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997.1T Insurance valuation - replacement cost.

S

Scholester

Barcelona
Joined
16 Jan 2012
Messages
1,357
I feel my car is currently undervalued on the agreed valuation and will be upping this. Having looked at cars for sale, most are a year or two newer than mine so I was wondering if this will have much of an affect on the replacement cost of mine should the worst happen?

How much less is a 2006 29k 997.1T worth than a 2008 model given all other things being equal?

The age of the car does not form part of my buying decision (of course the model types have to like for like) as long as condition and miles are acceptable. Does the Insurance company see it this way also or will they value the younger car significantly higher?

I expect the replacement cost of my car to be around £65k given that slightly newer cars with the same spec/mileage are priced higher than this.
I don't foresee any issues with my Insurance company accepting my valuation but I would appreciate other views on this.

Oh, I haven't yet received my Kline so I guess I will have to let them know when I have fitted it. Is it likely to affect premiums given that the rest of the car is std?
 
Establishing the difference between Insurance valuations and replacement prices is always difficult.

Trade guides for 911s are always way out which is why trying to part-ex one outside of Porsche Specialists is always a laugh and why even auction cars reach what is 'apparently' retail money.

Porsche Specialists govern the retail prices so seeing what's actually on the market gives a far better picture of what replacing a car will actually cost.

In my experience it's mileage that dictates value most significantly. History, spec and condition also seem more important than age in a car that was only produced for 3 years.

Sadly, trade guides and therefore Insurance companies don't seem to recognise this so their valuations can often be way different to what owners expect so it is important to back up your own valuation with examples of comparable cars on the market and emphasise the importance of the low(ish) mileage.

That said, I think £65k would be a tad optimistic for your car. 2008 Gen 1.5 cars are in that area but it seems a bit steep for a Gen 1.

With regards to adding the Kline .......... :dont know:
 
An agreed valuation is a cost that an Insurance company will pay you to replace your car on a like-for-like basis (without betterment) in the event of a total loss. You might begin to get an idea looking at similar spec/mileage/condition and service history examples for sale - but those are asking prices and not necessarily how much they are worth or will sell for.

A valuation from a recognised specialist is likely to be the reliable valuation an Insurance company will accept or a valuation from Porsche Club GB who provide free valuations to their members.

As 996 turbo cars age, there is little influence on year with a 2002 car possibly having a higher value than a 2004 car and the main factors are mileage, condition and history to replace the insured example in the event of a total loss.

I have accompanied a colleague to specialists who is looking to change a 996 Turbo for a Gen 2 NA car and the only consistency they give is that the values being touted are not the realised values and cars are sticking across many if the 911 range unless they are 'sensibly priced'.
 
That colour and spec very strong. If 911V and Ashgood have similar mileage but PCM2 cars (Ashgoods PCM but without SC which I prefer but most don't) up at 70k i'd say this is worth at least that all day long being a manual PCM 3 car.

I have a PCM 2 car and my Insurance co have agreed valuation at £75000 :thumbs:
 
Also long term the gen 2 turbos will be worth less imo (steps back and waits for Norfolk) :grin:
 
Terry:
"In my experience it's mileage that dictates value most significantly. History, spec and condition also seem more important than age in a car that was only produced for 3 years.

Sadly, trade guides and therefore Insurance companies don't seem to recognise this so their valuations can often be way different to what owners expect so it is important to back up your own valuation with examples of comparable cars on the market and emphasise the importance of the low(ish) mileage".

I certainly agree with these paragraphs. It is refreshing to hear that mileage is a major determinant of value. And in my experience of having agreed valuations since the start for the Turbo, it is my experience that Insurance companies and specialist brokers pay little attention to owners self-declared valuations even when supported with comparable examples of cars for sale.
Instead they want an independent specialist valuation supported with photos on any valuation adjustment and do speak to the specialist to understand the basis of the valuation submitted - especially where they believe it to be high for that make/model/mileage and condition of car.

I don't bother trawling ads but leave it to a specialist to submit a valuation to the insurer/broker. I then cross-examine the valuation against car for sale that come close to my car and have always found the "expert" valuation to be higher than ads because as the expert tells me, "you cant determine a cars value based on ads - they see the cars on the ramps at silly prices and they are worth dramatically less than asking prices!"
 
Specialists Manning UK provide my Insurance (underwritten by Amlin)
When i re-insured (July) my 2008, 20kmile, Blk/Blk, manual 997.1T with Kline my independent valuer indicated an agreed value of 70k would be appropiate.
Manning UK accepted this without quibble.

In 7 months time I'll go through the process again. Might well be 75k next time around :D
 
Thanks for all of your comments chaps.

I feel comfortable offering the valuation at £65k and I will ask my specialist to back this up with a certificate when I have the car serviced in the New Year.

:thumb:
 
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