Car Insurance ( Again)

[andreas]

I gave them a value of £74k, they had originally refused based on 78k, but they wouldn’t take 74k either.

It’s really scuppered me, because I’m meant to be getting new GTS, and that is going to be 83k or so. Not sure anyone will want to insure that. I’ll research again when more time. Although someone said to me I can put a lower value down, and the difference between that value and what it’s actually worth, then just becomes my liability. I’d be fine with lowering the value on that basis, if it wasn’t deemed a bad thing to do etc..

If your £83k GTS gets stolen or written off, most insurers will only pay trade value, which in the first year is likely to be £73 or less.. Some policies will replace the car "new for old" if it's a total loss in the first year. You could rely on gap insurance, I suppose.

[Scooby_Doo]

I read somewhere yesterday that the FSO has asked GAP insurance companies to withdraw their products pending an investigation into excessive mark ups by dealers.

[SanPorMGTS]

Mines a 2015 SD, bought in July for £29k with 41,000 miles and a Porsche history from Jardines.. Thats odd because Admiral do more expensive cars, a buddy has a 997.2 Turbo, that new Lotus and a few others on a multicar with them. The Lotus is `£70k and the 997.2 Turbo probably similar as its a rare low mileage manual.

I gave them a value of £74k, they had originally refused based on 78k, but they wouldn’t take 74k either.

It’s really scuppered me, because I’m meant to be getting new GTS, and that is going to be 83k or so. Not sure anyone will want to insure that. I’ll research again when more time. Although someone said to me I can put a lower value down, and the difference between that value and what it’s actually worth, then just becomes my liability. I’d be fine with lowering the value on that basis, if it wasn’t deemed a bad thing to do etc..

How does it work with gap insurance and the valuation you give the vehicle insurer I wonder...

I wondered the same thing, because I do have gap insurance also.
I would have to be transparent about it.
However without having thought it through, if the insurer will only pay out market value, and gap is to replace car with new, the difference for what I insure it for versus market value, is probably not going to be a lot at all.
I’ll need to do some sums. I’d only really be worried that the main insurer thought I was been deceptive and then not pay out at all - when it’s not the case etc..
Research required so all is above board, but as I say I wouldn’t mind taking a small hit etc..

[SanPorMGTS]

I gave them a value of £74k, they had originally refused based on 78k, but they wouldn’t take 74k either.

It’s really scuppered me, because I’m meant to be getting new GTS, and that is going to be 83k or so. Not sure anyone will want to insure that. I’ll research again when more time. Although someone said to me I can put a lower value down, and the difference between that value and what it’s actually worth, then just becomes my liability. I’d be fine with lowering the value on that basis, if it wasn’t deemed a bad thing to do etc..

If your £83k GTS gets stolen or written off, most insurers will only pay trade value, which in the first year is likely to be £73 or less.. Some policies will replace the car "new for old" if it's a total loss in the first year. You could rely on gap insurance, I suppose.

Yes I need to look into it. Really want to get new one in next few months, which will be a keeper. Thanks to you lovely lot, I saw the bit around the EU regs which means I need to register before end of June.

[crockers]

Have you tried a broker ?
Doesn’t Porsche offer insurance? At a massive cost I’d expect

[andreas]

Thanks to you lovely lot, I saw the bit around the EU regs which means I need to register before end of June.

If you're in the UK, those regs don't apply.

[dlgis]

Something I’ve noticed on car comparison websites when looking for quotes is that under the standard assumptions bit like where they make various assumptions like the car is RHD, not imported etc., they include their assumption on market value. None of these values bear any relation to the current asking price of cars I’ve been looking at. For example the cheapest Boxster GTS 4.0 is around £62-63000. On Go Compare their default market value is £47590 (trade). Their retail figure is £51710. So i’ve been saying no to their question “are these assumptions correct” and adding my own purchase price figure. I assume if you don't increase the price they will only pay up to the lower £47590 figure in the event of a total loss claim?

Regarding Admiral only quoting up to 70k. They were the cheapest quote for me on a 98k DB11 volante (not that I’ll be buying one )

[PorscheMack]

Do new car owners usually include VED cost when giving value to potential insurers?

[SanPorMGTS]

I didn’t!! I thought it was just the car value to go in.

[TheGixxer]

I think everyone has an Insurance Horror Story to tell. The renewal on my GTS from Lloyds Bank came in at £751...........so I thought I'd try a 'compare the meerkat' quote and ended up with Hastings Direct @ £403 F/C so not too upset with that. 7 years no claims and live in East Sussex.