My lovely 911 stolen last night

[Twinfan]

MrC986 said:

It never ceases to amaze me how poor insurers can be at times at paying out on a total loss when they treat late payment of their policies in an entirely different way in respect of comments made in this thread - I hope the OP doesn't have to face such a situation.

I agree, hopefully the OP either gets his car back soon or a payout is made quickly and covers the car's value.

Given the mention of a "garage clause" in the other comment regarding a theft, the insurers may have good reason not to pay out. Unless the poster gives the full story it's hard to judge if they are being unreasonable or not.

[belfry]

I've been asking local businesses to look at the cctv. One called to say that the car was driven past their cameras at 12.58am this morning. I'm not sure what to do with this information as the police have closed the case having exhausted their enquiries.

I'm in a strange situation regarding market value as the value has increased in the last 12 months. There's been some increase in aircooled values sine February 2017 and I've fitted a full stainless steel exhaust and heat exchangers and just had the engine rebuilt. I'm sure that 'market value' serves the insurers with a depreciating car, but less so when values are rising.

I did not have an agreed value policy on this car, but the original 'estimated value' of £31,000 from when I bought the car a few years ago is still shown on the policy. I believe that the 'market value' of this car is somewhat higher. When I asked the insurance company about this they told me that I was in danger of paying too low premiums if my car is worth more now. I said that much of the rise in value has occurred since my last renewal in Feb '17.

Does anyone have experience of this?

[SignalGruen]

Wozy68 said:

Only asking as my car stays in one of two places, one garaged and one not, though I have told them this, all of a sudden it might be worth checking they have actually written down all the facts. Also my last valuation was two to three years ago... so this may need updating also.

It should be written in your policy docs somewhere - mine has to be garaged between 22:00-07:00 unless I'm away from home (the registered address).

[g7jhp]

belfry said:

OP sorry to hear that.

Would be worth adding a detailed spec on the car and any distinguishing features?

Is it Orange or Red?

Likely to be stolen to order if LHD or broken up so get those details up quickly.

Good luck with getting her back.

[pidsy]

Anyone know about the recent rebuild? Someone asking questions about work completed or where it might be?

Seems odd. Recent rebuild and work carried out, then stolen.

Sorry to see it happen OP! Hope you get a positive outcome but it was probably stolen to order and in a container on its way over seas.

[belfry]

Continental Orange. Black interior. Black pinstriped seats. BBS wheels. Old Kuhmo all season tyres (new ones waiting at home to be fitted). Demo labels in engine bay showing oil change dates. LHD. Dansk stainless exhaust. Odometer at 133,000 (Kms). 2 stickers on rear screen "Big Sur" butterfly and "Life's too short to drive boring cars". Electric aerial won't fully collapse.

[jh001ace]

belfry said:

Stolen last night from a Knightsbridge street last night. Just had the engine rebuilt.

No tracker. Steering lock bar fitted. Broken glass on pavement.

Keep an eye out please

Sorry to hear of your loss. I did notice that this photo was posted on another thread at 20.19 yesterday, I do wonder sometimes about posting photos with number plates visible, I have done it a couple of times but then gone back and deleted them.

Just wondering if somehow someone has been able to use the plate to locate the car.

Really hope you get it back ASAP.

[g7jhp]

belfry said:

Continental Orange. Black interior. Black pinstriped seats. BBS wheels. Old Kuhmo all season tyres (new ones waiting at home to be fitted). Demo labels in engine bay showing oil change dates. LHD. Dansk stainless exhaust. Odometer at 133,000 (Kms). 2 stickers on rear screen "Big Sur" butterfly and "Life's too short to drive boring cars". Electric aerial won't fully collapse.

So it's a 3litre 1976 car. Is it a turbo (or supersport...if they did them)?

[stichill99]

My car which is insured with classicline has a clause that it is to be garaged at night. When I quizzed them about this they said if I was away on holiday etc then it does not need to be garaged but while at home it has to be.

[CRA1G]

g7jhp said:

So it's a 3litre 1976 car. Is it a turbo (or supersport...if they did them)?

Iirc Supersport was 10 years on 86 to 89..

Hope the car is found asap.....

[boxsey]

belfry said:

I've been asking local businesses to look at the cctv. One called to say that the car was driven past their cameras at 12.58am this morning. I'm not sure what to do with this information as the police have closed the case having exhausted their enquiries.

I'm in a strange situation regarding market value as the value has increased in the last 12 months. There's been some increase in aircooled values sine February 2017 and I've fitted a full stainless steel exhaust and heat exchangers and just had the engine rebuilt. I'm sure that 'market value' serves the insurers with a depreciating car, but less so when values are rising.

I did not have an agreed value policy on this car, but the original 'estimated value' of £31,000 from when I bought the car a few years ago is still shown on the policy. I believe that the 'market value' of this car is somewhat higher. When I asked the insurance company about this they told me that I was in danger of paying too low premiums if my car is worth more now. I said that much of the rise in value has occurred since my last renewal in Feb '17.

Does anyone have experience of this?

In your situation I would be getting to work on collecting current adverts of similar cars for sale to show them what the current market value is. They won't do this for you hence you have to present them with the evidence yourself.

[RSVP911]

Wozy68 said:

citychap26 said:

@Op I do hope you find your car, it's a pretty obvious one!

@All do make sure your pride and joy is correctly valued, especially if you have an old Porsche or a modern classic... This is something I didn't update. Trust me the insurance company should know what the value is, certainly specialist insurance companies.

