993 Increased Values and Insurance
Discussion
Hi All,
A question. I bought my latest 911, a black on black manual 993 C2S, approx 2 years ago, for £37k. Obviously it's value has gone up considerably since then.
The insured value remains at the £37k that I originally paid. I phoned my insurer, Admiral, and explained the position with the car's value to ask if I needed to increase it, and that I was happy to pay a higher premium to ensure that I was covered in the worst eventuality (I'd never want another type of 911 and would just have to buy another one!) but they didn't seem interested and explained that if the car was written off I 'would be paid market value'.
In fairness to the same insurer, when my previous 993 was written off (a flood!) they paid a very decent price but I'm just concerned here because the car is worth at least £24k more than purchase price now.
I will move to an agreed value scheme if I can find one (age of the car may still be slightly too high depending on schemes out there) when it is renewal time but I'd like to know if anyone out there is in a similar position and whether I should be more proactive in this situation.
Jules
A question. I bought my latest 911, a black on black manual 993 C2S, approx 2 years ago, for £37k. Obviously it's value has gone up considerably since then.
The insured value remains at the £37k that I originally paid. I phoned my insurer, Admiral, and explained the position with the car's value to ask if I needed to increase it, and that I was happy to pay a higher premium to ensure that I was covered in the worst eventuality (I'd never want another type of 911 and would just have to buy another one!) but they didn't seem interested and explained that if the car was written off I 'would be paid market value'.
In fairness to the same insurer, when my previous 993 was written off (a flood!) they paid a very decent price but I'm just concerned here because the car is worth at least £24k more than purchase price now.
I will move to an agreed value scheme if I can find one (age of the car may still be slightly too high depending on schemes out there) when it is renewal time but I'd like to know if anyone out there is in a similar position and whether I should be more proactive in this situation.
Jules
I'm with classic line and I've raised the value of my 993 four times over the last four years (it's doubled). Absoluty no problems and the value is guaranteed if the car is wriiten off.
It seems you have a pretty standard ins policy pay out , and it will not be the true worth (value?) of the car IMO. As an example my 968CS was valued in the market at 8k for normal insurance purposes but it's true value at the time was £16k before I realised, so I insured it with a specialist insurer who had no probs with its true value.
I know Admiral do a classic insurance now, though personally I'd suggest you need to change insurers pronto considering the answer they gave you, and head for more of a specialised insurer.
It seems you have a pretty standard ins policy pay out , and it will not be the true worth (value?) of the car IMO. As an example my 968CS was valued in the market at 8k for normal insurance purposes but it's true value at the time was £16k before I realised, so I insured it with a specialist insurer who had no probs with its true value.
I know Admiral do a classic insurance now, though personally I'd suggest you need to change insurers pronto considering the answer they gave you, and head for more of a specialised insurer.
I have had similar concerns with my 993. I increased the value from £25k to £30k last year, and will have to increase it again this year to £40k or £45k.
I don't know if the car is worth it, but I don't want to be in a scenario where if something unfortunate was to happen there would be any problems with not having insured it for the correct amount.
As it happens increasing the value has very little effect on my premium, so it is just a matter of deciding a figure.
I don't know if the car is worth it, but I don't want to be in a scenario where if something unfortunate was to happen there would be any problems with not having insured it for the correct amount.
As it happens increasing the value has very little effect on my premium, so it is just a matter of deciding a figure.
More Steam said:
I was told by my insurance company to get regular valuations from my local porsche dealer, but they won't do it. When I asked them, they said it was a very unusual request. I can't believe that.
How have you guys backed up the agreed value with your insurance companies?
With classic line it's just a matter of £20 and four photos, tell them what you believe it's worth, they check it out and come back to you if they agree or disagree......... Simples How have you guys backed up the agreed value with your insurance companies?
Longman66 said:
Speak to John Glynn http://www.porschevaluations.com/
Cheers for that. I'll give them a try.Gassing Station | 911/Carrera GT | Top of Page | What's New | My Stuff