991.2 GT3 Insurance
Discussion
2010spy said:
I'm sure this has been covered before, but how do you insure for the gap between the cost and the value of the car and who have people used to do this?
Yes, ditto, as there seems to be 2 insurance themes that have been covered across the various recent GT3/GTS threads....1. which provider is cheapest/best in the "conventional insurance policy" market - I've seen references to NFUM, Admiral etc., but I'm guessing (without researching in detail) that policy wordings restrict total loss/theft cover to list price (and there may be a specific "new car replacement" clause which bites in the first 12 months in any case)
2. whether the coverage provided by the high net worth specialists (e.g. and again based on previous posts rather than any research, Locktons Porsche GB scheme, Marsh, Chubb, Hiscox, etc.) and which may more likely provide cover up to agreed/market value is worth the additional cost (I've seen reference to £1000 a year more) and whether these providers really prefer to insure a mini-fleet rather than one high-end car.
My own particular issue with the second category of provider is that they seem to prefer to issue restricted mileage policies, whereas I find it difficult to guess how many miles I'll do in the next year (I don't know now whether I'll be doing a Euro trip or Highland 500 - I'm not clairvoyant) and don't want an insurance policy discouraging me to drive on a sunny Sunday morning. So, even if you spend the additional £1000 you don't end up with cover that lets you just forget about things and get on with your (driving) life - you're counting miles.
And like the OP I'm also wondering whether there's specific cover for the amount between market value and list when market value exceeds list, which is different from GAP insurance which I think assumes that market value is lower than list.
The whole point about Insurance is about putting you back into the same Financial position as you were pre loss.
You cannot expect to get the cheapest policy for the widest cover - it unfortunately doesn't work like that.
HNW Insurers are definitely more expensive ( direct or via a broker ) but you at least can get policies tailor made - individual cars or multi cars.
Companies like Admiral are great for many many cars - I happily insure my kids cars through them but would never insure anything special or expensive through them - why ? because I don't want the hassle of dealing with them post loss - perceived or actual.
As regards limited mileage you can nominate different figures - they wont just say 1000 miles etc but again you will pay extra.
You cannot expect to get the cheapest policy for the widest cover - it unfortunately doesn't work like that.
HNW Insurers are definitely more expensive ( direct or via a broker ) but you at least can get policies tailor made - individual cars or multi cars.
Companies like Admiral are great for many many cars - I happily insure my kids cars through them but would never insure anything special or expensive through them - why ? because I don't want the hassle of dealing with them post loss - perceived or actual.
As regards limited mileage you can nominate different figures - they wont just say 1000 miles etc but again you will pay extra.
MartinRS2K said:
I’m with NFU on an agreed value (done by PCGB) and the GAP covers me for the full agreed value for 2 years.
I have checked all my paperwork and T&C’s to make sure I have the correct cover for me and the value is protected.
My mileage is 3,000 this year.
NFU Car Insurance Reference Document Page 22:I have checked all my paperwork and T&C’s to make sure I have the correct cover for me and the value is protected.
My mileage is 3,000 this year.
"If the CAR is a UK specification model and less than two years old from the date of first registration as new and it is: a) subject to THEFT and not recovered..........If a new car of the same make, model or specification is not available, WE will pay YOU the amount YOU paid for YOUR CAR."
Good luck sourcing a new GT3 in those circumstances. To me this reads as if total loss cover is limited to list price (if bought from new) or what you paid (if bought used) if your car is under two years old? But I'm no expert so best to do your own research.
ClioTrophy55 said:
MartinRS2K said:
I’m with NFU on an agreed value (done by PCGB) and the GAP covers me for the full agreed value for 2 years.
I have checked all my paperwork and T&C’s to make sure I have the correct cover for me and the value is protected.
My mileage is 3,000 this year.
NFU Car Insurance Reference Document Page 22:I have checked all my paperwork and T&C’s to make sure I have the correct cover for me and the value is protected.
My mileage is 3,000 this year.
"If the CAR is a UK specification model and less than two years old from the date of first registration as new and it is: a) subject to THEFT and not recovered..........If a new car of the same make, model or specification is not available, WE will pay YOU the amount YOU paid for YOUR CAR."
