Agreed value on 996 Turbo?
Discussion
It's insurance renewal in a month's time, and I was wondering if it's worth getting an agreed value for my 2002 996 Turbo on the policy. It's through Mannings, their quote is reasonable given the UK track day cover but I don't currently have an agreed value for the car with them.
I know that threads about value rather than driving are tedious but I'm just wondering if any other 996 Turbo owners have this on their policy, or is it not worth the bother?
I know that threads about value rather than driving are tedious but I'm just wondering if any other 996 Turbo owners have this on their policy, or is it not worth the bother?
martyspain said:
It's insurance renewal in a month's time, and I was wondering if it's worth getting an agreed value for my 2002 996 Turbo on the policy. It's through Mannings, their quote is reasonable given the UK track day cover but I don't currently have an agreed value for the car with them.
I know that threads about value rather than driving are tedious but I'm just wondering if any other 996 Turbo owners have this on their policy, or is it not worth the bother?
I have an agreed value of 30k on mine (2002)I know that threads about value rather than driving are tedious but I'm just wondering if any other 996 Turbo owners have this on their policy, or is it not worth the bother?
Values have and are rising as they have been sleepers for a long time now but the market is waking up to the bargain 911 of the last few yrs.
I put mine at an agreed value of £26k last year with Mannings. Don't think it affected the premium at all but they did say if i had wanted to put it above £30k they would need something off me, can't remember if it was just photos or a valuation off an expert.
Renewal is up soon and will be asking for an agreed value of around £30k this time i imagine, or maybe £29.5k if £30k is too much hassle
Renewal is up soon and will be asking for an agreed value of around £30k this time i imagine, or maybe £29.5k if £30k is too much hassle
Basically if you under call the value of the car and then try to claim that the market value is higher then the insurance company will simply say that you should have declared that at the time. So, if you think that the value has gone up since last year then you need to tell them. Generally works in reverse, as most cars are depreciating!
Having an agreed value policy on an easily replaceable car in a rising market is the wrong thing to do. You will likely be behind the curve updating them on the value and stand to lose out. All the valuations have to be backed up with specialist proof, which is costly and time consuming too.
Mousem40 said:
Having an agreed value policy on an easily replaceable car in a rising market is the wrong thing to do. You will likely be behind the curve updating them on the value and stand to lose out. All the valuations have to be backed up with specialist proof, which is costly and time consuming too.
If you take out insurance and state a value of £40k as an example on a non agreed value policy the most you will get is £40k or market value if that is less. On an agreed value policy if you agree £40k that is what you will get regardless of market value. No hassle for valuation just ask your OPC or indi and they are usually willing to do this for no charge, email to insurance co or broker job done 
Mad March Taffy said:
Basically if you under call the value of the car and then try to claim that the market value is higher then the insurance company will simply say that you should have declared that at the time. So, if you think that the value has gone up since last year then you need to tell them. Generally works in reverse, as most cars are depreciating!
I would be worried they could claim you delibarately under-valued the car (adn therefore under-stated its risk) and therefore insurance is null and void!(less likely if only a few k of course)
I have an agreed value of £50k on mine. The only problem with a standard policy in my experience is that the insurer will always try and give you the lowest value out there for a car that may have similar milage, but is in the worst condition and not a true reflection on the value of your car.
OK,
So I've just had a good old chat with Company "X". If you insure your Porsche for £50k market value, in the event of a loss, you're left short by a bit then you can argue up to (say 10%). Anything over that, good luck, but you will only be covered up to £50k ish mark. An assessor uses evidence based values at the time of loss.
According to their rep, their becoming super aware of the values of Porsche, and many customers are ringing up on quarterly basis and reviewing the policy to ensure enough cover.
Should it become apparent that you may end up being short throughout the year, you can always alter that value throughout the 12 months and pay the difference accordingly.
Alternatively, you can switch to an agreed value at anytime during the 12 months and pay the difference.
Not to mention unltd track days in the UK. Happy days.
This is my summation in discussions with them, well worth having your own discussion and dissecting the policy until you're happy with the response.
So I've just had a good old chat with Company "X". If you insure your Porsche for £50k market value, in the event of a loss, you're left short by a bit then you can argue up to (say 10%). Anything over that, good luck, but you will only be covered up to £50k ish mark. An assessor uses evidence based values at the time of loss.
According to their rep, their becoming super aware of the values of Porsche, and many customers are ringing up on quarterly basis and reviewing the policy to ensure enough cover.
Should it become apparent that you may end up being short throughout the year, you can always alter that value throughout the 12 months and pay the difference accordingly.
Alternatively, you can switch to an agreed value at anytime during the 12 months and pay the difference.
Not to mention unltd track days in the UK. Happy days.
This is my summation in discussions with them, well worth having your own discussion and dissecting the policy until you're happy with the response.
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