How to value my 70S for insurance purposes

[NorthernThrux]

Yeah, I'd insure for the highest value you can afford. Hagerty's values are pretty good and your car is worth too much at this point to quibble about $500 a year in premiums. It is probably a significant part of your net worth (I know mine is). Why wouldn't you do so ? It is agreed value insurance. Hagery isn't going to come back and argue about the value of your car like the mainline insurance companies.

Ravi

[boxster03]

yes and if there just happens to be a rash of unexplained car fires or thefts near retirement time

[Richardnew]

Here's an article I wrote a few months back about collector car insurance. Each company is slightly different. You have to find a company that you're comfortable with.

The broker will usually work with you on the valuation question.

A really big deal is the car in your garage that you're working on. The one that's not registered with the DMV. Make sure that's insured as well as the ones that you drive.

Richard Newton

[NorthernThrux]

Good advise Richard. And not just the car on jack stands in your garage, but the car at your restorer's shop. In case it burns down, falls off a Celette bench or the restorer disappears with it. Don't trust the restorer's insurance. You have no idea what coverage they may or may not have and you don't want to fight with their insurance company about the value of your car. Hagerty will allow you full value even if the car is in pieces (like mine) if they see pictures documenting the work. I have my '73 S insured as a Condition One car for all the money. The premiums are miniscule compared to the loss if something happened to the car.

Ravi

[RC70SCoupe]

Try Chubb

its worth it to shop around. Compare apples to apples.

Its also worth an email to jwalker@chubb.com

Many of us here and R Gruppe have found Chubb to be the Best value

[Chuck Miller]

Try Chubb

its worth it to shop around. Compare apples to apples.

Its also worth an email to jwalker@chubb.com

Many of us here and R Gruppe have found Chubb to be the Best value

BIG + 1!!!

Switched a few years ago on Ray's recommendation and couldn't be happier with the value and communication...

And no, thank goodness I've not had to service the policy yet..........

cm

[neilk]

What was the difference in pricing versus Hagerty? Do they have less restrictions?

[jloucks388]

I have always valued Hagerty's passion for the hobby relative to other vendors. Their valuation charts, sponsored forums, and monthly magazine compliment the great service.

[Richardnew]

If something happens in the restoration shop it's a huge issue. Most restoration shops are underinsured. Let's say they have a $5,000,000 policy. If the shop burns to the ground and there's $10,000,000 worth of cars in the shop then everyone get 1/2 of their car's value.

What's even worse is that when you let the registration lapse you might have also let your insurance lapse as well.

You really need to talk to your insurance company about what your coverage is while the car is in a shop. Not too many people can afford to take a $100,00+ hit on their car. And, your car may be in the restoration shop for well over a year.

Richard Newton

[curtisaa]

The simple rule about auto insurance is, " coverage follows the car wherever it goes". Hagerty is NOT the underwriter for their products. Chubb, is the underwriter, so all the BS rules they( Hagerty) pass-on the consumer is only for them to use their underwriter, not to protect the consumer. Over insuring your Porsche makes NO business sense. Not many are going to take their cars to a USC football game at 6 pm, here in South Central Los Angeles, and hoping it's still there when the game is over at 10pm. Realistically, your car will NOT be stolen and over insuring repairs is unnecessary. The value of your car does not dictate what will cost to insure. If your car is worth over $125K and still moving up, don"t drive it. There is a much higher likelihood that a teenage driver texting will rear-end your Porsche than someone trying to steal it. The problem is NOW, Carfax , et:al will be notified and your Porsche will suffer from "diminished value" as a consequence from the accident. This is much more costly than any other Insurance problem with value.