Forgive me for this, and I really do hope you get a pay out on losing your 911.

But are you saying the insurance company was told it was garaged ad it wasn't and secondly you hadnt' paid (classicline for example charge £20 for a valuation), or at least updated with them the true value of your car but you have in the past? If so, can I ask when was the last valuation.

Only asking as my car stays in one of two places, one garaged and one not, though I have told them this, all of a sudden it might be worth checking they have actually written down all the facts. Also my last valuation was two to three years ago... so this may need updating also.

Agreed valuations at Classicline only last 2 years - if older, it will need updating.

OP - I’m so sorry this has happened - it’s such a beautiful car - good luck, I hope that you get it back undamaged.

[Porsche911R]

belfry said:

I'm in a strange situation regarding market value as the value has increased in the last 12 months. There's been some increase in aircooled values sine February 2017 and I've fitted a full stainless steel exhaust and heat exchangers and just had the engine rebuilt. I'm sure that 'market value' serves the insurers with a depreciating car, but less so when values are rising.

?

sorry to hear about this, it seems quite common atm in London to pinch these types of cars off the street.

the bad news is Prices have not gone up imo from Feb 2017, if anything air cooled have hit a level and have for a while, if any thing going down a bit in the last 12 months what I can make out, it's a shame the police have already given up on it :-(

I hope it all works out for you with insurance, it's always a fight.

[belfry]

I am hoping that the recent engine rebuild and SS exhaust system will have done something to help me to prove that the market value of this car has risen since my last renewal in Feb '17 where the 'estimated value' was £31,000.

[boxsey]

belfry said:

I am hoping that the recent engine rebuild and SS exhaust system will have done something to help me to prove that the market value of this car has risen since my last renewal in Feb '17 where the 'estimated value' was £31,000.

I think you will find that as far as the insurance company is concerned having the engine rebuilt and having a new exhaust fitted will add nothing to the value of the car. They'll think of it as maintenance costs. You may even have to be careful about mentioning the exhaust in case they deem it as a modification that you had not told them about.

Conversely, buyers of these cars will indeed regard the engine rebuild as a plus point and therefore be wiling to pay a little more than they would for a similar car that hasn't had a rebuild. That's why I said above that you need to find adverts for similar cars in similar condition in order to argue with the insurance company what it would cost you to replace yours, ergo the current market value.

In and ideal world you would have got the car professionally re-valued after the work was done and informed the insurance company of the new value. And probably would have had to pay them an extra premium for the new value. Unfortunately most of us are not that organized and we rarely think about the value until insurance renewal time.

[Raven 930]

g7jhp said:

So it's a 3litre 1976 car. Is it a turbo (or supersport...if they did them)?

If it is a 1976 930 then the valuation is massively underestimated......and to be honest, a tidy and sound normally aspirated 911 with a newly rebuilt engine is worth over £31k.

[Paynewright]

When I increased the insurance value of my caterham seven the specialist insurers just wanted a selection of photos from various angles and once sent, agreed with my valuation.

It general car insurance companies know exactly how much 99% of cars are worth - you’d have thought they’d advise you at renewal that they are under insured to eek more premium out of owners.

Hope its found soon.

Ian

[Pip1968]

I have posted it on 911UK.com Fingers crossed they catch the scumbags.

Pip

Can you clarify it was stolen on Tue 30th at or around 0058 (early hours) and not 1258 (lunchtime) ????

Edited by Pip1968 on Wednesday 31st January 12:14

[belfry]

Pip1968 said:

I have posted it on 911UK.com Fingers crossed they catch the scumbags.

Pip

Can you clarify it was stolen on Tue 30th at or around 0058 (early hours) and not 1258 (lunchtime) ????

Edited by Pip1968 on Wednesday 31st January 12:14

Thank you. Yes, around 1.00 am on Tuesday morning.

[BertBert]

I think you are mixing the two paradigms here. One is agreed value and the other is market value. If you have an agreed value policy, then you have to agree the value with the ins co. If that value changes in the upwards direction, it is really up to you to re-agree the value. Having a load of work done can definitely positively affect the value, so you should re-agree it with your ins co. And if you can't get an agreement, either accept it or go elsewhere.

Market value is very different. Regardless of the value you supply, the insurance co chooses what they pay you if it is stolen. The mechanism they use to determine the market value is well published by the ombudsman. People mostly disagree with the value an insurance company decides upon when they make a full payout. However in theory it is based on replacing your car like for like in its current condition (unless you have specific policy conditions like new for old - not for a classic though). 'Updating' the value of a classic with a market value policy is pretty meaningless.

So to the OP, do you have an agreed value policy or a market value policy? And I really hope you get it back and don't need to trouble the ins co!!

Bert

boxsey said:

I think you will find that as far as the insurance company is concerned having the engine rebuilt and having a new exhaust fitted will add nothing to the value of the car. They'll think of it as maintenance costs. You may even have to be careful about mentioning the exhaust in case they deem it as a modification that you had not told them about.

Conversely, buyers of these cars will indeed regard the engine rebuild as a plus point and therefore be wiling to pay a little more than they would for a similar car that hasn't had a rebuild. That's why I said above that you need to find adverts for similar cars in similar condition in order to argue with the insurance company what it would cost you to replace yours, ergo the current market value.

In and ideal world you would have got the car professionally re-valued after the work was done and informed the insurance company of the new value. And probably would have had to pay them an extra premium for the new value. Unfortunately most of us are not that organized and we rarely think about the value until insurance renewal time.