Interesting insurance value for my '96 C4S
12-17-2009, 03:01 PM
#16
So ilko, do you submit that valuation report to your insurer for claims purposes or for overall insured amount (for premium calculation)?? Excuse the ignorance please... 
12-17-2009, 03:24 PM
#17
Agent Orange
Rennlist Member
Rennlist Member
Thankfully I haven't had to submit that form yet. I get it for two reasons: 1) In case I decide to sell the car I can inform potential buyers on how I came up with the price and 2) In case I have to deal with GEICO on a claim I have one more proof of actual value. I don't use boutique insurers as their underwriters aren't always top notch. I've been a GEICO customer for many years and they have always processed claims for me in a quick and fair manner. However they don't have an "agreed value" clause and if I ever needed to show them additional information in case of a write-off this would be one of the documents I'd produce.
12-17-2009, 04:48 PM
#19
Three Wheelin'
Ilko,
If I may, I humbly recommend you send a copy of that valuation to your agent now for his files. If, months later something bad happens it takes any concerns about valuation fraud pretty much off the table. These days fraud is a huge concern for insurance cos and for the price of a 44 cent stamp you can eliminate a potential discussion about the validity of the valuation. Just a thought.
If I may, I humbly recommend you send a copy of that valuation to your agent now for his files. If, months later something bad happens it takes any concerns about valuation fraud pretty much off the table. These days fraud is a huge concern for insurance cos and for the price of a 44 cent stamp you can eliminate a potential discussion about the validity of the valuation. Just a thought.
12-17-2009, 05:45 PM
#20
I highly recommend Hagerty Insurance. They've been insuring classic cars and boats for years. They'll now insure non-classic collector cars. I changed both my 993's to Hagerty when I found out I could. They've insured my 356's for years. You state the value, and as long as its not unreasonable, they'll go with it. My C4S is valued at 52 or so if I recall.
A friend had his 356 hit and Hagerty quickly paid him the agreed value and hashed it out with the other guy's insurance company.
http://www.hagerty.com/us/auto.aspx?ID=57710
A friend had his 356 hit and Hagerty quickly paid him the agreed value and hashed it out with the other guy's insurance company.
http://www.hagerty.com/us/auto.aspx?ID=57710
12-17-2009, 05:59 PM
#21
Agent Orange
Rennlist Member
Rennlist Member
Interesting, I just did the Hagerty quote out of curiosity. It came out to $704/year. And that is with $1500 deductibles and lesser coverage than I get from Geico. Geico Charges me in the neighborhood of $600/year (I have my Audi insured through them as well). So I think I'll stick with what I have...
2 Many Cars, I hear what you're saying, thanks for the suggestion!
2 Many Cars, I hear what you're saying, thanks for the suggestion!
12-17-2009, 11:42 PM
#22
Rennlist Member
I'm considering changing insurance companies. I went through a broker and got an agreed value policy offer for $40k for my 96 C4S just last week. I'm still debating the switch but this seemed reasonable.