Porsche GT3 Insurance Valuation

[996dom]

I'm just renewing my traders policy and the insurers have asked what value my GT3 is as at the moment the maximum value is 50K.

I'm aware of the various discussions on the current value bubble etc, but I just thought I'd get some opinions on what I should insure it for.

996 GT3 MK1 CS - 55K miles - Guards Red - Mint condition.

Cheers

[cheshire911]

In all honesty, I'd say there is no real expert valuation. It's worth what someone is prepared to pay for it. That in turn will be ajusted up or down based on supply and demand for good clean examples that are not tracked accident damaged wrecks put back on the road by out-of-pocket repairs by-passing insurers and therefore by-passing HPI checks.

The basis of an agreed valuation is what you would need to pay to get back to the situation prior to a total loss - an equivalent car, not better.
I'd say that you need to research how many cars there are that match yours prima fascie, what sort of prices are being asked and then ask a 'specialist' to 'value' it. Then compare his figure to yours from your research and argue either way or stay shut and submit the 'specialist valuation.

[mollytherocker]

About 35k.

Would you like to sell it?

[marky911]

Hi Dom,
You have exactly the same car and colour as me, although mine is now on 62k miles. Mine is currently on my Admiral multicar policy but when it expires next month I'll be seeking proper cover for it.

I'd say we'd need £50k now to replace these and even then it could take a year or more to find one.
The yellow CS with 20-odd k miles on sold for £58k a few months ago and there was a silver low miles one in the Carrera section for £55k. Our miles knock a bit off but then colour dictates desirability too, with Guards red and Speed yellow being the most sought after hues on Mk1s.

I'll be seeking an agreed value of £50k.
I'll try Classicline, Henderson Taylor and Mannings. There are a few more mentioned on here quite often too.

Report back with what you go with please. Always worth knowing.

[Yellow491]

Is admiral not so good

[marky911]

Great price. They halved the previous years price. I paid £400 but I just get the feeling I'd have trouble explaining how rare and valuable the car is, if the worst happened, hence I'll be seeking out an agreed value policy this coming year.

[Shep911]

I went with Mannings - £700 per year fully comp inc track days and £55k agreed value - better safe than sorry on the value

Truly excellent service - just fitted alcons up front and phoned to let them know - absolutely no issues

[mikem7709]

I would've said 50-55 in the current market but I think the bigger problem would be actually finding a replacement.

[996dom]

Thanks for the input gents.

As I said I insure all my cars under my companies traders policy which in theory doesn't cost me anything, I insure a lump sum. I've spoken to them and agreed a 50K valuation which is the most I can do with them.

Dom