Porsche experts help needed!!!!!

[therevday]

Hello all,at the begining of September my 930 turbo went up in flames.I am absolutely gutted,but now have plans for my 964.Today the insurance company offered me £13000 as payout for my car.When I took the policy out i declared all the mods. Speedline wheels,turbo2 body kit,Garretson intercooler,b&b headers,K27 hybrid turbo,bespoke exhaust system,Brian Leask WUR,3.8rs rear spoiler.They loaded my policy accordingly.The "EXPERT" engineer has looked at the car and compared it with a 79 911 sc Targa,a 79 911 sc coupe 3.8 lookalike and a cat d repaired 911 3.2 carrera coupe.the value he has put on my car is based on these three cars.I have tried to explain to the insurance company that there is no comparison with these cars but as far as they can see they look simlar.PLEASE PLEASE can someone help me get the message that they are very different cars?

[Leigh996tt]

Awful news and looked a lovely car. Did you determine the cause?

Regarding the insurance, could be worth asking a local Indy to write some clarification and insight into the worth of a 930, to then pass onto the assessor in hope of them realising what they 'insured'

Did they base your premium on a model they're comparing it with, I think not.

Good luck though.

[sticks090460]

Look at your policy, find the complaints procedure, follow it. You will probably end up going to the FOS, but that just adds delay, not cost to you. Back up your complaint with hard data - what would the extra bits ave been worth at the time of the loss (i.e. somewhere between considerably less than what you paid for them and bugger-all). Make sure you're making a realistic assessment - asking for a ludicrously high settlement will almost certainly be counter-productive.

[davek_964]

There are several 930s in the classifieds - including some that have been sold by dealers. I'd use these as evidence of the price of them, and maybe even call the dealers who've sold them and see if they'd help you argue the case with the insurers.

[stup]

Sorry to hear of your mis-fortune.

I am the Owner of Porsche Specialist "SP Autobahn" and also a Porsche Inspector for Peter Morgan (porscheinspections.com) From owning to rebuilding to Retoring to producing Valuations for these cars, i have experience in all these fields.

Hate to see someone lose out on their pride and joy being under valued.
I would be happy to help for free and if you send me all the info on your vehicle i can give you an estimate of cost to replace this vehicle taking into consideration all the work that had been completed to your car,service history,rebuild work etc etc..I can send you a reply and also write you valuation down on my headed paper etc etc.

Hopefully help you receive nearer what you deserve!

[Froggy porker]

sticks090460 said:

Look at your policy, find the complaints procedure, follow it. You will probably end up going to the FOS, but that just adds delay, not cost to you. Back up your complaint with hard data - what would the extra bits ave been worth at the time of the loss (i.e. somewhere between considerably less than what you paid for them and bugger-all). Make sure you're making a realistic assessment - asking for a ludicrously high settlement will almost certainly be counter-productive.

This is a good start for the sheer material cost - presumably you still have the receipts for the upgrades and work? Tot them up depreciating them by, say, 10% per year. Added to the cost of a reasonable 930 project car you should presumably be getting closer to the real value.

You got to haggle, and insurers are normally open to a reasoned approach (at least they used to be - maybe optimistic nowadays!).

[turbo964]

First of all, I'm totally gutted for you.

It's always very hard to value these cars but i'd be starting with the fact that your V5 says Porsche 930 turbo so the insurance company should at least start at 930 prices and then debate up or down depending on whether the mods detract from originality or add value etc etc. I can't see any reason for looking at any other model. You need to ask why they are not looking at prices of 930's and if all else fails show them the price of a 73 RS just to prove how much prices differ between models.

Hope you get it all resolved. You probably already know this now but most insurance companies offer agreed values on classic cars. Something you should for your 964.

Edited by turbo964 on Monday 7th November 23:20

[Al W]

Sorry to hear this. A friend has just gone through a similar experience with a 911SC fire and his insurance underwriter also offered half the car's value, despite evidence of recent restoration.
This side of insurance really bugs me as we have to pay exactly what and when they demand, so it doesn't seem unreasonable to expect honest and fair treatment if you are unlucky enough to have to claim. why should we have to negotiate up from a derisory initial offer?

[kVA]

I have to say I have just paid half as much again as the cheapest insurance quote on my Turbo... Simply because I Googled the cheaper companies and ALL of them have shocking payout reputations: For example, I Googled '******* insurance reviews' and came up with literally hundreds of complaints on forums, etc about non-payment of claims (one guy had his £25,000 car stolen and was still waiting for a settlement over 12 months later!!!).

Sorry to hear this OP, by the way and hope those in the know on here help you get what you should...







PS. ******** above is very near the end of the alphabet, if anyone is interested

[Henry-F]

What was the exact base car in terms of model, year, history etc. When did you buy it, how much did you pay. Were there any stories with your car (had it been written off, left to right hand drive converted etc)?

Henry

[Biggriff]

Its not a Porsche expert you need its an insurance one.

The rules on these things are very clear in that you should be able to go out and buy a comparable vehicle from a public vendor.

