Insurance Coverage - Market or Replacement Value?

Most of the 996's are worth $25-$40K - that said, when I bought my insurance, my broker asked me how much I wanted to insure it for. I did not put too much thought to it - but he said how about $60k. I said "fine". I paid no where near $60k for my 04 C4S 996 - My question is, should I insure my car for a replacement value (2016 911 $90K+) or the current market value of a used 996 C4S +/- = $30k?

Wow, the broker suggested $60k as market value? Do you have a TT? You pay for the value you agree to so you premiums will be higher if that is a concern. When you talk replacement value I thought is was the market value of the car you insure, not to get a newer one, but I may be wrong. I insure my cars at book value, not what I paid. I just got a 2004 C4S Cab in the mid-20's and insured it for an ACV of $33500.

It depends on how much you want to pay and what you'd replace the car with if yours gets wrecked. 996 prices are all over the map; if you're willing to take a high-mileage '99 as a replacement, you're paying for 3X the replacement cost you should be. If you're looking for a one-owner meticulously maintained low-mileage 996, you're only paying 2X what you should be.

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What stock NA 996 is worth 40k? The range is really 15-30 right now with there being very few 30s out there. Every now and then I get a wild hare to set the agreed value to what it would cost to spec out a "matching" new model. To be fair the insurance company has never laughed at me (Geico did actually laugh when I wanted a quote for my XK8 while I had 18 points on my record...), but the quoted premium makes my eyes water (interestingly a quote to insure said replacement with all the same coverage is substantially cheaper). Basically unless there is something special about the car (either actually or personally) an agreed value over market value is a waste. If you can just jump into another 996 (or walk away altogether) and be happy, save the money on your premium. If it is "the" car for you, however, then you bump up the value to find a balance of keeping them from totaling it after an accident and premiums that you can stomach. You just answered your own question there

There are special auto insurance policies that have an agreed payout value for a car with high value. It could be a classic Ferrari or maybe your parents old 1970 Oldsmobile that you poured a $1000,000 into a concours restoration. However, only boutique companies usually offer this and none of them will write the policy without a formal independent appraisal. Mass market companies will write a �stated value policy�, and it can be useful in some unique circumstances, but like many things in life �the devil is in the details� you need to read the fine print. Typically the policy is written to the advantage of the company, and will have an escape clause that pays the stated value or the market value, whichever is less! Maybe your agent thought an ageing Porsche 996 was like a classic Ferrari and was on the verge of soaring in value. Cliff notes: if they didn�t demand a thorough and expensive appraisal you won�t automatically be able to collect the lofty amount. One other thing to consider, if you actually were able to pay a high enough premium to secure a genuine plain $60,000 policy on a $30,000 car it could backfire on you. With a normal policy, if your car was in a collision and suffered major structural damage it would be totaled and written-off, which is a good thing since you would not want to keep it. However, if the payout was $60,000 they would gladly pay to fix a smashed up, flooded or fire damaged car that you do not want see again. Also, with this kind of carnage on the Carfax report the resale value would plummet.

Get out the crash carts, charging, clear...... Reviving an old thread. I called my insurance carrier today, Geico. I asked them what they thought my car was worth, 99 Cab. They said look it up on KBB. then I asked if I would get KBB full value, private sale, dealer sale, excellent condition, good condition...What..... No one would commit. I offered to go to a dealership and get an appraisal, an independent appraiser, meet with one of their appraisers. I just want to know what I am paying for. If they are going to claim it a $12k car why have full coverage. 6 representatives later and I am no closer knowing what I am paying for then when I started. I have had no problems with Geico as my insurance carrier and not looking to change insurance companies. They are use to insuring a random modern car, where prices are much more consistent. I figure that I will get a indy to appraise my car, file it and use show it if I ever need to. What are others doing for insurance? Is anyone's insurance company even mentioning Market Versus Replacement? I gosta know. https://www.youtube.com/watch?v=maBJzJgYjto

The 996 market and values are on par with every other car out there. I know it's hard for people to swallow but these things are only worth what people are willing to pay for them, not what the seller is asking. Now that being said, average price is in the 20's

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Since I paid in the 20's for my car 4 years ago, I'd be happy to get something in the 20's if something happens... I've had 3 totalled cars in my career, none my fault, they all asked what options my car had, what recent documented work had I done to it (tires, brakes etc) and my own opinion of its general condition. On the first (86 GTI in 1993) they asked me to supply local for sale ads for cars I figured were similar and we quickly came to an agreement. On the more recent ones ('05 Sienna and '14 Outback) their initial offers were significantly over A) what I thought the value would be and B) what I believe I could have replaced it for. So overall I've been very pleased with the payouts and am not concerned in this case. I doubt I would pay for an agreed-value coverage unless it was a non-replaceable car (either actual or sentimental). The only time I'd worry about it is if I had financed the car and needed to be SURE that the insurance would pay it off completely.

Mind you I'm not trying to break the bank. I just wanted to have an approximate idea what my insurance company was thinking my car would be valued. I don't want to ever find out until I decide to sell it. But it sure would be nice to know what I'm paying for. If they would said it would begin with a 2, as in 20k, I would of been satisfied. But I didn't get any approximate number.

Get an insurer who offers Agreed Value, one who promises to use Porsche parts, and lets you choose repair shops if you ever have an accident.