View Full Version : car insurance question
01-20-2004, 11:55 PM
I'm restoring a 80 Porsche 924. The book value on it is rather low around $2k. By the time I'm done I'll easily have $10k into it I plan on keeping it for a very long time so I'm not concerned with how much I'm spending since it would cost me more to buy a new car that isn't as fun to drive. I will be putting 50 or more miles a day on the car once I get it restored I'm 21 and don't have a garage to put it in. I live in las vegas.
What do I have to do to get it insured at what I have in it? Also if someone hits me will their insurance have to honor what I have into it or will they just go by book value and I'm out the diffrence?
01-21-2004, 12:47 AM
Talk with an insurance agent?
01-21-2004, 01:07 AM
You are going to have problems probably with the usual high street insurers. Motor insurance is basically a contract of indemnity - they should put you back in the position you were in before you loss. If your damage is more than the cost of them finding you a similar second hand Porsche they will find you that second hand Porsche and write your car off. Insuring for more than the second hand market value (forget written down book value) presents them with a moral hazard, they suspect some would have an incentive to have a wreck and avoid you accordingly or rate you higher to buy it.
I only know something about the European insurance market so cannot be specific but if I were you I would start by checking out insurance deals through or associated with the Porsche Owners Club of America - or whatever it must be called. You should investigate "agreed value" insurance cover - which will require a garage inspection to endorse your valuation, photos etc etc but will do what you are looking for you, protect your true investment as an enthusiast.
Without a garage or limited annual miles cover you may still struggle. My MG is covered through the MGOC but has both features - classic car enthusiasts are supposed to want to look after the vehicle big time which is how the car clubs can get insurance so cheap.
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