Been through this with friends when they have had issues and the best advice is to collect info on the cars available and highlight why they do not compare both in terms of spec or cost. Insurers struggle with specialist vehicles as the market is relatively small and they simply rate vehicles on a 'blanket' basis, so one 930 turbo will be the same as another.

PM if you need help. (and yes I am a senior guy in the UK's biggest insurer!)

[Schnellmann]

Good friend had a similar experience (although quite some time ago). He spun his 3.2. Insurance company said it was uneconomic to repair and offered him a relatively low sum that was ok for high-mileage, poor condition 3.2 but my friend's was low mileage in very good condition and had some desirable options. He collected lots of information - if I recall correctly, copies of adverts of similar cars plus a confirmation from his local Porsche dealer (from whom he bought the car) about the condition and likely market value. I think it took quite some time but in the end he got a very good settlement (I think the insurance company ended up wishing they had had the car repaired!)

[Diesel130]

I had a similar problem after nearly writing off a highly modified Celica GT4 many moons ago. In the end, I gathered together 5 or 6 adverts for similarly specced cars (took a while as were quite rare), presented them to the insurance company and they upped the payout significantly to meet "market price". At the end of the day, the insurance is supposed to get you back into a similar car, so hold out, till you get the price it was worth.

[Scelto]

stup said:

I am the Owner of Porsche Specialist "SP Autobahn" and also a Porsche Inspector for Peter Morgan (porscheinspections.com) From owning to rebuilding to Retoring to producing Valuations for these cars, i have experience in all these fields.

I would be happy to help for free and if you send me all the info on your vehicle i can give you an estimate of cost to replace this vehicle taking into consideration all the work that had been completed to your car,service history,rebuild work etc etc..I can send you a reply and also write you valuation down on my headed paper etc etc.

Hopefully help you receive nearer what you deserve!

That's a really nice offer. I hope the OP takes you up on it and that it helps him get a fairer settlement.

[Whitean3]

therevday said:

The "EXPERT" engineer has looked at the car and compared it with a 79 911 sc Targa,a 79 911 sc coupe 3.8 lookalike and a cat d repaired 911 3.2 carrera coupe.the value he has put on my car is based on these three cars.I

That's just a joke! Sounds like the "Engineer" has backside-elbow syndrome. You can not compare these models to a 930 at all!

Plenty of good advice on this thread already, along with some great offers of assistance. You just have to keep fighting your corner until you get a decent offer. Don't give up, stick to your guns. It will be worth it in the end.

[thegoose]

Besides the advice offered I'd also suggest contacting Porsche Club GB (who have connections to Porsche Cars GB) and get help from the relevant Register Secretary.

Point out nicely to the insurance company that they sent out an assessor who is a jack of all trades (how often does he deal with 30 year old Porsches?...) whereas you have found an expert in your type of vehicle (whose credentials stand up to scrutiny) to whom they should listen.

Err, if you're not already, it might be a good idea to join the club, or offer to when enquiring.

http://www.porscheclubgb.com/Registers.aspx
Register Secretary:
John Ward
[e-mail]
01844 238350

[anonymous-user]

Not going to help here, but I always use agreed value insurance on older classics to avoid this kind of scenario.

[SEE YA]

stup said:

Sorry to hear of your mis-fortune.

I am the Owner of Porsche Specialist "SP Autobahn" and also a Porsche Inspector for Peter Morgan (porscheinspections.com) From owning to rebuilding to Retoring to producing Valuations for these cars, i have experience in all these fields.

Hate to see someone lose out on their pride and joy being under valued.
I would be happy to help for free and if you send me all the info on your vehicle i can give you an estimate of cost to replace this vehicle taking into consideration all the work that had been completed to your car,service history,rebuild work etc etc..I can send you a reply and also write you valuation down on my headed paper etc etc.

Hopefully help you receive nearer what you deserve!

Wow puts your faith back in people, with offers like this Well done!!!!

[melv]

uktrailmonster said:

Not going to help here, but I always use agreed value insurance on older classics to avoid this kind of scenario.

Plus 1

The initial derisory offer will be the insurance companies opening gambit....

Good luck!!

[SEE YA]

therevday said:

Hello all,at the begining of September my 930 turbo went up in flames.I am absolutely gutted,but now have plans for my 964.Today the insurance company offered me £13000 as payout for my car.When I took the policy out i declared all the mods. Speedline wheels,turbo2 body kit,Garretson intercooler,b&b headers,K27 hybrid turbo,bespoke exhaust system,Brian Leask WUR,3.8rs rear spoiler.They loaded my policy accordingly.The "EXPERT" engineer has looked at the car and compared it with a 79 911 sc Targa,a 79 911 sc coupe 3.8 lookalike and a cat d repaired 911 3.2 carrera coupe.the value he has put on my car is based on these three cars.I have tried to explain to the insurance company that there is no comparison with these cars but as far as they can see they look simlar.PLEASE PLEASE can someone help me get the message that they are very different cars?

Silly question how did it catch fire?.