Insurance Value

[seafeye]

Have State Farm. And they have been very good, they will value my car for what I can prove it is worth. So what do you think?

1971 911E
2.7l Weber 40ida
Fiberglass shroud
Twin plug JB Racing distributor
MSD dual ignition
Dual fuel pumps
Headers
Stainless 911R muffler
140 amp alternator
Original trans. Rebuilt
100l fuel tank
Oil tank moved to right fender
EB Motorsports fiberglass fenders, hood, bumpers, deck lid, doors.
Lexan door windows
911R quarter windows
911R decklid hinges
Leather window straps
Original 60’s recaro seats. (Restored with leather vs vinyl)
Lightweight RS carpet
911R rollbar
Felt headliner
Prototipo steering wheel
Rubber floor mats.
New Dash perfect
Carrera seat belts.

Of course all suspension was rebuilt and new bushings and ball joints installed.
Weltneister sway bar up front.
Wheels are Fuchs 6 and 7’s with Dunlop tires.
Aluminum S brakes up front
Restored M calipers in the rear.
All new brake lines.
Drilled rotors.
Pedal box restored.
New bearings all around.

Gel battery.

Body was stripped 100% of all undercoating. Black everywhere but the body which was painted continental orange.

I’m probably forgetting lots of things. But you get the idea. I’d like to insure the car for what it’s worth. It took me 3 years to build. Not sure I’d want to wait that long again...

[nathanbs]

I wouldn’t want a market value policy on a car like that. When you have a relatively stock car it can be fine. You would be better off with an agreed value policy from Hagerty or elsewhere. Statefarm has had major losses in auto claims lately and is facing a $250 million dollar class action payout for auto so don’t expect them to be generous anytime soon

[nathanbs]

Beautiful car by the way

[icarp]

I second the Hagerty route . Stated value is the way to go. I have a number of cars under them
Try Jeff St Clair in Denver ,he's a 911 owner and with hagerty

[icarp]

P.S What a nice car! $125k on up

[robertmark]

Originally Posted by nathanbs

I wouldn’t want a market value policy on a car like that. When you have a relatively stock car it can be fine. You would be better off with an agreed value policy from Hagerty or elsewhere. Statefarm has had major losses in auto claims lately and is facing a $250 million dollar class action payout for auto so don’t expect them to be generous anytime soon

It isn't a market value policy he is trying to get from State Farm. It is an agreed policy. I have one on my 89 speedster with State Farm. The only problem with State Farm is they don't know the values. As my Speedster kept appreciating, I called them once a year requesting a bump up in agreed value. They said they couldn't go any higher without proof. I had to supply them sales from the big auction houses, along with Hagerty price guide, before they would increase the value to my now $200,000.
What's odd about State Farm is they set up a big booth at Mecum Auctions, that reads, "Classic Car Insurance" But they don't know classic car values!

Btw, awesome looking car. Even when it's inverted!!

[pkabush]

Originally Posted by icarp

P.S What a nice car! $125k on up

I agree. No less than a buck and and a quarter. I’d try for $150
Super sweet hot rod. Good luck.

[seafeye]

Originally Posted by robertmark

It isn't a market value policy he is trying to get from State Farm. It is an agreed policy. I have one on my 89 speedster with State Farm. The only problem with State Farm is they don't know the values. As my Speedster kept appreciating, I called them once a year requesting a bump up in agreed value. They said they couldn't go any higher without proof. I had to supply them sales from the big auction houses, along with Hagerty price guide, before they would increase the value to my now $200,000.
What's odd about State Farm is they set up a big booth at Mecum Auctions, that reads, "Classic Car Insurance" But they don't know classic car values!

Btw, awesome looking car. Even when it's inverted!!

Yes. State Farm will value my car for the agreed value. They have been good to me in the past even though they are pretty clueless. But that gives me the opportunity to educate them on the early 911 stuff. I figured it would cost me about $100k-$150k to build another hot rod like this. The value is fine. It’s the long time to build it that is the problem. These things to do them right take time.
Thanks for the messages for those asking if I will sell. But not interested, this thing is a blast. Now if you had a GT3RS you wanted to trade...Now that’s another story.

[Mike964_61]

I would shy away from the insurance company's where their bread and butter is normal drivers. IE, Geico, State Farm. As everyone said on here focus on insuring at a collector insurance company. Hagerty, American collector etc. I say this because that is all these company's do is classics. They understand the cars and their clients. Plus they have tons of experience. Going with a large company that knows little about what they are about to insure would scare me off, god for bid you ever need to make a claim can you imagine the claims adjuster you are more likely that you will be working with? What a nightmare that would be.

