Welcome to 911UK
The only place for Porsche, 911uk is the definitive enthusiast and resource site for the Porsche 911.
Registration is fast, simple and absolutely free, so join up today for full access to the site and benefit from latest member offers.

Porsche Classifieds
Porsche Buyers Guides
Sell Your Porsche on 911uk
Create a Free Classified Advert
Search Ads
Classified Adverts FAQ
Trade Classified Information
Buyer & Seller Fraud Protection
Consumer Rights Act
Pre Purchase Inspection (PPI)
Porsche Car Sourcing
Porsche Cars Wanted
Official Porsche Centre Reviews
Model
Stock
Porsche 911
991 : 2011- 24
997 : 2004- 89
996 : 1997-2005 42
993 : 1993-1998 6
964 : 1989-1993 3
Carrera 3.2 : 1983-1989 0
Carrera SC : 1977-1983 2
930 Turbo : 1975-1989 0
Early 911 : 1964-1977 3
Porsche Other Models
Classic : 1950-1965 0
Boxster : 1997- 16
Cayman : 2005- 11
Cayenne : 2003- 6
Macan : 2014- 0
Panamera : 2009- 1
912-914-924-928-944-968 0
959 - CarreraGT - RaceCar 1
Car Parts For Sale & Wanted
Other Items For Sale & Wanted
Wheels Tyres For Sale & Wanted
Number Plates For Sale Wanted

Porsche Services
Porsche Body Shop Repair
Paint Protection & Wrapping
Porsche Classic Insurance
Porsche Classic Parts
Porsche Classic Restoration
Porsche Design Collection
Porsche Engine Gearbox Rebuild
Porsche Heritage & History
Porsche News
Porsche Picture Gallery
Win a New Porsche 911

Porsche Parts
Body Parts, Body Styling
Brakes, Clearance
Electrical, Exhausts
Engine Cooling, Engine Electrical
Engine Rebuild, Heating Cooling
Interior Incar, Lighting
Rubber Seals, Service Parts
Steering, Suspension
Transmission, Workshop Tools
Early 911, 911 - 930, 928 - 968
964 - 993, 996 - 997, Boxster
Cayman, Cayenne, Panamera

Porsche Model Range
911 [991] 2011-Current
Porsche 911 [991]
911 [997] 2004-Current
Porsche 911 [997]
911 [GT] GT1-GT2-GT3
Porsche 911 [GT]
911 [996] 1997-2005
Porsche 911 [996]
911 [993] 1993-1998
Porsche 911 [993]
911 [RS] RS-RSR
Porsche 911 [RS]
911 [964] 1989-1993
Porsche 911 [964]
911 3.2 1983-1989
Porsche 911 3.2 Carrera
911 SC 1977-1983
Porsche 911 SC
911 [Early] 1964-1977
Porsche 911 [Early]
Boxster & Cayman
Porsche Boxster & Cayman
Cayenne & Panamera
Porsche Cayenne & Panamera

911uk Site Partners

Post new topic   Reply to topic
Author Message
adamw
Estoril


Joined: 09 Jul 2009
Posts: 3768
Location: West Sussex

2002 Porsche 996 Turbo

PostPosted: Fri Jul 01, 2016 10:41 am    Post subject: Insurance renewal - agreed valuation vs market value insure Reply with quote

Hi guys
That time again
Always used specialist broker for agreed value
Work for one of the mainstream motor insurers (red phone Smile and thought I'd get a quote this time round for the 993 as I get 50% discount.

The main reason i haven't done so in the past was the agreed valuation as they cover at market value.

However the premium is circa £250 cheaper this time round and can't ignore ..


Any comments for or against agreed value vs. market on these cars

thumbsup
_________________
02' 996 Turbo Manual Coupe, Seal Grey

EX : 95' 993 C4 Coupe ( Dec 10 - Oct 16 )
EX : 00' 996 C2 Cab ( Jul 09 - Oct 10 )
EX : 03' 986 Boxster S ( May 06 - Dec 08 )
 
  
View user's profile Send private message
   
plynchy
Imola


Joined: 13 Aug 2004
Posts: 852
Location: Teesside


PostPosted: Fri Jul 01, 2016 11:29 am    Post subject: Reply with quote

Hi Adam

With the Pork market as fluid as it is you may find you sell yourself short going for an agreed valuation, as daft as that may sound!
_________________
'02 996 Turbo Manual Coupe Lapis/Grey. Unlimited grins.
 
  
View user's profile Send private message
   
madge
Nürburgring


Joined: 29 Dec 2015
Posts: 493
Location: Hampshire


PostPosted: Fri Jul 01, 2016 12:13 pm    Post subject: Reply with quote

I insured mine at market value with Privilege. I wasn't interested in trackday or european cover and the premium was about half of the 'specialist' quote.

I suppose an agreed valuation might save you some hassle if you do need to claim* but the amount could easily be left behind if the market value keeps moving upwards.