Good luck sourcing a new GT3 in those circumstances. To me this reads as if total loss cover is limited to list price (if bought from new) or what you paid (if bought used) if your car is under two years old? But I'm no expert so best to do your own research.
They are aware that the chance of getting a new car should the worst happen would be zero....
I’m obviously hoping I never need to test this out and have paid an increased premium to get the cover I want/need.
So, your 100% sure that your agreed valuation for the next 24 months will definitely be paid out.
Eg, As of now 991GT3.2 used price approx 180k , 12 months time they cool off at 140k and so on to cool off further.
It states in your policy that in the event of a total loss, even in month 22, you would get my 180k example price sent to you.
Do not get me wrong, I hope you are right. But I would like to see living proof of the above happening.
Mine told me market value at the time of loss...
Eg, As of now 991GT3.2 used price approx 180k , 12 months time they cool off at 140k and so on to cool off further.
It states in your policy that in the event of a total loss, even in month 22, you would get my 180k example price sent to you.
Do not get me wrong, I hope you are right. But I would like to see living proof of the above happening.
Mine told me market value at the time of loss...
Trouble with an agreed value on Porsche GT cars is that the value fluctuates all the time. So it is unreliable.
As Throt days, say current value £180k this could increase over the summer due to seasonal variation etc then prob drop into winter.
A 'market value' figure would be better as it saves having to reassess the fluctuating value. But getting most insurers to pay over new list would be difficult. Most will not pay over list or an agreed value on cars less than 1 year old.
Evidence of sale prices of similar cars may be the best way forward imo but no guarantee.
As Throt days, say current value £180k this could increase over the summer due to seasonal variation etc then prob drop into winter.
A 'market value' figure would be better as it saves having to reassess the fluctuating value. But getting most insurers to pay over new list would be difficult. Most will not pay over list or an agreed value on cars less than 1 year old.
Evidence of sale prices of similar cars may be the best way forward imo but no guarantee.
MartinRS2K said:
I presume if it was insured as normal this would apply, but my car has been insured with an agreed value and NFU have the valuation letter and agree that this is its payout if they cannot source me an identical car. I have this in an email from my NFU Office so have no reason to doubt it.
They are aware that the chance of getting a new car should the worst happen would be zero....
I’m obviously hoping I never need to test this out and have paid an increased premium to get the cover I want/need.
My GT3 is also insured with NFU and my terms are identical to yours..My local NFU Group Secretary asked for a valuation in writing from my OPC, which they happily provided..Its roughly about £60K more than i paid for it..I'm pretty well versed in insurance lingo and after reading the T&C on my policy, i would happily take legal action against the NFU if they baulked at paying the agreed amount should the worst happen.They are aware that the chance of getting a new car should the worst happen would be zero....
I’m obviously hoping I never need to test this out and have paid an increased premium to get the cover I want/need.
av185 said:
Trouble with an agreed value on Porsche GT cars is that the value fluctuates all the time. So it is unreliable.
As Throt days, say current value £180k this could increase over the summer due to seasonal variation etc then prob drop into winter.
A 'market value' figure would be better as it saves having to reassess the fluctuating value. But getting most insurers to pay over new list would be difficult. Most will not pay over list or an agreed value on cars less than 1 year old.
Evidence of sale prices of similar cars may be the best way forward imo but no guarantee.
I have a Hiscox policy, it’s effectively a “market value” policy. If the GT3 gets stolen they’d pay out at current replacement cost.....also on cars like our Cayenne they pay out on the price of the new car for two years, replicating Gap insurance. As Throt days, say current value £180k this could increase over the summer due to seasonal variation etc then prob drop into winter.
A 'market value' figure would be better as it saves having to reassess the fluctuating value. But getting most insurers to pay over new list would be difficult. Most will not pay over list or an agreed value on cars less than 1 year old.
Evidence of sale prices of similar cars may be the best way forward imo but no guarantee.
Although in my opinion it’s equally as important that you can nominate who repairs your car etc as that is the most likely claim.
One good benefit of the Hiscox policy is that anyone over 30 who doesn’t live at our home address is covered fully comp to drive our cars.
