Dr. G

Is anyone insuring their car for over MSRP to reflect the market value? I received a quote on my Touring and it's pretty much the same as my 992 TTS, but that's at MSRP with All State. It's not like I can get another new one if it's stolen or totalled, but I imagine that it should be insured for it's true value.

smiles11

Mine is insured through Farmers. I inquired about this & was told they will insure the fair market value of the car which compares (sold & for sale) examples to create an assessment in the event of a total loss.

GrantG

Hagerty was well aware of the market and was happy to set Guaranteed (Agreed) Value higher than MSRP.

What is Stated vs. Guaranteed Value Insurance? | Hagerty

rodneyr

I have my Porsches insured with Hagerty and I can insure the car for what I want. That said let's say you pay $200K for your GT3 and insure it for $300K obviously your premium is going to be significantly higher.

subshooter

My car is insured for market value through USAA. I don't know how they would determine market value but there is enough sales data of flippers to make a good case.

GrantG

This may make it slightly more difficult to recover the exact amount you "think" your car is worth in case of total loss, but I also bet that the premiums are more reasonable (I can imagine that they may base this on MSRP or a smaller amount of inflation in excess of MSRP).

One other warning about using Agreed or Guaranteed Value for road or track insurance: Make sure you don't undervalue your car too much (let's say you decide a claim payment of $100k or $150k will make you whole, since most wrecks have a fair amount of residual value and you'd rather have a lower premium payment). This is very risky, because the policy in most of these cases allows the insurer to keep your car in exchange for the Agreed Value. So, you get $100k or $150k less the deductible amount and you have to surrender the car as well, if the assessed damage is a total loss or some percentage of the Agreed Amount...

pitt911

my 992 C4S with MSRP of 149 k , is insured for 170 k

George P.

I insured agreed value over the MSRP.
Market value - IE. thinking it’ll be worth 250-300k ignores how THEY determine market value which is almost always going to low ball you.

ipse dixit

Dumb question.

Why not just insure the car for "replacement cost"

GrantG

Generally not an option or the insurance company decides what it should cost to replace (and you have to pay the difference if actual replacement costs more). Better off deciding yourself what claim amount will allow you to replace (with what replacement and in the manner you choose - often the model you own is no longer available brand new or allocation not possible).

If replacement ends up costing some huge ADM, the insurance company is unable to know what that will be in advance and cannot make a premium calculation. They want to understand their risk before deciding on a premium amount.

Type901

I insured with Hagerty. I went back and forth with them several times providing market data proving that the car was valued more than my purchase price. They wouldn't budge and said that for the first model year they can only insure at the price I paid and will reevaluate when the policy renews in a year. Interestingly, if someone paid $50k ADM for example, then Hagerty would ensure the car for that total value since it's the purchase price.

Highline-Autos.com

@Type901 Here is a good friend of ours who works for Grundy Insurance - Michelle Thompson (925) 518-8779 , I'd give her a call and see what they can do for you. (Highline Autos is not affiliated with Grundy Insurance)

GrantG

Bummer - I didn't have any resistance for coverage in excess of what I paid...

Chris C.

My bet is terms are crossed up here. Market value is MSRP+ ADM in year one but you could pay them to insure it for more with agreed to value. My agreed-to policy on my 991.1 manual is much higher than book or market value - however the would determine it, as I know it wouldn’t be what I would have to pay to find my specific build again. They likely look at an average of sales for average mileage - would be interesting to ask but I won’t take the chance. IIRC adding $15K over “real market value” cost me approx 50 a month. I shudder to think what a GT3 at $250K is gonna cost in CA.

poofyo101

Insured with Grundy
Rate is very good.
Better than Hagerty in my experience rate wise.