, how does one value their car? Mine is a '73 911T Targa. I'd call it a 5 footer. Not concours, but no rust, good paint (repaint), no dents, runs well etc; interior is original in good (not perfect) condition. Anybody want to hazard a guess?

[LakeCleElum]

Originally Posted by Quickstep192

So, how does one value their car? Mine is a '73 911T Targa. I'd call it a 5 footer. Not concours, but no rust, good paint (repaint), no dents, runs well etc; interior is original in good (not perfect) condition. Anybody want to hazard a guess?

Similar to my 73.5 Targa.....I increased mine from $13K to to $30K about a year ago. The gal on the phone didn't have a clue. She quizzed me about "Why". After I explained the market and got nowhere, I told her I had put in a bigger engine (3.2)....She was happy with that.......

I doubled the value of my 1960 190SL at the same time.....My bill doubled as well......

[911SauCy]

Yup.

Last year, upped my '78 Targa from 26 to 30k agreed value. Hopefully I'll be making that call again before this winter