Cheib said:
av185 said:
Trouble with an agreed value on Porsche GT cars is that the value fluctuates all the time. So it is unreliable.
As Throt days, say current value £180k this could increase over the summer due to seasonal variation etc then prob drop into winter.
A 'market value' figure would be better as it saves having to reassess the fluctuating value. But getting most insurers to pay over new list would be difficult. Most will not pay over list or an agreed value on cars less than 1 year old.
Evidence of sale prices of similar cars may be the best way forward imo but no guarantee.
I have a Hiscox policy, it’s effectively a “market value” policy. If the GT3 gets stolen they’d pay out at current replacement cost.....also on cars like our Cayenne they pay out on the price of the new car for two years, replicating Gap insurance. As Throt days, say current value £180k this could increase over the summer due to seasonal variation etc then prob drop into winter.
A 'market value' figure would be better as it saves having to reassess the fluctuating value. But getting most insurers to pay over new list would be difficult. Most will not pay over list or an agreed value on cars less than 1 year old.
Evidence of sale prices of similar cars may be the best way forward imo but no guarantee.
Although in my opinion it’s equally as important that you can nominate who repairs your car etc as that is the most likely claim.
One good benefit of the Hiscox policy is that anyone over 30 who doesn’t live at our home address is covered fully comp to drive our cars.
There will be a queue at yours tomorrow ☺️
Cheib said:
av185 said:
Trouble with an agreed value on Porsche GT cars is that the value fluctuates all the time. So it is unreliable.
As Throt days, say current value £180k this could increase over the summer due to seasonal variation etc then prob drop into winter.
A 'market value' figure would be better as it saves having to reassess the fluctuating value. But getting most insurers to pay over new list would be difficult. Most will not pay over list or an agreed value on cars less than 1 year old.
Evidence of sale prices of similar cars may be the best way forward imo but no guarantee.
I have a Hiscox policy, it’s effectively a “market value” policy. If the GT3 gets stolen they’d pay out at current replacement cost.....also on cars like our Cayenne they pay out on the price of the new car for two years, replicating Gap insurance. As Throt days, say current value £180k this could increase over the summer due to seasonal variation etc then prob drop into winter.
A 'market value' figure would be better as it saves having to reassess the fluctuating value. But getting most insurers to pay over new list would be difficult. Most will not pay over list or an agreed value on cars less than 1 year old.
Evidence of sale prices of similar cars may be the best way forward imo but no guarantee.
Although in my opinion it’s equally as important that you can nominate who repairs your car etc as that is the most likely claim.
One good benefit of the Hiscox policy is that anyone over 30 who doesn’t live at our home address is covered fully comp to drive our cars.
There will be a queue at yours tomorrow ☺️
av185 said:
Trouble with an agreed value on Porsche GT cars is that the value fluctuates all the time. So it is unreliable.
As Throt days, say current value £180k this could increase over the summer due to seasonal variation etc then prob drop into winter.
A 'market value' figure would be better as it saves having to reassess the fluctuating value. But getting most insurers to pay over new list would be difficult. Most will not pay over list or an agreed value on cars less than 1 year old.
Evidence of sale prices of similar cars may be the best way forward imo but no guarantee.
Actually it depends on the policy. Have seen ones where the insurer will cover a % over the agreed value for such circumstances. For specialist policies, requirements & scenarios it's worth speaking to the insurer direct and/or reading the policy documents. Market value has lots of different definitions as widely documented on the internet from when people have to make a claim. As Throt days, say current value £180k this could increase over the summer due to seasonal variation etc then prob drop into winter.
A 'market value' figure would be better as it saves having to reassess the fluctuating value. But getting most insurers to pay over new list would be difficult. Most will not pay over list or an agreed value on cars less than 1 year old.
Evidence of sale prices of similar cars may be the best way forward imo but no guarantee.
throt said:
I am with DL Select. Tbh, I got cheesed off with shopping about on the blower and just went with them..
Seems a good policy,the only negative is they do not cover you fully comp on other cars so if that's important to someone then go elsewhere but they were about 4-500 cheaper than the next cheapest quote .Gassing Station | 911/Carrera GT | Top of Page | What's New | My Stuff