*To reduce the chances of ever needing to claim just keep the car in the garage as much as possible, like I do. (I think I'm getting the hang of this 993 ownership lark already!) Grin
_________________
Current: 993 Carrera Coupé, Manual, Varioram
Previous: 987 Cayman S
 
  
View user's profile Send private message
   
adamw
Estoril


Joined: 09 Jul 2009
Posts: 3768
Location: West Sussex

2002 Porsche 996 Turbo

PostPosted: Fri Jul 01, 2016 12:55 pm    Post subject: Reply with quote

Thanks guys - appreciated
This was the way my thinking was going so comments reassuring!

It's kept in the garage under cover most of the time only covering circa 2-3k a year...

To give an idea of difference between the policy prices, it's £180 per year fully comp vs £525 per year with specialist ...
Question
_________________
02' 996 Turbo Manual Coupe, Seal Grey

EX : 95' 993 C4 Coupe ( Dec 10 - Oct 16 )
EX : 00' 996 C2 Cab ( Jul 09 - Oct 10 )
EX : 03' 986 Boxster S ( May 06 - Dec 08 )
 
  
View user's profile Send private message
   
rabbitstew
Hockenheim


Joined: 21 Aug 2015
Posts: 625



PostPosted: Fri Jul 01, 2016 1:04 pm    Post subject: Reply with quote

In my eyes, market value is market value. So if it would cost £60k to replace your car, that's what the insurance company should pay. You'd go for an agreed value if there was a big difference between the market value and what someone felt their particular car was worth.

What I think is funny is that whenever I renew either my car or motorbike insurance they ask me what the vehicle is worth, I tell them, and they then immediately say "oh we will only pay the market value anyway you understand?". They then vary the insurance premium depending upon what I said the car was worth. So it seems they are only asking that to adjust the premium accordingly and charge you for the higher valuation, but will still only pay out the market rate anyway if you claimed.
_________________
2008 997.1 Turbo Manual
2000 Ducati 996
1999 Yamaha R1
1994 Kawasaki ZXR750L2
 
  
View user's profile Send private message
   
Disco
Estoril


Joined: 13 May 2008
Posts: 3877
Location: Hertfordshire

2010 Porsche 997 GT3

PostPosted: Fri Jul 01, 2016 3:43 pm    Post subject: Reply with quote

Think of it this way - is there a material reason why you would consider your car to be worth more than a typical example in the market? Is it an unusual spec or colour combination, does it have expensive modifications, is it very low mileage or in immaculate concours condition? If none of the above then I can't see a reason to go agreed value, but if those factors are in play then it may be (though you have to stay on top of the valuation as the market moves).
_________________
Colin

Black 997 GT3 3.8 CS - Acquired for the 2012 season and beyond
Black 996 GT3 Mk2 - Gone, but will never be forgotten
 
  
View user's profile Send private message
   
adamw
Estoril


Joined: 09 Jul 2009
Posts: 3768
Location: West Sussex

2002 Porsche 996 Turbo

PostPosted: Fri Jul 01, 2016 5:49 pm    Post subject: Reply with quote

Disco wrote:
Think of it this way - is there a material reason why you would consider your car to be worth more than a typical example in the market? Is it an unusual spec or colour combination, does it have expensive modifications, is it very low mileage or in immaculate concours condition? If none of the above then I can't see a reason to go agreed value, but if those factors are in play then it may be (though you have to stay on top of the valuation as the market moves).




Re the above :

*unusual spec or colour combination - No
*does it have expensive modifications - No
*is it very low mileage - No (but below average for year - 100k)
*in immaculate concours condition? - maybe not concours but very very good and has a great service history with lots spent to keep it tip/top machanically and cosmetically.

Based on this I'm feeling like I may take my chances with market value and if I ever experience worst case scenario I would fight for the right amount based on condition.
Independant valuations should hopefully help..

Thanks again guys
thumbsup
_________________
02' 996 Turbo Manual Coupe, Seal Grey

EX : 95' 993 C4 Coupe ( Dec 10 - Oct 16 )
EX : 00' 996 C2 Cab ( Jul 09 - Oct 10 )
EX : 03' 986 Boxster S ( May 06 - Dec 08 )
 
  
View user's profile Send private message
   
flying_scotsman
Nürburgring


Joined: 20 Jul 2010
Posts: 395
Location: Scottish exile in South Leics

2010 Porsche Boxster 987

PostPosted: Sat Jul 02, 2016 10:20 pm    Post subject: Reply with quote

adamw wrote:



Based on this I'm feeling like I may take my chances with market value and if I ever experience worst case scenario I would fight for the right amount based on condition.
Independant valuations should hopefully help..


