Determining Agreed Upon Value

I was just wondering how do you determine an Agreed Upon Value with insurance. I have an 03 C4 Cab that is pretty highly spec'd. Window sticker was $134k. Factory Aero kit, full CF interior, Carrera wing, X51, sport exhaust, to new several things. Currently, with Hagerty, its insured with an Agreed Upon Value of $30k. The car does have 101,700 miles on it and still needs a few things like a new top. It does have a new clutch, IMSB, RMS, water pump, pullies. With the current market, or even past markets, is $30k reasonable or is that a bit light? I really have no idea, still new to the game in this regard.

You should be able to bump that up several thousand. 30 is low. 40 probably more reflective of market value.

I thought Hagerty had a tool that helps you determine the current market value I'd try using that. I think the most important thing here is to remove your feelings from this. Insurance doesn't care what maintenance you've done to the car. Some insurance companies will allow you to raise the value based on aftermarket additions but having IMS done and a new clutch doesn't add to the value of the car, as the insurance company sees it.

What will probably help is to find as many sales of similarly spec'd cars that have sold in the last ~180 days. Look at the median (not average) values and compare that to what's offered. What's worth a question here, also, is to ask what is their total loss criteria. In many instances it's when cost to repair approaches 75% of value. There are some state laws that come into play on that, too. The double-edged sword here is that if the market goes down, you're likely overpaying somewhat for coverage. There's likely policy provisions that address inflation (we have such things on property and commercial insurance - I've been in the industry for 25 years, just not the auto side).

Quotes source post: 18251022

I've had emails from Hagerty 'suggesting' I raise my value and I've also raised the value on my own. A few years ago, I raised the value of the 996 from $28,000 to $35,000 with no questions asked. I just tried their valuation tool and apparently the M5 is underinsured.

I'm with Hagerty for my 2014 Boxster S and now my 996 coupe. They have excellent valuation data that's typically fully updated twice a year. They do vary somewhat in their suggested valuations. My low mileage excellent Boxster (Manual, X74, PTV) is covered for $46k and they have been reluctant to raise that amount thought it would be difficult to replace. On the other hand, and more pertinent to your situation, I picked up an excellent 996 coupe, manual with 66K, a week ago. It's covered for 35k which I think is a reasonable market value. Based on your comments, I would say it's likely a high 30's car. Cabs tend to bring slightly less $ than coupes, but 4S's and 40th AE's are consistently over 40k now. .

Seems like I’m under insured on all my cars my E30 M3 has rocketed in 3 years my 996 has a 15% bump in 1 year

Thanks all. Sorry for the delay getting back, the little ones took over the rest of my day yesterday. I tried to get an accurate valuation by entering my VIN number into the tool on Hagerty's site, but it doesn't reflect that it is an X51 or any other aspects of this specific car. It just returned results for a standard 996 of the same year. It even specifically states " 6-cyl. 3600cc/315hp BMI" which I believe even for a base car is inaccurate (should be 320hp I believe). I backed out to try and add the car myself without the VIN and it just shows the same results. Do I just pull a number out of thin air and request an increase? This is the car when I brought her home a year ago.

I found this interesting. It appears IMSB replacement is considered, but more so, nobody wants an automatic turbo

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That's what I did and like I said, they didn't question it at all. With current market trends, I think I'm going to bump it up to $40k. I'll let you know how it goes. Nice looking car BTW!

Don't forget to add in the cost of all your upgrades. As an example: GT3 seats, big brake kit, coilovers, etc. You get the idea. Your car may be worth 40k as oem everything, but you still have to replace the 10k in upgrades making it 50k.

In my experience Hagerty will insure your vehicle for whatever you want, as long as you're willing to pay for it. Hagerty will also suggest that you are underinsured in some cases. For example, I had my first generation Datsun Z-car valued at $10k. Those values have exploded over the last 18 months, so Hagerty sent me some reminders that I might want to adjust the valuation.

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I just upped mine from $35k to $40k. I don't have a ton of mods but I hear what you're saying and I probably should have gone closer to $45k.

Quotes source post: 18251925

This has been my experience too. Although make sure you read all of the policy details and everything. When I was looking at what it would cost to move my 951 from WA to NOLA, I was quoted over $2,500 a year, or about 10 times my current rate, and no comprehensive coverage. I still need to do some more research, but it sounds like Hagerty does not offer comprehensive coverage in LA and that was not made immediately clear in the quote and could have been easily overlooked.

There is no national insurance regulator unlike other regulators such as SEC, CFTC, Etc. Because of this, it's a state by state set of rules and therefore product offerings.

Quotes source post: 18251022

IMS not being done is a 15% deduction according to Hagerty, as someone else posted. Also I was partially compensated for recent comprehensive service when one of my cars was totaled, so it is worth asking. My situation was admittedly a bit odd. I had taken the car to the dealer for its 100K service and to catch up on the recalls. They did the work and put it back outside, whereupon a biblical hailstorm came over and pummeled the poor thing to bits. The insurance adjuster probably took pity on me. This topic is interesting to me because I'm about to spend a ridiculous amount of money on a motor for my targa. I need to contact Hagerty and see how they handle things like that. From what I've seen in auction results the motor doesn't add nearly the value of its cost. But if we're talking "replacement value" I should think it would fit.