[nathanbs]

We’ve had this discussion here before. Last I checked Statefarm doesn’t offer agreed value policies only stated value policies. I’ll have to call my old agent and ask. Can’t imagine it would be competitive with specialty insurers if they do. You are missing the point though I’d you have a collision that is not a total loss. You will deal with the local auto Field team and they are tighter than ever right now versus me emailing an estimate to Hagerty and them mailing me a check. Good luck finding a shop that will work for the rates they want to pay

[robertmark]

State Farm has excellent rates, far better than Leland or Hagerty. And yes, they have agreed. So as clueless as they may be, if the car gets destroyed, they are obligated to pay the agreed amount. They may kick and scream, but that's what insurance companies do. I know, two Tornado's within 3 years.

[pmax]

If they are clueless, why stop at $150K ?

[QueWhy]

Originally Posted by pmax

If they are clueless, why stop at $150K ?

Probably because he doesn't want to pay higher premiums than he has to.

[robertmark]

Originally Posted by pmax

If they are clueless, why stop at $150K ?

Because as I stated in an earlier post, they want proof that the agreed value you are requesting is current market value, as proven through recent sales. Otherwise you could buy a pos and insure it for a million bucks and roll it off a cliff. On the other hand if your not a scammer why insure for twice it’s market value. You’re just making the insurance cos more $$$$

[nathanbs]

Originally Posted by robertmark

State Farm has excellent rates, far better than Leland or Hagerty. And yes, they have agreed. So as clueless as they may be, if the car gets destroyed, they are obligated to pay the agreed amount. They may kick and scream, but that's what insurance companies do. I know, two Tornado's within 3 years.

And what if it’s only in a fender bender then what? Hagerty @$100k was cheaper than Statefarm saying my car was worth $50k.

[nathanbs]

Originally Posted by robertmark

Because as I stated in an earlier post, they want proof that the agreed value you are requesting is current market value, as proven through recent sales. Otherwise you could buy a pos and insure it for a million bucks and roll it off a cliff. On the other hand if your not a scammer why insure for twice it’s market value. You’re just making the insurance cos more $$$$

Exactly that’s not full agreed value that’s just stated value that you need to back up with proof. Real agreed value is you saying it’s worth $150k and you pay that premium and that’s that. No hassles no haggles

[robertmark]

Originally Posted by nathanbs

And what if it’s only in a fender bender then what? Hagerty @$100k was cheaper than Statefarm saying my car was worth $50k. Exactly that’s not full agreed value that’s just stated value that you need to back up with proof. Real agreed value is you saying it’s worth $150k and you pay that premium and that’s that. No hassles no haggles

What if it is????? Don’t know about rates in your State. For my 89 Speedster with $250 deductible I pay $460 annually for $200,000 coverage. My 58 Speedster with $5000 deductible, and $300,000 agreed value is $1,100 through Leland. I don’t see why people feel a fender bender at Leland would get any better results than State Farm??

[nathanbs]

Originally Posted by robertmark

What if it is????? Don’t know about rates in your State. For my 89 Speedster with $250 deductible I pay $460 annually for $200,000 coverage. My 58 Speedster with $5000 deductible, and $300,000 agreed value is $1,100 through Leland. I don’t see why people feel a fender bender at Leland would get any better results than State Farm??

Because State Farm is horrible. They have changed dramatically in the last year. Why would you want a penny pincher that has a degree in delay, deny, defend when you can have someone that hopes you have a pleasant claims experience? In regards to your examples of premiums somethings missing.

[pmax]

Originally Posted by robertmark

Because as I stated in an earlier post, they want proof that the agreed value you are requesting is current market value, as proven through recent sales. Otherwise you could buy a pos and insure it for a million bucks and roll it off a cliff. On the other hand if your not a scammer why insure for twice it’s market value. You’re just making the insurance cos more $$$$

Agreed value is just the contract between you and the insurance company. If they will insure your pos for $$$, there's nothing wrong with accepting their terms. No scam or fraud here.

[robertmark]

Originally Posted by nathanbs

Because State Farm is horrible. They have changed dramatically in the last year. Why would you want a penny pincher that has a degree in delay, deny, defend when you can have someone that hopes you have a pleasant claims experience? In regards to your examples of premiums somethings missing.

Somethings not missing, when you have seven cars and multiple properties, you know your facts, and I know mine. Maybe you don’t understand it varies from State to State. I’ve had awesome results with State Farm. As to agreed value you can’t with any company insure a car for far more than its value. Try insuring a common 356c for 2 million dollars and see if Leland will underwrite it.