Just a thought -

A policy with a mainstream insurer is likely to require you to have any repairs undertaken by a garage which they specify, quite possibly not a Porsche specialist. Would you be happy to accept this? Specialist broker (eg Locktons) allows you to choose your own preferred repairer.
_________________
Current: 2010 987 (Gen 2) Boxster PDK
Ex: 1990 964 C4
Ex: 1997 993 Targa
Ex: 2006 987 Boxster S 3.2
 
  
View user's profile Send private message
   
adamw
Estoril


Joined: 09 Jul 2009
Posts: 3768
Location: West Sussex

2002 Porsche 996 Turbo

PostPosted: Sun Jul 03, 2016 6:16 am    Post subject: Reply with quote

flying_scotsman wrote:
adamw wrote:



Based on this I'm feeling like I may take my chances with market value and if I ever experience worst case scenario I would fight for the right amount based on condition.
Independant valuations should hopefully help..


Just a thought -

A policy with a mainstream insurer is likely to require you to have any repairs undertaken by a garage which they specify, quite possibly not a Porsche specialist. Would you be happy to accept this? Specialist broker (eg Locktons) allows you to choose your own preferred repairer.


It's a good point and I do believe "mainstream" co would push me to use one of their recommended repairers but I don't think this is mandatory and think I can state which repairer I'd want to use.
I'll get this 100% clarified before I take out the policy thumbsup
_________________
02' 996 Turbo Manual Coupe, Seal Grey

EX : 95' 993 C4 Coupe ( Dec 10 - Oct 16 )
EX : 00' 996 C2 Cab ( Jul 09 - Oct 10 )
EX : 03' 986 Boxster S ( May 06 - Dec 08 )
 
  
View user's profile Send private message
   
cheshire911
Estoril


Joined: 10 Jun 2012
Posts: 3740



PostPosted: Sun Jul 03, 2016 8:30 am    Post subject: Reply with quote

Using your own insurer is not mandatory. It is you that decides where and who repairs your car. On the other hand, if you pursue this, your insurer can (rightly) agree to pay only the cost estimated by their approved repairer and you will be left to pay the difference (plus your excess) between that price and your chosen repairer. If you choose a Porsche-approved repairer, that difference can be considerable.

It goes beyond this also. You will not have access to a courtesy car under your policy if you do not use their repairer. In practice, not a big issue because owners of Porsche may also have additional car(s) and/or your elected repairer will likely have a courtesy car.

There is also glass replacement policy to consider.

And in the event of a total loss, a policy with a specialist such as Locktons will allow you to keep your wreck if you want to accept the agreed total loss value and repair it yourself (there is a deduction from the total loss sum). A volume insurer will likely not allow it as once they pay you the scrap value, the wreck becomes their property to dispose off (and they do make some money out of that disposal).

In the end it is always your choice. I only insure via a specialist broker for the Porsche. It is the total package that gives me peace, not the volume insurers cheaper prices. For some, price drives their peace.
_________________
996 2002 X50 Turbo Manual
"Once bitten; forever smitten"
 
  
View user's profile Send private message
   
flying_scotsman
Nürburgring


Joined: 20 Jul 2010
Posts: 395
Location: Scottish exile in South Leics

2010 Porsche Boxster 987

PostPosted: Sun Jul 03, 2016 2:58 pm    Post subject: Reply with quote

cheshire911 wrote:


In the end it is always your choice. I only insure via a specialist broker for the Porsche. It is the total package that gives me peace, not the volume insurers cheaper prices. For some, price drives their peace.


^^^ +1. I pay around £100 more for Locktons than the average mainstream price. But I'm much more comfortable with their package, and the extra cost is minimal when compared to the value of my 964.
_________________
Current: 2010 987 (Gen 2) Boxster PDK
Ex: 1990 964 C4
Ex: 1997 993 Targa
Ex: 2006 987 Boxster S 3.2
 
  
View user's profile Send private message
   
adamw
Estoril


Joined: 09 Jul 2009
Posts: 3768
Location: West Sussex

2002 Porsche 996 Turbo

PostPosted: Sun Jul 03, 2016 7:34 pm    Post subject: Reply with quote

Cheers for the input guys
I hear what yr saying and all points that are running through my mind and the reason why I didn't just imedialtely go for the cheaper quote...
The only thing is it's not just £100 different we're talking. It's £275 difference.
Need to ring some other specialists this week.

With AIB / Hiscox

Going to try:

Classic line
Bridle
Locktons

Thumb
_________________
02' 996 Turbo Manual Coupe, Seal Grey

EX : 95' 993 C4 Coupe ( Dec 10 - Oct 16 )
EX : 00' 996 C2 Cab ( Jul 09 - Oct 10 )
EX : 03' 986 Boxster S ( May 06 - Dec 08 )
 
  
View user's profile Send private message
   
cheshire911
Estoril


Joined: 10 Jun 2012
Posts: 3740



PostPosted: Mon Jul 04, 2016 7:38 am    Post subject: Reply with quote

I think with ClassicLine you will not able to accumulate any No Claims Discount. But check for yourself.
_________________
996 2002 X50 Turbo Manual
"Once bitten; forever smitten"
 
  
View user's profile Send private message
   
Display posts from previous:   
Post new topic   Reply to topic   All times are GMT - 12 Hours
Page 1 of 1

 
Jump to:  

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
You can attach files in this forum
You can download files in this forum
You cannot post calendar events in this forum