Help needed setting "agreed-upon" value with insurer - '85 911 Coupe

[TheRev]

I'd love input on what "agreed upon" price to set with my insurer for my '85 911 Coupe that I drive a few times per week. Has 126,855 miles. Numbers matching, rust free. Original Prussian Blue exterior, blue interior. Respray on bumper and hood. Clean Texas Title. 5th owner. Here's a list of most maintenance and upgrade details:

Engine leak down test 2 months ago: 1: 8% 2: 2% 3: 8% 4: 10% 5: 5% 6: 6%
Engine mods and maintenance: SW chip, turbo valve covers, Euro-test pipe, Dansk sport muffler, new engine mounts, plugs, wires, crankshaft sensor
Transmission: new clutch and 1st, 2nd synchros 40k miles ago
New, modern AC conversion including all hoses, evaporator, compressor, 3rd compressor (in wheel well) - all Griffiths and Zims parts
Bilstien HD all corners installed 15k miles ago, plus sway-away torsion bars and ER bushings and turbo tie-rods
H4 headlights and relay
993 8-way seats in matching blue
Recovered dash and headliner
Rebuilt axles
OEM short-shift kit plus Wevo coupler and Seine gate kit
Braided steel brake lines
Continental BT radio
Two sets of wheels: original 15x7&8 Fuchs with 3-yr-old all season tires; new 16x8&9 Starke Fuchs-replicas (from TireRack) with new Continental ExtremeContact

There's more, but that's most of the work I or previous owners have done.

Currently I have it insured for $40k. Is this sufficient?

Thanks for the advice.

[TheRev]

[RarlyL8]

What is agreed upon value and what is used to support that value? I get mine appraised whenever the market changes and that is the replacement value accepted by my insurance company. $40k is probably low balling your coupe in today's market, I'd get it appraised.

[Macroni]

Insure using a defined loss policy for $75,000 to $80,000.

[Bucketlist]

My experience with Agreed Value thru Hagerty or Leland West is they will accept most reasonable evaluations if you are willing to pay the rate. I could insure for 80k if I was willing to pay 800+ per year but I am satisfied with the risk involved to insure at 52k for 400 yr. Like most insurance you have to compare your risk with perceived value.

[DerkPerk]

I’ve got my ‘87 coupe with 140k valued at $45. Probably a little low


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[BLACK3.2]

I got my 1990 964 insured at 70K agreed value. They protested at first but I showed them a couple BaT results and that satisfied them.

This was 3 years ago. I should probably revise up.

[TheRev]

Thank you everyone! This was helpful. I’ll speak to my insurer this week about raising my coverage.

[pmax]

Originally Posted by TheRev

I’ll speak to my insurer this week about raising my coverage.

Why ?

[TheRev]

Originally Posted by pmax

Why ?

General consensus from these comments confirms what I’ve suspected: $40k is probably too low for my car and would not likely allow me to replace it with something equivalent.

[pmax]

Originally Posted by TheRev

General consensus from these comments confirms what I’ve suspected: $40k is probably too low for my car and would not likely allow me to replace it with something equivalent.

Understood it's low.

But does the difference really matter ?

[Macroni]

Originally Posted by pmax

Understood it's low.

But does the difference really matter ?

I think it matters....
When the replacement differential becomes significant the additional premium is definitely worth it.

$52,000 assigned value = $4XX.00 / month
$80,000 assigned value = $8XX.00/ month

Mr Obvious moment: If a claim is for total loss you will receive $28,000 for $400 additional premium. If perceived risk is high this is well spent money.

[pmax]

Originally Posted by Macroni

I think it matters....
When the replacement differential becomes significant the additional premium is definitely worth it.
...

Let me rephrase the question.

When is the replacement differential, nicely worded BTW ... I’m certain Bernsan would find it delightful, please don’t mind me recycling, significant then ?

[Reno775]

I’m doing a cabinet install for an insurance broker right now so I asked him what he thought. He said he advises his clients to insure for what makes you feel comfortable in the case of a total loss. Everyone’s threshold for risk is different.

[Macroni]

Originally Posted by pmax

When is the replacement differential significant then?

My math would again be based upon probability.

In my business life the responsibility for determining risk and probability is handled by the Insurance Company actuarial analysis. Data bases are filled with limitless historical information which allow for reliable risk modeling. (Haggerty has the same information; I never pressed a broker for loss runs to support their premiums.)

Here it could be handled by understanding premium differential.

The probability of loss is the same in all scenarios whether the car is insured for $40,000, $80,000 or two dollars..... the risk or exposure to loss given the same use is the same. So value does not effect risk.

The question then moves to significance.... How much would it financially hurt to lose your 911 and then replace it?

If not at all, you might think the replacement differential is insignificant..... I would venture equally you would think the increased premium is also insignificant. Thus $400 of insurance is a small number to pay for the assurance of comparable replacement.

If total loss is significant, the increased $400 would be mandatory for a responsible adult.

Bottom line no matter the significance; Having proper coverage is the sound decision.

Originally Posted by Reno775

Insure for what makes you feel comfortable in the case of a total loss. Everyone’s threshold for risk is different.

I agree with this; life is to enjoy....

[pmax]

Originally Posted by Macroni

The question then moves to significance.... How much would it financially hurt to lose your 911 and then replace it?

If not at all, you might think the replacement differential is insignificant..... I would venture equally you would think the increased premium is also insignificant. Thus $400 of insurance is a small number to pay for the assurance of comparable replacement.

If total loss is significant, the increased $400 would be mandatory for a responsible adult.

Bottom line; Having proper coverage is the sound decision.

Your math is sound but ... and it's a big but, no Raw! , serious discussion here ...

no one buys insurance for everything they own.

Do you ?

[Macroni]

Originally Posted by pmax

no one buys insurance for everything they own.

Do you ?

You are correct but not many things in my life aren't insured. (My biggest Insurance gripes is with deductibles.)

[juanbenae]

Originally Posted by pmax

serious discussion here ...

there in lies the problem with trying to be the clown all the time in that one needs to declare when they are not being the clown.

[pmax]

Originally Posted by Macroni

You are correct but not many things in my life aren't insured. (My biggest Insurance gripes is with deductibles.)

Good to know.

But of course, any high value items, paintings etc, I wouldn't keep them in the bathroom, either that's for sure .

[GG Allin]

Originally Posted by Macroni

I think it matters....
When the replacement differential becomes significant the additional premium is definitely worth it.

$52,000 assigned value = $4XX.00 / month
$80,000 assigned value = $8XX.00/ month

Mr Obvious moment: If a claim is for total loss you will receive $28,000 for $400 additional premium. If perceived risk is high this is well spent money.

Are those actual quotes? I have mine with Hagerty, valued at $55K, I just paid $1020 to renew for a year. Are they ripping me off?