The Telegraph reports that some Porsche owners are up to 90% under-insured.
“An index of the most valuable cars compiled by the Historic Automobile Group International has risen about 500% in the decade to December 2013. Ten years ago, a 1974 Ferrari 365 GTB/4 “Daytona” Coupé was worth approximately £76,000, for example. It is now worth nearer £450,000.
Gerry Bucke, general manager at Adrian Flux Insurance Services, said: “We reviewed our classic car portfolio, and noticed that a number of our customers had declared values that looked very low in today’s market.”
Porsche Values Increase by 1000% in 18 Years
The Telegraph spoke to one Porsche owner, Darren Campbell from Surrey. Darren bought a 1970 Porsche 911S some 18 years ago. he paid £8,000 but a recent insurance valuation put the car at a staggering £80,000: ten times his purchase price.
“I think if you’ve bought one of these quite recently you’re more likely to keep an eye on the market values, but if you’ve had it for as long as I have it’s easy to take your eye off the ball,” said Darren.
Under-Insurance could cost owners “Tens of Thousands of Pounds”
“Some of the cars have almost doubled in value since the owner’s last valuation,” said Gerry Bucke at Adrian Flux. “Under-insurance works on classic car insurance – where the premium is partly calculated based on the value – in a similar way to home insurance, so owners could end up only receiving a percentage of the car’s true value.”
“We suggest reviewing valuations every year. Otherwise, if the worst happens, you could lose anything from a couple of hundred pounds to tens of thousands.”
Porsche Valuations is the leading UK source of agreed insurance valuations for classic Porsche. All we need is some information on condition, a selection of photos and a phone conversation. The service costs £35 payable by bank transfer or Paypal. Visit our “Get a Valuation” page to start.